Jensen Huang Resigns as Nvidia CEO and Wall Street Absorbs the Shock as the 10-Year Yield Tops 5.1%; Oil Jumps on Attacks on Saudi Energy Sites, Abu Dhabi Leads the Gulf and Muscat Eases

Takeaway: Yesterday’s open question has been answered: Nvidia’s board accepted Jensen Huang’s resignation as president, CEO and director, named CFO Colette Kress interim CEO and appointed long-serving director Harvey Jones as its first-ever chair, while it searches for a permanent successor. Nvidia shares dropped as much as about 14% early on Thursday before closing 4.3% lower at $166.19, while rivals AMD and Broadcom rose about 6%. The broader market held up: the S&P 500 slipped 0.35% to 7,592.40, the Nasdaq 0.39% to 25,366.09 and the Dow 0.36% to 52,297.09, even as the 10-year Treasury yield rose to about 5.1% and the dollar index hit a 19-month high after President Trump said the US no longer needs a deal with Iran. Brent jumped 3.3% to $95.82 after Yemen’s Houthis claimed attacks on Saudi energy facilities, and gold fell almost 3% to its lowest in more than a year. In the Gulf on Thursday, Abu Dhabi rose 1.47% as First Abu Dhabi Bank surged on its rights issue, TASI added 0.18% to a one-month high, Qatar fell 0.95%, and the MSX 30 eased 0.26% to 7,354.90. Gulf markets are closed today (Friday).

What happened

1) Nvidia: the leadership question is settled — for now

What was announced: in a filing and a company statement on Thursday, Nvidia said its board accepted Huang’s resignation as president, CEO and board member, effective immediately (the board accepted it on Wednesday, 11 November). CFO Colette Kress becomes interim CEO and stays CFO; the board will consider internal and external candidates for the permanent role. Harvey C. Jones, a director since 1993 and former Synopsys CEO, becomes the company’s first board chair (Nvidia SEC filing; Nvidia newsroom; Reuters; TechCrunch).
Why it happened: the resignation followed reports of extramarital relationships, including one with a businesswoman whom US authorities suspect of spying for China, which raised national-security questions (Reuters; AP; TechCrunch). This article reports only the attributed facts.
Market reaction: the stock fell as much as about 14% at the open, then halved the loss and closed 4.34% lower at $166.19 (AP; Reuters; Investing.com). Reuters says the shares are down about 11% this week and more than 30% from their 6 October peak. AMD rose 5.86% to $585.30 and Broadcom 5.54% to $364.36, while Super Micro Computer fell about 11% (Reuters; Investing.com). The semiconductor index slipped only 0.5% (Reuters).
What’s next: Nvidia said it will report third-quarter results as scheduled on Tuesday 17 November after the US close (Nvidia newsroom). Reuters also reports that the Senate Banking Committee chairman has asked Huang and Commerce Secretary Howard Lutnick to testify, and that Kress has called an employee meeting for 18 November (Reuters).

2) Wall Street Thursday: modest losses, rising yields

Close (AP; Reuters; Investing.com): Dow 52,297.09 (−189.40 / −0.36%); S&P 500 7,592.40 (−26.98 / −0.35%); Nasdaq Composite 25,366.09 (−100.10 / −0.39%). The Russell 2000 of smaller companies fell about 1.7% (AP; Reuters ~1.6%). Decliners outnumbered advancers by more than three to one on the NYSE (Investing.com).
Bonds: on the first full trading day since Tuesday’s hot inflation report, the 10-year Treasury yield rose about 12 bp to roughly 5.10%, its highest since 21 October, and the 2-year yield about 14 bp to about 4.87%, a one-month high (Reuters; Ausecure market data). The dollar index rose to about 103.2, a 19-month high (Reuters; Ausecure).
Fed pricing: futures fully price a December hike; the CME FedWatch tool put the chance of a larger 50 bp move at about 14.5% early on Friday, up from zero a week earlier (Reuters, citing CME FedWatch — single source).
Data: US initial jobless claims rose to 200,000 for the week ended 7 November, slightly above the 194,000 expected and still low by historical standards (AP; MarketScreener).
After the bell: Cisco rose about 3–4% in extended trading after beating estimates and raising its outlook, while Applied Materials traded choppily despite results above expectations (Investing.com; Global Traders Academy).

3) Oil and gold

Oil: Brent settled $3.06 (+3.3%) higher at $95.82 and WTI $2.21 (+2.6%) higher at $88.74 (CNBC; Reuters via CNA; Newsquawk). Prices first dipped, then rose after President Trump posted that Washington does not need a deal with Iran, and climbed further after Yemen’s Houthis said they had attacked a pumping station on Saudi Arabia’s East-West pipeline, an oil facility in Yanbu and an Aramco building in Riyadh. The Saudi-led coalition said it intercepted two drones, and no damage had been confirmed (Reuters via CNA; AFP via The Company Chronicle). Iran’s military said four tankers were hit by explosions in the Strait of Hormuz; Reuters could not verify the claim. Both benchmarks are still down about 2.5% for the week (Reuters).
Gold: front-month Comex gold settled 2.85% lower at $3,878.40 an ounce (GoldSeek; CME settlement report), and spot gold touched its lowest level in more than a year as yields and the dollar rose (Reuters via Nation Thailand; Ausecure).

4) Friday Asia

Asian markets steadied on Friday: South Korea’s Kospi rose about 2.35% and Japan’s Nikkei about 1.4% in early trade, and US index futures edged higher (Reuters; Business Today Malaysia). Brent eased to about $95.45 in Asian trading (Reuters).

5) Gulf equities: Thursday 12 November

Saudi Arabia (TASI) 10,326.47 (+18.10 / +0.18%), a fourth straight gain and its highest level in a month, on about SAR 4.12 billion; breadth was weak, with 100 stocks up and 163 down (Arab News; The Edge; Al Bayan). The index recovered from a midday dip (The Edge). Saudi Aramco rose about 1.5% to SAR 26.40 despite the Houthi claims (Al Bayan; Asharq Al-Awsat). Saudi Industrial Development led gainers (+7.57%) and Raoom Trading led decliners (−8.43%) (Arab News).
Qatar (QE) 10,028.38 (−96.58 / −0.95%), the region’s biggest drop and a second straight loss (The Edge; Al-Amssar; Reuters). MSCI’s November review moves Mesaieed Petrochemical and Nebras Energy from the MSCI Qatar index to small caps, effective at the close on 30 November (MSCI; Qatar Stock Exchange; Al-Amssar).
Kuwait: All-Share 8,575.79 (+0.14%), a fourth straight rise, with the Premier Market up 0.16% (The Edge; Al-Amssar). MSCI moves Warba Bank to the Kuwait small-cap index (MSCI; Al-Amssar).
UAE: ADX 9,725.72 (+1.47%), led by First Abu Dhabi Bank, up about 9.6% after it set out a AED 15 billion rights issue at AED 13.52 a share, a 30% discount to its 10 November close (Aletihad; Al Bayan; Gulf Today). ADNOC Logistics & Services gained 0.89% after reporting a 321% rise in third-quarter net profit to $887 million (Aletihad; Al-Amssar). DFM 6,234.85 (+0.22%), a fourth straight gain and a 21-week high, helped by Emirates NBD (+3.45%) (Al Bayan; Aletihad; The Edge).
Bahrain: All Share 1,828.09 (+0.20%) (The Edge; Al Bayan).

6) Muscat Stock Exchange: Thursday 12 November

MSX 30 at 7,354.90 (−19.18 / −0.26%), giving back part of Wednesday’s 1.30% gain (U Capital; Oman News Agency via QNA; The Edge; Khaligyoun). Value traded rose 12.2% to OMR 51.64 million, and market capitalisation edged up 0.25% to about OMR 39.11 billion (U Capital; Oman News Agency).
Breadth and sectors: of 62 traded companies, 25 rose, 19 fell and 18 were unchanged. Services (+0.41%) and the Shariah index (+0.39%) rose, while financials (−0.34%) and industrials (−0.09%) slipped (Oman Daily).
Investor flows: non-Omani investors turned net buyers of OMR 0.14 million (buying OMR 2.23 million, selling OMR 2.09 million) (U Capital; Oman News Agency; Oman Daily). Within that, foreign investors bought a net OMR 0.56 million, while GCC (−OMR 0.38 million) and Arab investors (−OMR 0.03 million) were net sellers (U Capital).
Top gainers: Al Jazeera Services +10% to 297 baisa (Oman Daily; Mubasher); National Gas +8.73% to 162 baisa and Muscat Finance +3.18% to 65 baisa (Oman Daily).
Top decliners: Sohar Power −7.63% to 242 baisa and Ahli Bank −5% to 190 baisa, followed by Financial Centre (−4.21% to 91 baisa) (Oman Daily; Mubasher). Raysut Cement’s rights fell 10.71% to 25 baisa (Oman Daily).
Value leaders: Omantel (about OMR 10.18 million), Bank Muscat (OMR 9.66 million) and Asyad Shipping (OMR 7.09 million) (Oman Daily).
Omani company news — Gulf International Chemicals: the company told the MSX it found a suspected breach of trust by an employee, filed a criminal complaint with the Royal Oman Police and appointed a forensic auditor. It put the preliminary impact at about OMR 701,000 (not final) and said the investigation means it will miss the 15 November deadline for its third-quarter statements (The Arabian Stories; Mubasher; Muscat Daily). Also ahead: Omantel’s investor session on 18 November and Raysut Cement’s rights subscription, which runs to 22 November.

Why it matters for Gulf + US-focused Arab traders

The market separated the company from the theme. Nvidia fell, but AMD and Broadcom rose and the chip index barely moved — a sign investors treated the news as a company governance shock rather than a verdict on AI demand. Next Tuesday’s Nvidia results are the next test.
Rates are back in charge. A 10-year yield above 5.1% and a 19-month high in the dollar raise the cost of money and tend to weigh on long-duration growth stocks and on gold, which pays no interest.
Oil and Gulf security pull in two directions. Higher crude supports exporters’ revenues, but attacks on Saudi energy sites and Hormuz shipping add risk. Thursday’s mixed Gulf close — Abu Dhabi up on bank news, Doha down on index changes, Muscat slightly lower — shows local factors still matter as much as the headlines.

Today and next week (Muscat/UAE time, GMT+4)

Fri 13 Nov: US October producer prices (PPI) at 17:30 — the next inflation check before the Fed’s 8–9 December meeting. Gulf markets closed.
Sun 15 Nov: Saudi October consumer prices (GASTAT, per The Edge); deadline for listed Omani companies’ third-quarter statements.
Tue 17 Nov: US October retail sales at 17:30; Nvidia third-quarter results after the US close (early Wednesday in the Gulf).
Wed 18 Nov: Omantel investor session. Raysut Cement rights subscription continues to 22 Nov.
30 Nov: MSCI index changes take effect at the close.

Short educational angle: a stock shock versus a sector shock

When bad news hits one large company, it helps to ask whether the market sees it as a company-specific shock or a sector-wide shock. Three simple checks: how peers trade (if competitors rise while the leader falls, investors may be switching between names rather than leaving the theme); how the sector index closes (a small move suggests the damage is contained); and the gap between the intraday low and the close (a stock that recovers much of an early drop shows buyers stepping in, while a close near the low suggests selling pressure is still building). On Thursday, Nvidia’s recovery from about −14% to −4.3%, rising rivals and a chip index down only 0.5% all pointed more to a company shock than a sector one. None of this predicts the next move — results, guidance and the CEO search can still change the picture. This is an educational explanation only, not a forecast or a trade recommendation.

Sources

Nvidia — SEC Form 8-K, Item 5.02 (dated 12 Nov 2026). sec.gov
Nvidia Newsroom — NVIDIA Announces CEO Transition. nvidianews.nvidia.com
Reuters (via Investing.com) — Nvidia CEO Jensen Huang resigns in blow to AI boom he helped foster. investing.com
TechCrunch — Nvidia’s Jensen Huang resigns, chipmaker names CFO Colette Kress as interim CEO. techcrunch.com
AP — Jensen Huang built the company that powers AI. Now Nvidia must find a way forward without him. apnews.com
AP (via WTOP) — How major US stock indexes fared Thursday 11/12/2026. wtop.com
Reuters (via Euronext) — Wall Street ends lower as Nvidia CEO resigns; US yields up. euronext.com
Reuters (via Investing.com) — Trading Day: Weathering the Nvidia storm. investing.com
Investing.com — U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.36%. investing.com
Investing.com — After-Hours Movers: CBRS, CSCO, AMAT, NMAX, FLO. investing.com
Global Traders Academy — Cisco Systems (CSCO) earnings: stock jumps after hours. globaltradersacademy.com
AP — US jobless claims tick up to 200,000 but remain low by historic standards. apnews.com
MarketScreener — US initial jobless claims 200,000 vs. expected 194,000. marketscreener.com
CNBC — Oil prices rise after Trump says no Iran deal needed. cnbc.com
Reuters (via CNA) — Oil settles $3 higher on attacks on Saudi energy sites, Strait of Hormuz disruptions. channelnewsasia.com
Newsquawk — Crude wrap: WTI settles at 88.74/bbl; Brent at 95.82/bbl. newsquawk.com
The Company Chronicle (citing AFP, Reuters) — Houthis say they hit a Saudi pipeline pumping station and Yanbu. thecompanychronicle.com
GoldSeek — Comex gold settles 2.85% lower at $3,878.40. goldseek.com
Nation Thailand (Reuters data) — Global gold drops 3% to over one-year low on November 12. nationthailand.com
Ausecure — Gold breaks its October low, closes at $3,877.59. ausecure.com
Reuters (via Investing.com) — Stocks recover from Nvidia whiplash, dollar climbs with US yields (13 Nov 2026). investing.com
Business Today (Malaysia) — Kospi jumps 2.35% as Asian markets recover from Nvidia-led sell-off. businesstoday.com.my
Arab News — Closing Bell: Saudi Arabia’s Tadawul rises 0.18% to highest level in a month. arabnews.com
Asharq Al-Awsat — Saudi stocks rise 0.2%, supported by Aramco gains. aawsat.com
The Edge — Middle East Market Wrap, 12 November 2026. edgeconsultancykw.com
Al Bayan — Dubai market at a 21-week high (Arabic). albayan.ae
Aletihad — FAB leads ADX rally after rights issue announcement. aletihad.ae
Gulf Today — FAB approves proposed Dhs15b rights issue at Dhs13.52 per share. gulftoday.ae
Al-Amssar — Qatar bourse falls 0.95% at the close (Arabic). alamssar.com
Al-Amssar — Boursa Kuwait indices rise at the close (Arabic). alamssar.com
Qatar Stock Exchange (via Mondo Visione) — MSCI Equity Indexes November 2026 Index Review results. mondovisione.com
MSCI — November 2026 GCC standard index changes (public list). msci.com
U Capital — Daily Markets Close, Nov 12, 2026. u-capital.net
QNA (Oman News Agency) — Muscat Stock Exchange main index closes lower. qna.org.qa
Khaligyoun — Muscat bourse index closes lower at 7,354.90 (Arabic). khaligyoun.com
Oman Daily — Muscat bourse index falls 19 points; market value at OMR 39.1 billion (Arabic). omandaily.om
Mubasher — Sohar Power and Ahli Bank lead Muscat bourse decliners on Thursday (Arabic). mubasher.info
The Arabian Stories — Gulf International Chemicals estimates RO 701,000 impact from suspected breach of trust. thearabianstories.com
Muscat Daily — Employee investigated for breach of trust at GIC. muscatdaily.com
US Bureau of Labor Statistics — PPI release schedule. bls.gov

Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice, a trading recommendation, or financial advice. Trading and investing involve a substantial risk of loss. Past performance does not guarantee future results. Do your own research and consult a licensed adviser where appropriate. Modern Money Experts (MMEC) is an educational brand.