U.S. Stocks Gain, Nasdaq Rises 2.7% as Oil Falls in November 9 Session
Key Facts
The Nasdaq jumped 2.7% and the S&P 500 rose 2.3% in Monday’s November 9, 2026, session, while the Dow Jones gained 2.2%, according to the Associated Press. The first two indexes posted their biggest daily gains in months, in a broad rebound in U.S. stocks that coincided with a decline in oil prices. Reuters said the drop in crude eased price pressure concerns after U.S. President Donald Trump played down the likelihood of renewed strikes on Iran. The gains followed two consecutive sessions of advances for the S&P 500, according to the Associated Press. Still, not all technology stocks joined the rebound: Nvidia fell even as the broader market rose.
The Dow Jones rose 1,104.02 points to 52,389.75, and the Nasdaq gained 673.71 points to 25,253.14 at the close, Reuters reported. The S&P 500’s gain was its largest since April 8, while the Nasdaq posted its strongest daily advance since July 30. All 11 sectors in the S&P 500 rose, with nine gaining more than 1%. Industrials and consumer discretionary led, each rising more than 3%. The breadth of the gains reflected participation by sectors beyond megacap technology companies in the rebound, according to Reuters data.
Semiconductor stocks diverged: the Philadelphia Semiconductor Index jumped 6.9%, while AMD rose 13.3% and Broadcom gained 8.8%, Reuters reported. Nvidia, by contrast, fell 4.2% and closed at its lowest level since April 7. The sector’s most prominent company therefore moved against the specialized index and the strong gains in rival stocks. The divergence showed that the rally was not uniform among chipmakers, despite the rise in the major indexes. Reuters linked support for stocks to lower oil prices and the resulting easing of inflation concerns.
Brent futures settled down 5.85% at 92.57 dollars a barrel on November 9, while West Texas Intermediate fell 4.38% to 86.85 dollars, Reuters reported via Euronext. The decline followed a 16% drop in Brent the previous week, its biggest weekly fall since the start of the COVID-19 pandemic. Reuters attributed oil’s weakness to expectations of de-escalation, alongside continuing shipping and regional security risks. The agency cited a JPMorgan estimate of a global surplus of about 1.4 million barrels a day in October. The drop in crude eased inflation concerns but did not end market worries about the path of prices and interest rates.
Richmond Federal Reserve President Tom Barkin said the central bank should move "cautiously" as it determines its response to inflation, Reuters reported. Despite the drop in oil, expectations of a rate hike at the Federal Reserve’s December meeting remained above 80% on November 9, according to the CME FedWatch tool, as cited by Reuters. This underscores the continued sensitivity of monetary policy expectations to price pressures even as crude falls. The U.S. Consumer Price Index for October was scheduled for release on November 10 at 8:30 a.m. Eastern time, according to the U.S. Bureau of Labor Statistics. Inflation data will be among the market’s next major events after the rebound session.
The Federal Reserve’s calendar includes a speech by Governor Christopher Waller at the Bank of England and its Watchers conference in London on November 10 at 4:00 a.m., according to the Board. The Board also set November 18 at 2:00 p.m. for the release of minutes from the Federal Open Market Committee meeting held on October 27 and 28. The minutes will follow the inflation data scheduled for the day before Waller’s speech. Markets are watching these dates as expectations of a December rate hike remain above 80% despite the fall in oil. The data and remarks link the path of inflation with monetary policy expectations that accompanied moves in stocks and commodities during the session.