Wall Street rallies as Nvidia stumbles over CEO ties to China
Wall Street rallied while Nvidia fell 4.7% after its CEO faced scrutiny over China ties.
The S&P climbed 2.3%, the Dow Jones rose 2%, and the Nasdaq jumped 2.6% in a broad market rally, pushing Wall Street toward its second straight gain after last week's sharp loss. The Australian share market is set to follow, with futures pointing to a 0.8% rise at the open.
Oil prices fell 4.8% to US$93.59 a barrel, easing pressure on airline and cruise stocks. Nvidia fell 4.7% after saying it is investigating its CEO, Jensen Huang, for an intimate relationship with a business executive who US intelligence determined was gathering information for China.
The board said it found no evidence of security breaches. Separately, Constellation Energy surged 9.5% on deals to supply data centres for tech giants.
- 2.3%
- S&P 500 gain
- 4.7%
- Nvidia decline
- 4.8% to $93.59 per barrel
- Oil price drop
- 9.5%
- Constellation Energy surge
Why it mattersMarket swings on AI spending fears and Nvidia's CEO investigation show how closely Australian investors' portfolios track global tech sentiment and geopolitical risk.
AustraliaASX investors will see gains at the open if markets hold their rally; the Australian dollar has also strengthened to 69.13c USD, which helps exporters.
✓ Claims checked against the source. checked 4 h ago
