Wall St roars back as oil slide eases inflation jitters; Nvidia drops By Niket Nishant and Utkarsh Hathi Mon, November 9, 2026 at 12:21 PM EST 3 min read NVDA -4.73% Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Nov 9 (Reuters) - Wall Street's main indexes rebounded on Monday as a drop in oil prices soothed investor nerves after last week's selloff, even as AI heavyweight Nvidia hit a seven-month low following the controversy surrounding CEO Jensen Huang.
The strong gains allayed concerns about the AI trade, which shook markets following the Democrats' midterm triumph last week. Ten of 11 major S&P 500 sector indexes were in positive territory, with industrials and consumer discretionary leading gains.
US President Donald Trump downplayed the likelihood of renewed strikes on Iran, sending crude prices lower and easing inflation concerns.
Inflation will be front and center this week after the Labor Department releases its Consumer Price Index report for October on Tuesday.
Markets also drew comfort from some Wall Street brokerages calling for calm. Morgan Stanley and UBS said last week's rout in AI stocks was overdone, and the risks of extreme regulation of data center developments under a Democratic-controlled Congress were unlikely to play out.
But there are other challenges. Fears of a December rate hike persisted following October's stronger-than-expected jobs data.
Nvidia, the second most valuable company in the world, fell 6.2% to its lowest since April after an internal investigation into whether CEO Huang had been targeted by a foreign intelligence effort raised questions about his future at the AI chipmaker.
At 11:45 a.m. ET, the Dow Jones Industrial Average rose 953.53 points, or 1.86%, to 52,239.26, the S&P 500 gained 151.53 points, or 2.05%, to 7,528.39 and the Nasdaq Composite jumped 574.76 points, or 2.34%, to 25,155.62.
"There's still going to be a bit of reckoning as far as the AI trade is concerned," said Ted Parkhill, founder and CEO of Incline Investment Management.
Chipmakers were up, with Marvell Technology and Broadcom rising 9% and 8%, respectively, while Intel and Qualcomm gained over 4% each.
The Philadelphia Semiconductor Index added 6%, after suffering its worst week since March 2025.
Among the hyperscalers, Microsoft, Alphabet, Meta and Amazon were up between 2% and 5%.
Elon Musk-led Tesla and SpaceX also advanced 5.5% each.
Shares of investment giant KKR rose 2.3% after its quarterly profit hit a record high. Constellation Energy, an energy firm with exposure to the AI boom, rose 8% after its adjusted third-quarter profit surpassed expectations.
Of the 335 companies in the S&P 500 that had reported earnings as of Thursday, 82.4% beat estimates, according to Tajinder Dhillon, head of earnings and equity research at LSEG Data and Analytics.
Berkshire Hathaway's class A shares were 0.5% lower after the conglomerate reported lower third-quarter profit.
Advancing issues outnumbered decliners by a 3.93-to-1 ratio on the NYSE, and by a 3.41-to-1 ratio on the Nasdaq.
The S&P 500 posted seven new 52-week highs and three new lows, while the Nasdaq Composite recorded 64 new highs and 120 new lows.
(Reporting by Niket Nishant and Utkarsh Hathi in Bengaluru; Editing by Shinjini Ganguli and Devika Syamnath)
