U.S. stocks staged a broad stock market rally on Monday, Nov. 9, with the Dow Jones Industrial Average jumping 1,104.02 points, or 2.15%, to 52,389.75 and the S&P 500 posting its best day since April 8. Falling oil prices and a rebound in chipmakers that were sold hard after the midterm elections drove the gains, even as Nvidia slid to its lowest close in seven months.
The S&P 500 rose 173.08 points, or 2.35%, to 7,549.94, and the Nasdaq Composite gained 2.74% to 25,253.14, according to CNBC. With Monday’s rally, the Dow closed above its Election Day level, while the S&P 500 and Nasdaq remained slightly below theirs.
+2.35% S&P 500, best day since April 8 | +1,104 Dow points | $86.85 WTI crude, down 4.38% | -4.3% Nvidia
Oil eases the pressure
West Texas Intermediate crude futures fell 4.38% to settle at $86.85 a barrel, and Brent dropped 5.85% to $92.57, CNBC reported. By The Boston Report’s calculation from those CNBC closing figures, that was a $3.98 drop from Friday’s $90.83 settlement. Energy was the only S&P 500 sector in the red in afternoon trading, extending a weekly loss of more than 8%, while industrials led with a gain of about 4.2%. Airlines rallied on cheaper fuel, with United Airlines up about 6.8%.
Chips rebound, but not Nvidia
The iShares Semiconductor ETF, which fell about 13% last week, rose more than 7%, according to CNBC. Advanced Micro Devices jumped about 13% after Oppenheimer upgraded the stock to outperform with a $600 price target, and Broadcom rose nearly 9%. Tesla gained about 5.5%, and Amazon and Microsoft each added about 3%.
Nvidia moved the other way, closing down 4.27% at $178.67, its lowest close since April 7, according to Invested Alpha’s review of market data. The board said Sunday it had opened an independent investigation into reports involving CEO Jensen Huang, as The Boston Report detailed Monday. Nvidia has said Huang is committed to continuing as CEO.
What the numbers show
All 11 S&P 500 sectors finished higher, and the Cboe Volatility Index fell about 22% to 19.92, back below 20, according to Invested Alpha. The rally was large but did not erase the damage: the Nasdaq still sits 8.5% below its Oct. 6 record close of 27,599.79 and is down 0.72% for November so far, the outlet reported, citing Dow Jones Market Data.
By The Boston Report’s calculation from the closing figures, the S&P 500’s opening level of 7,422.24 was also its low of the day, meaning the index never traded below where it started, and it finished just 27 points shy of its 7,577.39 high. The Nasdaq’s 2.74% gain outpaced the Dow’s 2.15% by more than half a percentage point, a sign that the technology-heavy index, hit hardest by the post-election sell-off, led the rebound.
Strategists stay cautious
Several strategists warned the bounce may not last. Jay Hatfield, CEO of Infrastructure Capital Advisors, told CNBC the chip sell-off was “overdone” but that “it’s not like the coast is clear,” pointing to elevated oil prices from the Middle East conflict and the Federal Reserve’s rate outlook. He expects the S&P 500 to stay range-bound through year-end. Citi tactically downgraded U.S. and global tech stocks to neutral on positioning concerns, and Wolfe Research’s Chris Senyek said markets are “likely to remain very news flow driven.”
Concerns about tighter rules on data center construction and energy use after the Democrats’ strong midterm showing still hang over AI-linked stocks, CNBC reported.
What comes next
The October consumer price index is due at 8:30 a.m. ET Tuesday, and economists polled by Dow Jones expect a 0.3% monthly rise in headline prices, CNBC reported. After San Francisco Fed President Mary Daly said more rate hikes are likely, investors will read the report for clues to the Fed’s December decision. Earnings from CoreWeave, Cisco and Applied Materials later this week will test whether the AI trade has steadied, and producer prices follow on Friday.
Sources
- CNBC: Dow surges 1,100 points, Nasdaq climbs more than 2% as tech rebounds (live updates, Nov. 9, 2026)
- Invested Alpha: The S&P 500 had its best day since April as AMD jumped 13% and chip stocks roared back
- Exa market data: S&P 500 daily session, Nov. 9, 2026
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