Nvidia drags Nasdaq lower as Wall Street closes mixed

Wall Street closed mixed on Friday as Nvidia shares dragged the Nasdaq lower, with the tech-heavy index falling 0.91% to 25,136.27 points. The S&P 500 dropped 0.4% to 7,561.67, while the Dow Jones edged up 0.1% to 52,347.55. Nvidia shares fell over 2%, extending a decline of more than 4% from the previous session, following the departure of founder and CEO Jensen Huang amid reports of an alleged relationship with a woman considered by US intelligence to be a Chinese spy. HSBC downgraded the stock to "hold," and CFO Colette Kress has taken over as interim CEO while the board searches for a permanent successor. Despite the tech pressure, all three major indexes are heading for weekly gains of about 2%. Stocks initially rose after October's Producer Price Index increased 0.3%, below the 0.4% forecast, though the annual rate of 6.5% was the highest since November 2022. Analysts expect continued volatility but note broader market trends remain largely unchanged.