📊 Market Overview

All three major US indexes rose more than 2% on Monday, November 9, recovering much of last week's AI rout. The S&P 500 gained 173.08 points (+2.35%) to 7,549.94, the Nasdaq Composite rose 673.71 points (+2.74%) to 25,253.14, and the Dow Jones Industrial Average jumped 1,104.02 points (+2.15%) to 52,389.75. AP said it was the S&P 500's best day since April. The Russell 2000 rose 3.20% to 2,842.23, so small caps joined the rally.

Two straight up days have sped up the recovery. The S&P 500 has regained about 59% of Thursday's 334.89-point loss and the Nasdaq about 66% of its 1,421.51-point loss. The Dow is back above its Election Day close, while the S&P 500 and Nasdaq remain below theirs. The S&P 500 sits 3.4% below the record high set last month. The VIX fell 21.91% to 20.03, retreating from last week's levels above 25.

The rally was driven by a sharp drop in oil and big brokerages calling the selloff overdone. But AI bellwether Nvidia fell more than 4% on news of a probe involving its CEO, a sharp split within the AI trade.

🔑 Key Issues

1. Oil drops 4% on hopes for Iran talks, easing energy costs WTI fell 4.07% to $87.13 a barrel and Brent fell 5.85% to $92.57 (Brent per CNBC). Brent was above $112 at the start of the month but has dropped quickly as uncertainty over the Iran war eased. President Trump said resuming strikes is highly unlikely if negotiations progress. Fuel-heavy stocks reacted right away: United Airlines rose 5.9% and Carnival 4%. AAA's average gasoline price was $4.01 a gallon, about 10% below its late-September peak. Energy was the weakest of the 11 sectors, and ConocoPhillips (-1.30%), Chevron (-0.84%) and Exxon Mobil (-0.67%) were among the biggest decliners.

2. Wall Street says the AI selloff was overdone; chip ETF jumps more than 7% Reuters reported that Morgan Stanley, UBS and other big brokerages called last week's AI selloff overdone. Morgan Stanley expects Democratic regulation of data centers to delay some projects from 2028 to 2029 rather than derail spending, and recommended "buying the drop." Jefferies called the November 5 selloff "reactionary" rather than a fundamental reset, and HSBC used the correction to add equity exposure. The SOXX semiconductor ETF rose more than 7%, its best day since July 30. AMD jumped 13.26% to $508.58, Broadcom 8.78%, Arm 6.69%, Micron 6.25% and Intel 5.49%. AMD was boosted by Oppenheimer's upgrade to Outperform with a $600 target. Broadcom announced a December 9 earnings date, and analysts said Anthropic's IPO filing eased worries about its long-term compute lease commitments.

3. Nvidia falls 4% on internal probe involving CEO Jensen Huang Nvidia fell 4.27% to $178.67, moving against the broad rally. Its intraday loss reached around 8% before narrowing. Nvidia's board opened an investigation into CEO Jensen Huang's relationship with a Chinese businesswoman. The New York Times reported that US intelligence determined she was gathering information for China. In a memo to employees, Huang admitted personal wrongdoing and apologized, and he intends to remain CEO. The board said it has no reason to believe national security or company secrets were compromised, while China's Foreign Ministry called the allegations "smears against China." Dan Ives of Yorkville Ives called it a "black eye moment" for Huang that will spark multiple congressional inquiries at a minimum. Because Huang has led the company since co-founding it in 1993, key-person risk came into focus. Nvidia reports earnings on November 17.

4. Industrials lead sectors as Caterpillar jumps 7% The industrials sector (XLI) rose 3.81%, edging past technology (+3.70%) for first place. Caterpillar gained 7.21% to $598.89 and led the Dow higher. Some outlets tied the move to reports that Anthropic took over a $3.4 billion order for 1.7 gigawatts of gas-fired generators for its data centers, but there was no confirmed company announcement. Goldman Sachs (+4.72%), Honeywell (+4.07%) and GE (+3.82%) also rallied, reflecting hopes that demand for data center power infrastructure remains intact. Constellation Energy rose 10.3% on better-than-expected results (per AP).

5. Big Tech and consumer stocks join the rally Tesla rose 5.54% to $378.05. CEO Elon Musk said Cybertruck production will end in about eight months and confirmed groundbreaking on a $10.1 billion solar cell factory in Texas. Meta gained 5.12%, Amazon 2.94%, Microsoft 2.75% and Apple 2.43%. Some software names stayed weak: Adobe fell 0.83% and Salesforce rose only 0.58%. Hims & Hers reported after the close following an intraday drop of more than 10% on margin worries tied to its Novo Nordisk partnership.

📊 Sector Performance

Sector	Change	Key Drivers
Industrials	+3.81%	Caterpillar +7.21%; airlines helped by lower oil
Technology	+3.70%	AMD and Broadcom surged; Nvidia fell
Consumer Discretionary	+2.88%	Tesla +5.54%, Amazon +2.94%
Communication Services	+2.43%	Meta +5.12%, Alphabet +1.18%
Materials	+1.92%	Higher gold and cyclical rebound
Health Care	+1.91%	Eli Lilly +4.30%, Thermo Fisher +3.87%
Utilities	+1.58%	Constellation's strong results
Real Estate	+1.48%	Return of risk appetite
Financials	+1.43%	Goldman Sachs +4.72%, Morgan Stanley +3.12%
Consumer Staples	+0.90%	Walmart +0.11%, Coca-Cola +0.37%
Energy	+0.56%	Oil majors weak as crude plunged

All 11 sectors rose. Unlike last week, gains were not carried by technology alone but spread widely, which is a positive sign. The ranking, with cyclicals and chips ahead and defensives lagging, shows risk appetite returning quickly.

🌍 Global Markets

• Europe STOXX 600: Rose 1.26% to 656.52, rebounding from last week's New York rout.
• Dollar Index (DXY): Fell 0.61% to 101.67 as lower oil and improved risk appetite weighed on the dollar.
• 10-Year US Treasury Yield: Essentially flat at 4.86%, down from above 5.30% last month, a two-decade high.
• WTI Crude: Plunged 4.07% to $87.13 a barrel on hopes for Iran negotiations.
• Gold: Rose 1.83% to $4,149.40 an ounce, helped by the weaker dollar.

🚀 SPCX (SpaceX) Update

SPCX rose 5.81% to $142.07, its second straight gain. On November 7, NASA named eight Moon Base transportation providers for work worth up to $10 billion, and SpaceX was selected alongside Blue Origin, Intuitive Machines and Firefly. Space stocks rallied together afterward. AST SpaceMobile jumped around 14% on a Japan satellite venture with Rakuten.

After the close, Rocket Lab reported third-quarter revenue of $267.83 million, above the $257.18 million estimate, but a loss of $0.12 per share, wider than the $0.07 expected. After-hours reactions varied by outlet. SPCX remains below its IPO price, so it is still unclear whether space-industry contract wins will translate into a real share-price recovery.

⚠️ Investor Cautions

This rebound came from a judgment that stocks had "fallen too far," not from the regulatory worry being resolved. Jay Hatfield, CEO of Infrastructure Capital Advisors, said the selloff was overdone but warned that a Democratic policy overhang remains both in the short run and in the long run from 2028. Citi downgraded US and global technology stocks to Neutral. It is too early to conclude the risk has passed after one strong day.

Investors in leveraged products should be careful. TQQQ rose 10.20% in a day, but if days with 10%-plus drops like last week are mixed in, compounding losses delay recovery beyond the index. When company-specific issues push a stock like Nvidia against the index, portfolios concentrated in a few large caps carry more risk.

👁 What to Watch Tomorrow

• October CPI (Tuesday 8:30 a.m.): Bloomberg consensus is +0.3% month over month for headline (September +0.6%) and +0.2% for core (September +0.3%). A core reading of 0.3% or higher, combined with strong jobs data, would raise December rate-hike worries, while 0.2% or lower could add fuel to the rebound. Year-over-year figures likely will not be published because of last year's shutdown.
• S&P 500 at 7,600: After two days of gains the index is at 7,549.94. Clearing 7,600 would mean recovering three-quarters of Thursday's loss, while a drop back below 7,450 would support the view that this was a temporary relief rally.
• VIX at 20: Whether the VIX, which closed at 20.03, settles below 20 is the confirmation signal that fear is fading.
• Nvidia reclaiming $180: Volatility may stay high depending on further reports about the board probe and congressional reaction. Watch whether key-person risk weighs on the stock before its November 17 earnings.
• CoreWeave earnings (Tuesday after the close): The first major neocloud report since the AI correction, and a test of whether data center demand has actually weakened. The market's reaction to Take-Two's after-hours results will also show at Tuesday's open.

💡 Upcoming Events

• November 10 (Tue): October CPI, CoreWeave earnings
• November 12 (Thu): Nebius (pre-market), Cisco and Applied Materials (after the close) earnings, initial jobless claims, existing home sales
• November 13 (Fri): October PPI
• November 17 (Tue): Nvidia earnings
• November 19 (Thu): GTA VI launch
• December 9 (Wed): December FOMC rate decision, Broadcom earnings

📚 Sources

• Stock market today: Nasdaq surges despite Nvidia stock slide, Dow and S&P 500 rally as AI tech trade rises — Yahoo Finance
• Dow surges 1,100 points, Nasdaq climbs more than 2% as tech rebounds from last week's tumult: Live updates — CNBC
• U.S. stocks rally and claw back more of last week's losses as oil prices swing lower — AP (BNN Bloomberg)
• Wall Street brokerages say AI sell-off overdone, downplay Democratic regulation risks — Reuters (The Globe and Mail)
• AMD Upgraded to Outperform by Oppenheimer with $600 Price Target — GuruFocus
• AMD's Server And Data Center Success Is 'Undeniable,' Says Oppenheimer — Yahoo Finance
• Why is Broadcom stock surging today? — Investing.com
• Caterpillar Stocks Jump 6.61% as Anthropic Takes Over $3.4 Billion Generator Order — GuruFocus
• Rocket Lab Jumps 9% Ahead of Earnings, AST SpaceMobile Surges 11% on Japan Satellite Venture With Rakuten; SpaceX Rises 6% — Yahoo Finance
• Live: Will Rocket Lab Smash Q3 Earnings Tonight After Jumping 10% Intraday? — 24/7 Wall St.
• Live: Will HIMS Q3 Earnings Tonight Spark a Rebound After Today's 10% Selloff? — 24/7 Wall St.
• Take-Two Earnings Preview: What Will Strauss Zelnick Say? — Benzinga
• Anthropic IPO live updates: S-1 filing discloses $16.3B in first-half revenue — Yahoo Finance
• Fear and Greed Index — Fear & Greed Meter
• Samsung and SK hynix rebound, but KOSPI falls 0.81% and holds 5,000 — Polinews
• KOSPI closes at 5,019 despite intraday rebound, lowest since February 2 — Korea Report