Key Notes
- The Dow gained about 1,100 points, while the S&P 500 rose 2.34% and the Nasdaq Composite added 2.73% in preliminary closing figures.
- Falling oil prices supported a broad rebound, while Nvidia declined despite gains across other chip stocks.
- October CPI is due Tuesday at 13:30 UTC, followed by producer inflation on Friday.
US stocks rallied on Monday, November 9, as falling oil prices helped investors look past another decline in Nvidia (Nasdaq: NVDA). The Dow gained about 1,100 points and the Nasdaq Composite rose 2.73%, extending the recovery from last week’s sharp AI-led selloff.
Reuters’ preliminary closing figures showed:
- Dow Jones Industrial Average: up 2.16%, or about 1,100 points.
- S&P 500: up 2.34% to 7,549.83.
- Nasdaq Composite: up 2.73% to 25,250.55.
The gains recovered another portion of the damage from Thursday’s technology selloff. Buying also spread through the chip sector, where investors had sharply marked down expectations for the AI infrastructure buildout.
Oil Retreat Eases Pressure on Stocks
Brent crude was down 4.7% at $93.73 a barrel in the Associated Press’s afternoon report. That was an intraday quote, rather than the contract’s final settlement.
President Donald Trump had said renewed US attacks on Iran were unlikely while talks progressed, according to Reuters’ oil report. Shipping attacks around the Strait of Hormuz continued to threaten supplies, leaving the diplomatic outlook unsettled even as crude fell.
Lower oil can ease fuel and transportation costs for businesses and leave households with more money for other purchases. For stocks, it also offers relief from one source of inflation pressure without requiring a sudden deterioration in consumer demand.
Chip Stocks Rebound Without Nvidia
The Philadelphia Semiconductor Index climbed about 7%, Reuters reported, after losing more than 12% last week. Nvidia was the index’s sole declining constituent, making the day’s chip rally a marked departure from a market driven by its largest AI name.
Nvidia faces a company-specific governance review. Its board announced on November 8 that independent directors, assisted by outside counsel, would investigate reports that chief executive Jensen Huang had been targeted by a foreign intelligence effort.
Directors expressed confidence in Huang and said they had no reason to believe national security or company secrets had been compromised. The board inquiry remains a separate issue from demand for AI chips across the industry.
Inflation Data Arrive Before the Next Opening Bell
The Bureau of Labor Statistics release calendar schedules October’s consumer price index for Tuesday, November 10, at 8:30 a.m. Eastern, or 13:30 UTC. October’s producer price index follows on Friday, November 13, at the same time.
Those reports will give investors fresh evidence on prices beyond the day-to-day movement in crude. A rally built partly on cheaper energy can coexist with persistent inflation in services and other parts of the economy.
Tuesday’s CPI covers October. Monday’s oil decline comes too late to change that month’s reading, even though traders have already begun pricing in the benefit of cheaper energy.
