Nvidia Tumbles 8% as Board Reportedly Weighs Ousting Jensen Huang

Nvidia's board is deciding whether to push out founder and CEO Jensen Huang, according to reports cited by Investor's Business Daily. The review follows a new allegation of a second affair, this one with Kimberly Powell, Nvidia's vice president of healthcare. The board was already investigating Huang over an affair with a woman described as an alleged Chinese spy. The company's code of conduct asks employees to avoid situations where their actions create conflict, including personal relationships.

The news rippled through futures. Dow futures slipped 0.2%, S&P 500 futures fell 0.7% and Nasdaq-100 futures tumbled 1.4%. The Invesco QQQ lost 1.5% and the State Street SPDR S&P 500 was down 0.8% before the opening bell. The 10-year Treasury yield rose to 5.06%, and bitcoin declined to around $72,400.

Oil erased its losses, with West Texas Intermediate crude futures rising to around $87 a barrel. The move came as reports quoted President Donald Trump saying the U.S. doesn't need a peace deal with Iran.

Earnings kept the tape busy. Nebius stock plummeted more than 11% premarket, Twist Bioscience sold off nearly 7% and Solv Energy shares were up slightly. Applied Materials and Cisco Systems both report after the close.

Two economic releases land Thursday morning. Weekly initial jobless claims are due at 8:30 a.m. ET, with economists expecting 195,000 versus 189,000 the previous week. Existing home sales follow at 10 a.m. ET, projected to fall to 3.86 million in October from 3.99 million in September.