- The close scored Euphoric: S&P proxy +2.36%, Nasdaq proxy +3.45%, Dow proxy +2.16%, small caps +3.22%, vol proxy −13.44%, long Treasuries +0.05%, the dollar −0.55%, crude −3.88% and Bitcoin about +0.3%.
- The rally was broad, with the equal-weight S&P up 2.25% and all ten tracked sector funds higher, but chips led: AMD rose 13.36%, Broadcom 8.79% and the chip ETF 5.05%, while Nvidia fell 4.32% as questions about its CEO and a halted smuggling probe piled up.
- After hours, Onto Innovation is up about 8.7% and Zeta about 10.2% lower on their reports. Tuesday brings October CPI at 8:30 AM ET, with Sea and TransDigm reporting before the open.
Key numbers
Get the Desk's features and the market mood in your inbox. Free.
One feature a day, every day. Free. Unsubscribe anytime.
Monday, November 9 erased the weekend's worry in one session. Stocks opened higher and kept building into the afternoon, closing with the S&P proxy up about 2.4%, the Nasdaq proxy about 3.5%, small caps about 3.2% and the Dow proxy about 2.2%. The vol proxy fell about 13.4%. Wires called it the index's best session since April. The one reason that explains most of it: crude fell about 3.9% as reports said US-Iran talks were back on, which eased the inflation worry hanging over Tuesday's CPI and let buyers return to last week's beaten-down chips.
This time breadth came along. The equal-weight S&P rose about 2.3%, almost matching the index, and all ten sector funds the desk tracks closed higher, led by industrials at about +3.8% and tech at about +3.7%. The chip ETF rose about 5.1% even though its biggest name fell: AMD jumped about 13.4%, Broadcom about 8.8% and Micron about 6.3%, while Nvidia slid about 4.3%. Long Treasuries were flat, the dollar fell about 0.6% and gold rose about 1.9%.
On the calendar, Constellation Energy rose about 10.5% after its report before the open, and KKR about 1.6%. After the close, Occidental beat on profit, street-reported, at $1.91 a share against a $1.45 estimate, and trades about 0.9% higher. Onto Innovation is up about 8.7%, Take-Two about 4.0% and Zeta down about 10.2% in after-hours trading.
Research
Nvidia's slide came from governance, not demand. Wires reported, citing the New York Times, that a federal probe of suspected chip smuggling to China was halted after Nvidia's lawyers contacted investigators, and a proposed class action naming the CEO was filed after the close. On oil, US crude futures settled down 4.38% at $86.85 after reports that a Qatari-Pakistani proposal had revived US-Iran talks, and Trump later said he saw positive momentum toward ending the conflict.
What X is saying
Posts say traders treated last week's tech selloff as a reset in the AI trade rather than a lasting downturn, and that falling oil eased inflation concerns. Some accounts call it the Huang-over rally: the market bought every chip but the one with the headline. Others note prediction markets now put sizable odds on the CEO leaving before 2028.
Insight
Today answered last week's question about breadth: when the fear left, the average stock and small caps joined in instead of watching from the side. The catch is that the rally leaned on cheaper oil to soften inflation fears, and October CPI at 8:30 AM ET Tuesday tests exactly that. A hot core reading would revive the hike talk that payrolls started on Friday, while a soft one lets the board stay bright. Nvidia now trades on its own story, apart from the chip group.
- HeatingThe AI spending boomThe chip ETF rose 5.05%, AMD 13.36% and Broadcom 8.79% as buyers called last week's selloff a reset, even with Nvidia down 4.32% on its CEO probe.
- SteadyCan the average stock catch up?The equal-weight S&P rose 2.25%, almost matching the S&P proxy's 2.36%, and small caps beat both at 3.22%, but the Nasdaq proxy's 3.45% still led.
- Played outOil's Middle East runCrude fell 3.88% to 142.65 as US-Iran talks revived, further below the 150 line that ended the story.
SOURCES ›
- Economic calendar 2026-11-09: Chicago Fed President Austan Goolsbee 10:00 AM ET, wholesale trade (September, prior 0.5%) 10:00 AM ET; 2026-11-10: NFIB small business optimism 6:00 AM ET (prior 97.9), October CPI 8:30 AM ET (headline M/M prior 0.6%, core M/M prior 0.3%, headline Y/Y prior 3.7%, core Y/Y prior 2.6%; forecasts not posted)
- Earnings 2026-11-09 before the open include CEG (EPS est 3.90), KKR (1.58), FERG, NRG; after the close include OXY (EPS est 1.43), TTWO (0.90), RKLB, ONTO (2.27), ZETA (0.28), actuals not yet posted on the calendar (OXY actual street-reported); 2026-11-10 before the open include TDG (EPS est 12.15) and SE (1.04)
- Quotes as of 4:00 PM ET 2026-11-09 vs 2026-11-06 closes: SPY, QQQ, IWM, DIA, RSP, SMH, TLT, VXX, UUP, USO, GLD, XLK, XLF, XLE, XLY, XLP, XLI, XLV, XLU, XLC, XLRE, NVDA, AMD, MU, AVGO, TSLA, AAPL, MSFT, AMZN, META, GOOGL, CEG, KKR, APP
- After-hours quotes as of about 5:13 PM ET vs the 4:00 PM ET close: OXY, TTWO, ONTO, ZETA, RKLB, ASTS, SPY, QQQ, SMH, NVDA
- Bitcoin as of about 5:13 PM ET vs midnight ET
- Chart: the same closing quotes for AMD, Constellation, Broadcom, Micron, Tesla, Meta, chip ETF, industrials, Nasdaq proxy, small caps, S&P proxy, equal-weight, Dow proxy, gold, staples, long Treasuries, crude and Nvidia
- US crude futures settlement street-reported at $86.85, down 4.38%
- @FirstSquawk — “US STOCKS REBOUNDED SHARPLY, WITH THE S&P 500 RISING 2.35%, THE NASDAQ 100 GAINING 3.4% AND THE DOW JONES ADVANCING 2.2%, MARKING THEIR BEST SESSION SINCE APRIL.”
- @FirstSquawk — “FALLING OIL PRICES, DOWN 4.3% TO $86.94 A BARREL, ALSO SUPPORTED SENTIMENT AS HOPES FOR AN END TO THE IRAN WAR EASED INFLATION CONCERNS. INVESTORS VIEWED THE TECH SELLOFF AS A RESET IN THE AI TRADE RATHER THAN A STRUCTURAL DOWNTURN”
- @DeItaone — “U.S. CRUDE OIL FUTURES SETTLE AT $86.85/BBL, DOWN $3.98, 4.38 PCT”
- @DeItaone — “US-IRAN NUCLEAR TALKS REPORTEDLY REVIVED Al Arabiya sources say a Qatari-Pakistani proposal has revived serious US-Iran negotiations.”
- @zerohedge — “TRUMP: HAD EXCELLENT CONVERSATION WITH QATAR PM TRUMP: SEEING POSITIVE MOMENTUM TOWARD AN END TO THIS CONFLICT”
- @DeItaone — “*US PROBE OF MEGASPEED WAS HALTED AFTER NVIDIA INTERVENED: NYT”
- @DeItaone — “*NVIDIA CEO JENSEN SUED IN PROPOSED CLASS ACTION: COURT FILING”
- @DeItaone — “Prediction markets now price a 44% chance Huang leaves Nvidia before 2028.”
- @zerohedge — “Huang-Over: Stocks Jump, Oil Dumps After Weekend Of 'Fear And Loathing'”
- @LiveSquawk — “$OXY | Occidental Petroleum Q3 26 Earnings: • Adj EPS: $1.91 (est $1.45)”
Get tomorrow's feature in your inbox.
One feature a day, every day. Free. Unsubscribe anytime. Privacy