Nvidia Probes CEO Jensen Huang's Alleged Affair with Suspected Chinese Spy Amid Market Dip; Oil Slides on Iran Diplomacy Hopes

US equity futures rose Monday as investors shrugged off the weekend's worst S&P 500 week since April 2025, with dip buyers returning and the market treating Nvidia's internal issues as company-specific rather than sector-wide. S&P futures gained about 0.9%, Nasdaq futures 0.8%, and Dow futures 1.1% in early trading. The S&P had closed Friday up 0.31% but lost 2.7% for the week, while the Philadelphia Semiconductor Index fell 12%. In premarket, most Magnificent Seven stocks rose, but Nvidia shares dropped 4.4-4.9% after its board launched an independent investigation into CEO Jensen Huang following reports of his extramarital affair with Alice Huang, a Chinese businesswoman and executive at Singapore-based Megaspeed whom US intelligence assessed as a suspected spy for Beijing's Ministry of State Security. Huang admitted the affair in a memo to staff, expressed remorse, and pledged cooperation with the probe; the board stated it had no reason to believe national security or company secrets were compromised but would examine all information.[1][2][3]

Oil extended sharp declines, with WTI falling over 3% to around $87-90 and Brent similarly lower, marking its biggest weekly drop since April 2020. Prices slid after President Trump told CNN that further US strikes on Iran were highly unlikely if diplomatic talks progress, alongside unconfirmed reports of Iran softening demands related to the Strait of Hormuz.[4][5]

Other market notes included mixed Treasuries (10-year around 4.86%), a weaker dollar, gains in gold and silver, and bitcoin near $74,000. Individual movers featured Barrick Gold, CECO Environmental, and others on earnings or deals, while Dole and Monday.com declined on guidance misses. Economic data and Fed speakers were scheduled, with bond markets closed Wednesday for Veterans Day.