Welcome to Markets Desk, your midday read on what's moving and why.
The biggest story on the tape right now is Nvidia, where the Wall Street Journal is reporting the board is preparing to remove Jensen Huang as chief executive. This follows Huang's admission of an affair with a woman U.S. intelligence believes is a Chinese spy, and growing pressure from lawmakers to tighten AI chip exports to China. Shares are sinking sharply on the news.
Shifting to the macro picture, the dollar index climbed to a one-and-a-half-year high Wednesday, gaining nearly two thirds of a percent on the session. The catalyst was Tuesday's October CPI print coming in hotter than expected, which pushed Fed rate hike expectations higher and gave dollar bulls fresh conviction. Several Fed officials added fuel by signaling support for further tightening.
And in energy markets, December West Texas Intermediate settled up about half a percent Wednesday as peace talks between the United States and Iran showed little meaningful progress. That stalled diplomacy raised supply risk concerns, prompting short covering across the crude complex, while RBOB gasoline finished essentially flat on the session.
That's the tape. Markets Desk, signing off the floor.
