The major US stock indexes fell on Friday as investors weighed the potential ripple effects of Jensen Huang’s exit as Nvidia chief executive, while softer October producer prices offered little relief.

Nvidia shares slipped 3.3% and were on track for their longest streak of weekly losses since October 2012 after CEO Jensen Huang’s resignation, following scrutiny of his relationship with a businesswoman suspected by the US of spying for Chinese intelligence.

The Philadelphia semiconductor index fell 5%, with Advanced Micro Devices and Broadcom dropping 9.4% and 5.8%, respectively.

Neoclouds CoreWeave and Nebius shed 10% and 13.7%, respectively, while data center-related firms IREN, Applied Digital and Core Scientific traded sharply lower.

The turmoil at Nvidia has raised concerns about the broader AI trade, given the chipmaker’s central role in the industry’s boom and its financial ties to several companies in the sector.

Anthropic’s much-anticipated initial public offering next week is also on the radar.

“Something that will be interesting to see is if all the supply of new equity is going to be absorbed in a way that doesn’t result in selling other AI stocks to kind of fund that,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.

Among the Magnificent Seven, Apple and Meta were the only gainers, rising more than 1% each. Microsoft was down 0.6% after a more than 12-hour outage of Outlook and Teams.

At 10:16 a.m. ET, the Dow Jones Industrial Average fell 215.69 points, or 0.41%, to 52,081.40, the S&P 500 lost 70.60 points, or 0.93%, to 7,519.10 and the Nasdaq Composite dropped 359.89 points, or 1.42%, to 25,006.20.

Losses in the tech sector index weighed on the S&P 500.

Data showed October producer prices were slightly softer than expected, potentially relieving some pressure on the US Federal Reserve to hike interest rates aggressively.

Traders are fully pricing in a hike by the central bank next month, with some policymakers in recent days raising the prospect of a 50-basis-point increase, compared to a widely expected 25 bps rise. Odds of a 50-bps hike sit around 7%, according to CME’s FedWatch tool.

“I think they’re going to move more gradually. Inflation is elevated and at uncomfortable levels for the Fed, but there’s no sign that it is getting out of hand,” Kourkafas said.

In other movers, Cerebras jumped more than 11% after the chip and cloud company raised its 2026 revenue forecast and signed Microsoft as a customer.

Strong earnings have at certain points kept the negative market sentiment in check this week. Of the 450 companies in the S&P 500 that reported earnings as of Thursday, 83.6% surpassed expectations, according to Tajinder Dhillon, head of earnings and equity research at LSEG Data and Analytics.

Still, investors are wary of a bunch of risks, including on the geopolitical front. Oil prices were in positive territory for the third consecutive session, a day after President Donald Trump said the US does not need a deal with Iran.

Declining issues outnumbered advancers by a 1.53-to-1 ratio on the NYSE and by a 2.07-to-1 ratio on the Nasdaq.

The S&P 500 posted 7 new 52-week highs and 1 new low, while the Nasdaq Composite recorded 16 new highs and 195 new lows.

(Reporting by Niket Nishant and Utkarsh Hathi in Bengaluru; Editing by Shinjini Ganguli and Pooja Desai)