U.S. stock futures are leaning lower early Thursday as Wall Street processes shocking news of a potential leadership shakeup at Nvidia Corp. (NASDAQ:NVDA), while monitoring sliding crude oil prices.
The Polymarket traders, a Polygon (CRYPTO: POL) based prediction platform, have turned bearish for the Nov. 12 trading session. The “S&P 500 (SPX) Up or Down on November 12?” contract currently reflects a 33% chance of a higher open.
Why That Number Matters
Traders are balancing a steep tech-led pullback against favorable energy costs and a critical earnings docket:
- Negative Index Futures: Tech stocks are dragging down the broader market, with the Nasdaq 100 futures down 0.96%. S&P 500 futures fell 0.37%. Conversely, Dow Jones futures rose 0.16%, and Russell 2000 futures edged up 0.03%.
- Nvidia Shakeup: Nvidia shares plunged over 8% in after-hours trading following reports that the board is preparing to oust CEO Jensen Huang due to allegations of extramarital affairs. While CNBC’s Jim Cramer expressed shock over the potential exit, voices like Deepwater Asset Management’s Gene Munster and Elon Musk argued that underlying AI infrastructure demand remains intact regardless of the CEO, keeping the company’s competitive advantage secure.
- Geopolitics & Retreating Oil: Former South Carolina Gov. Nikki Haley defended President Donald Trump‘s initial military action in Iran but criticized the administration for stalling on a resolution, arguing that diplomatic delays allowed Iran to gain leverage over the Strait of Hormuz. Despite ongoing geopolitical friction, energy prices continued their descent; Brent crude fell 1.23% to $91.62 a barrel, and WTI crude dropped 1.13% to $85.55 a barrel.
- Earnings & Eco Data: Thursday’s economic docket includes weekly jobless claims at 8:30 a.m. ET and existing home sales at 10:00 a.m. ET. The corporate earnings slate is headlined by Cisco Systems Inc. (NASDAQ:CSCO), Applied Materials Inc. (NASDAQ:AMAT), Brookfield Corp. (NYSE:BN), and Nebius Group NV (NASDAQ:NBIS).
The Bull Case and Market Outlook
Louis Navellier remains incredibly bullish on AI-related stocks, viewing the recent punishment in the tech sector as a manic overreaction. Navellier highlights CoreWeave Inc.‘s (NASDAQ:CRWV)recent 168% revenue increase as a highly positive signal that is lifting other Neocloud companies and boosting the broader AI ecosystem.
Despite the leadership turmoil at Nvidia, Navellier recommends holding the stock through its upcoming earnings announcement, calling it a great near-term buy with a bargain-basement valuation relative to its forecasted earnings.
Outside of tech, Navellier is maintaining positions in refiners and integrated energy companies, expecting crude oil prices—which have recently softened—to firm up in the spring as seasonal demand returns.
How the Previous Bet Played Out
The Nov. 11 Polymarket contract successfully resolved “Up.” The contract recorded $26,777 in total trading volume.
On Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq-100, respectively, closed higher. SPY gained 1.32% to close at $759.81, while QQQ advanced 2.31% to $690.38. Meanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), ended 0.52% higher at $524.44.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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