Wall Street Roars Back. Nvidia Sits It Out.

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What happened today

Correction (Nov 9, 6:15 PM CT): An earlier version gave the S&P 500's gain as 2.34%, from Yahoo Finance data read at 3:10 PM CT. The final figure is 2.35%.

The S&P 500 closed up 2.35% at 7,549.81, the Nasdaq Composite up 2.74% at 25,253.14 and the Dow up 2.15% at 52,389.75, Yahoo Finance data showed. Nvidia closed down 4.27% at $178.67. Oil slid: US crude was down 4.30% at $86.92 and Brent down 5.75% at $92.67 as of 2:53 PM CT. Gold futures were up 1.87% at $4,151.30 at the same time.

Our read

Here's what jumps out: the market bounced hard, and it did it without its biggest name. The Nasdaq closed up 2.74% while Nvidia fell 4.27%, so buyers came back to tech, just not to Nvidia. Cheaper oil helped the day before CPI, because lower energy prices ease inflation worries. One day doesn't settle last week's AI selloff, but it shows the market can stand up even when Nvidia can't.

The news, then the reaction

Nvidia's internal investigation

Before: Nvidia started the week under pressure after news of an internal investigation into whether CEO Jensen Huang was targeted by a foreign intelligence effort, Reuters reported.
The news: During the session, Nvidia shares fell more than 5% as the investigation put Huang's future at the company under scrutiny, Reuters reported.
After: Nvidia closed down 4.27% at $178.67 (Yahoo Finance data).

Oil and Iran

The news: Trump said on Sunday he was highly unlikely to order fresh attacks on Iran as long as talks to end the war progressed, even though both countries reported shipping had been hit in or near the Strait of Hormuz, Reuters reported.
After: Brent fell 5.75% and US crude 4.30% by 2:53 PM CT (Yahoo Finance data).

Why it moved

AI and technology shares rose after a selloff last week tied to the midterm elections and worries about AI and data center regulation, Reuters reported.
Traders price in roughly an 80% chance of a quarter-point Fed rate hike in December, after Friday's jobs report showed employers added 165,000 jobs, Reuters reported.
"There's still going to be a bit of reckoning as far as the AI trade is concerned."^{Ted Parkhill, Incline Investment Management}
The 10-year Treasury yield was at 4.864% late in the session, Yahoo Finance data showed.

Tonight in Asia

Asia gets its first look at Wall Street's bounce and Nvidia's slide tonight. Our Asia Open edition at about 6:30 PM CT has the details.

Tomorrow

Time CT	Event	Consensus
7:30 AM	October CPI	Headline +0.3% m/m, core +0.2% m/m (Bloomberg survey)
Time not confirmed	CoreWeave results	—

What we're watching

CPI at 7:30. Does cheaper oil show up as the cooler number forecasters expect? BLS won't publish yearly rates for most indexes this time, so the monthly numbers get extra attention.
Can tech keep rallying without Nvidia, or was today a one-day bounce?
CoreWeave reports tomorrow. Reuters calls it a barometer of investor anxiety over AI.

What it means for your money

Gasoline and heating costs follow oil, and oil fell again today. If you own an index fund, today was a good day for it even with Nvidia down, which is a reminder that a broad fund spreads one company's bad day across hundreds.

The short version (the what and the result)

Stocks surged: S&P 500 +2.35%, Nasdaq +2.74%, Dow +2.15% (Yahoo Finance data).
Nvidia fell 4.27% amid an internal investigation into whether CEO Jensen Huang was targeted by a foreign intelligence effort; oil slid on Trump's Iran comments.
October CPI is tomorrow at 7:30 AM CT.