U.S. stock futures are lower in premarket trading with Nvidia (NVDA) down sharply on a report that the chip giant’s board is preparing to unseat CEO Jensen Huang.

The New York Times reported that CEO Huang had an extramarital relationship with an executive at the company. The Wall Street Journal also reported that Nvidia’s board is gearing up to remove Huang from his post.

The moves come after equity gains on Wednesday after CoreWeave (CRWV) rallied 25% on the back of positive earnings. On the back of the 7% slide in Nvidia, competitor stocks are higher led by nearly 2% gains in Advanced Micro Devices (AMD) and Broadcom (AVGO) up nearly 1%. Investor focus will be on Nvidia, tech stocks, and Federal Reserve speakers today.

Snapshot

• Oil (/CL) – Oil futures are down 0.71% to $92.10 per barrel
• Gold (/GC) – Gold futures are down 1.45% to $3,942.60 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 2.52% to 72,860
• VIX (/VIX) – The CBOE Volatility Index is up 4.57% to 18.29
• U.S. Dollar ($DXY) – The dollar index is up 0.01% at 102.916

Big Premarket Movers

Advancers

• Zimmer Biomet Holdings Inc. (ZBH) +2.82%
• Eli Lilly and Co. (LLY) +2.41%
• Advanced Micro Devices Inc. (AMD) +2.36%
• Aflac Inc. (AFL) +1.70%
• Kraft Heinz Co. (KHC) +1.69%

Decliners

• Nvidia Corp. (NVDA) -7.82%
• Sandisk Corp. (SNDK) -5.82%
• Super Micro Computer Inc. (SMCI) -5.69%
• Regency Centers Corp. (REG) -5.21%
• Coherent Corp. (COHR) -4.86%

Economic Data (ET)

• 8:30 AM: Jobless Claims
• 9:00 AM: Fed’s Hammack Speaks
• 10:00 AM: Existing Home Sales
• 10:00 AM: Fed’s Barr Speaks
• 11:15 AM: Fed’s Goolsbee Speaks
• 12:00 PM: EIA Oil Inventories
• 1:00 PM: 30-Year Bond Auction
• 1:10 PM: Fed’s Daly Speaks
• 1:30 PM: Fed’s Schmid Speaks
• 2:00 PM: Treasury Statement

Notable Earnings

• Premarket: LUNR, NBIS, QXO, SPB, WWW, YETI
• Postmarket: AMAT, CBRS, CSCO, KLC, NU, SPCE, STNE, WSE
• Premarket Friday: N/A
• Postmarket Friday: N/A

Upgrades/Downgrades

Upgrades:

• William Blair upgrades Advanced Micro Devices (AMD) from Market Perform to Outperform
• DZ Bank upgrades Alibaba (BABA) from Hold to Buy
• Barclays upgrades Cleveland-Cliffs (CLF) from Underweight to Equal Weight
• Northcoast upgrades Wendy’s (WEN) from Sell to Neutral

Downgrades:

• Bernstein downgrades Nvidia (NVDA) from Outperform to Market Perform
• William Blair downgrades Nvidia (NVDA) from Outperform to Market Perform
• Oppenheimer downgrades Nvidia (NVDA) from Outperform to Perform
• Melius Research downgrades Nvidia (NVDA) from Buy to Hold
• Evercore ISI downgrades Nvidia (NVDA) from Outperform to In Line
• Wolfe Research downgrades 3M (MMM) from Outperform to Peer Perform
• Bernstein downgrades Devon Energy (DVN) and Diamondback Energy (FANG) from Outperform to Market Perform
• Piper Sandler downgrades General Mills (GIS) from Overweight to Neutral
• BofA downgrades Victoria’s Secret (VSXY) from Buy to Neutral
• Freedom Broker downgrades Toyota (TM) from Buy to Hold

Read recent articles from Schwab Network:

• Closing Bell: Stocks Rally as CoreWeave Results Revive the AI Trade
• As 3Q Earnings Beats Shrink, Does the S&P 500 Have Room to Run?
• Investigation Puts Nvidia (NVDA) Shares in Flux as Tech Rallies

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