The Wall Street Wrap: November 9, 2026

Chips and falling oil power the S&P 500's best day since April and lift the Dow above its Election Day close, while Nvidia sinks on a board probe into its CEO

Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

MARKETS TODAY

US stocks surged on Monday as falling oil prices and a rebound in technology shares erased much of last week's post-election damage. The S&P 500 gained 2.35% to 7,549.94, its best day since April, the Dow Jones Industrial Average jumped 2.15% to 52,389.75, a gain of about 1,104 points, and the Nasdaq Composite rose 2.74% to 25,253.139. The Nasdaq 100 climbed 3.40% to 27,907.625, the Russell 2000 added 3.21% to 2,842.603, and the VIX fell 22.19% to 19.95. All 11 S&P 500 sectors finished higher, led by industrials at 3.91%, consumer discretionary at 3.58%, and information technology at 3.18%, while energy rose 0.45%, consumer staples 0.75%, and financials 1.61%. Coherent surged 16.794% and Monolithic Power Systems gained 16.6%, while First Solar dropped 4.738% and Nvidia fell 4.27%.

ANALYTICAL VIEW

The rally was led by the same chip and AI-infrastructure names that sank last week. AMD jumped 13.259%, Applied Materials 11.372%, Lam Research 10.412%, and Broadcom about 9%, and the semiconductor ETF gained more than 7% after losing about 13% the week before. Nvidia was the lone big drag, falling 4.27% after its board opened an investigation into CEO Jensen Huang, while the rest of the Magnificent Seven rose, with Tesla up about 6% and Amazon and Microsoft each up about 3%. The Dow closed above its Election Day level, though the S&P 500 and Nasdaq are still slightly below theirs. One fund chief executive called last week's chip selloff overdone but partly justified, citing a policy overhang from Democrats, and said he expects the S&P 500 to stay in a range through year end.

Oil did the rest. Brent settled at $92.57 and US crude at $86.85, falling 5.85% and 4.38%, after President Donald Trump said it was highly unlikely he would restart open war with Iran as long as talks progress, even as stalled negotiations and fresh attacks on shipping show little progress on the ground. Energy was the weakest sector, adding only 0.45% after last week's rout. Rate worries have not gone away. Traders put the odds of a December Fed hike at about 81%, the 10-year Treasury yield rose to 4.878%, and a New York Fed survey showed households expect inflation of 3.9% a year from now, while the share expecting higher unemployment a year out was the highest since April 2020. Gold rose 1.80% to its highest level in more than two weeks as falling oil eased inflation concerns.

What could change the picture: Tuesday's October consumer price report, CoreWeave's results after the close on Tuesday, Cisco and Applied Materials earnings later this week, Friday's producer price report, any move in US-Iran talks or fighting around the Strait of Hormuz, a House vote on impeaching Defense Secretary Pete Hegseth, the outcome of the Nvidia board probe, and Anthropic's IPO, which could come as soon as next week.

SECTOR PERFORMANCE

WINNERS & LOSERS

Top 5 Gainers (across S&P, Nasdaq, Dow):

• Coherent Corp. (NYSE:COHR): +16.794%
• Monolithic Power Systems, Inc. (NASDAQ:MPWR): +16.6%
• Astera Labs, Inc. (NASDAQ:ALAB): +13.717%
• Advanced Micro Devices, Inc. (NASDAQ:AMD): +13.259%
• Teradyne, Inc. (NASDAQ:TER): +12.733%

Top 5 Decliners:

• First Solar, Inc. (NASDAQ:FSLR): -4.738%
• NVIDIA Corporation (NASDAQ:NVDA): -4.27%
• Thomson Reuters Corp (NASDAQ:TRI): -3.793%
• Take-Two Interactive Software, Inc. (NASDAQ:TTWO): -3.477%
• Akamai Technologies, Inc. (NASDAQ:AKAM): -3.37%

Note: AMD jumped on an analyst upgrade and a Google Cloud chip partnership, Monolithic Power rose with the wider chip rebound after a strong third-quarter report and raised outlook, and Nvidia fell after its board opened an investigation into its CEO. 

AFTER-HOURS MOVERS

Gainers:

• The Trade Desk, Inc. (NASDAQ:TTD), +24.98% after hours: Shares rose to $18.66 after third-quarter revenue of $736 million, down 0.5% from a year earlier, topped the $650.9 million estimate, with diluted earnings of $0.08 a share against $0.04 expected and adjusted earnings of $0.33 a share. Fourth-quarter revenue guidance of at least $755 million and adjusted EBITDA guidance of at least $280 million were issued, and the board added $731 million to its buyback authorization. The stock had closed 15.47% higher at $14.93.
• Sanmina Corporation (NASDAQ:SANM), +23.63% after hours: Shares rose to $185.00 after fourth-quarter revenue of $3.86 billion topped the $3.48 billion estimate and non-GAAP earnings of $4.43 a share beat the $3.27 expected. Fiscal 2026 revenue of $14.53 billion rose 79%, and the fiscal 2027 outlook implies about 27% revenue growth and about 24% non-GAAP earnings growth at the midpoint. The stock had closed 11.11% higher at $149.64.
• Take-Two Interactive Software, Inc. (NASDAQ:TTWO), +4.49% after hours: Shares rose to $216.72 after a second-quarter loss of $0.29 a share and revenue of $1.50 billion, against a $1.64 billion estimate, ten days before the launch of Grand Theft Auto VI. Full-year revenue guidance of $7.98 billion to $8.18 billion was below the $8.62 billion estimate, while third-quarter guidance was roughly in line. The stock had closed 3.48% lower at $207.40.

Decliners:

• Digital Turbine, Inc. (NASDAQ:APPS), -22.74% after hours: Shares fell to $8.73 even though fiscal second-quarter adjusted earnings of $0.18 a share beat the $0.17 expected and revenue of $178.7 million, up about 27%, topped the $166.7 million estimate. Fiscal 2027 revenue guidance of $670 million to $690 million was above the $665.3 million estimate, and no specific cause was provided for the drop, which followed a delayed release, a new CFO, and the departure of the chief business officer. The stock had closed 8.86% higher at $11.30.
• Casella Waste Systems, Inc. (NASDAQ:CWST), -9.12% after hours: Shares fell to $89.99 after third-quarter adjusted earnings of $0.35 a share missed the $0.38 expected and revenue of $559.2 million trailed the roughly $563 million estimate. The company narrowed its 2026 revenue guidance to $2.10 billion to $2.11 billion, roughly in line with consensus. The stock had closed 0.82% higher at $99.02.
• Qualys, Inc. (NASDAQ:QLYS), -8.13% after hours: Shares fell to $186.00 even though third-quarter revenue of $188.0 million, up 11%, topped the $186.6 million estimate and non-GAAP earnings of $2.12 a share beat the $1.96 expected. The company raised its 2026 revenue guidance to $736.9 million to $738.9 million from $732.0 million to $738.0 million and guided fourth-quarter revenue to $191.0 million to $193.0 million. The stock had closed 6.33% higher at $202.46.
• Rocket Lab Corporation (NASDAQ:RKLB), -7.44% after hours: Shares fell to $54.48 after a third-quarter loss of $0.12 a share, wider than the $0.07 loss expected, even though revenue of $267.8 million, up about 73%, topped the roughly $257 million estimate. Fourth-quarter revenue guidance of $270 million to $290 million was above the $264.6 million Street estimate, but the Neutron launch date was pushed to 2027. The stock had closed 10.91% higher at $58.86.

COMMODITIES & RATES

US TREASURY YIELDS

TOP STORIES: US

Nvidia sinks as its board investigates CEO Jensen Huang's ties to a suspected Chinese spy. Huang told staff on Sunday that he had been unfaithful to his wife, and the board opened a probe into whether a foreign intelligence agency targeted him, after a media report said the businesswoman involved was a Chinese intelligence asset. Nvidia shares fell 4.27% even as the broader market surged, and at one point they were down about 8%. The board said it has confidence in Huang and no reason to believe national security or company secrets were compromised, and a committee of independent directors with outside counsel will run the review. Analysts flagged key-person risk, noting that Huang owns just over 3% of the company, has dozens of direct reports, and has no clear successor, though most do not expect him to step down. China called the spy allegation a groundless smear, and members of both parties in Congress have asked for briefings.

Oil tumbles to its lowest since late August after Trump plays down the odds of restarting the Iran war. Brent settled down 5.85% at $92.57 and US crude fell 4.38% to $86.85, and both kept sliding after the settlement, with Brent down more than $7 at one point. Trump said in an interview that renewed war is highly unlikely if talks to curb Iran's nuclear program and reopen the Strait of Hormuz progress, but he repeated threats to strike Iranian bridges and power plants and said three aircraft carriers are in place. Brent plunged 16% last week, its steepest weekly drop since the start of the pandemic, and signs of a well-supplied physical market weighed too, with one bank estimating a global surplus of about 1.4 million barrels a day in October. OPEC output rose 1.38 million barrels a day last month to 22.87 million, while US Strategic Petroleum Reserve stocks fell to their lowest since October 1982. Shipping incidents near Hormuz and a Houthi attack on Saudi Aramco's Riyadh office show the risks are still live.

Anthropic launches Claude Fable 5.2 and Mythos 5.2 as its IPO nears. The company said both models generate outputs 30% faster than their predecessors and cost 20% less, at $8 per million input tokens and $40 per million output tokens. Fable 5.2 is generally available, while Mythos 5.2 goes to vetted organizations through its life sciences and cyber verification programs. It is the first frontier release since CEO Dario Amodei called in September for a slower pace of AI development. The company is preparing a roadshow for an IPO that could come as soon as next week, aiming for a valuation of $1 trillion to $1.5 trillion, down from a $2 trillion target floated earlier, and its amended prospectus shows $33.24 billion of revenue in the first nine months of 2026, up roughly 1,200% from a year earlier.

A House vote on impeaching Defense Secretary Pete Hegseth looms after the Democrats' midterm sweep. Rep. Thomas Massie, a Kentucky Republican, introduced articles of impeachment on Monday, a privileged resolution that forces House leaders to put it to a vote or table it within two legislative days. Democrats won majorities in both chambers last week, and many Republicans, including Vice President JD Vance, have cited the Iran war that Hegseth has led as a reason for the losses. Hegseth released a video last week defending his record, and the Pentagon has launched a media campaign of its own.

Google unveils two new AI chips in a fresh challenge to Nvidia. Alphabet introduced two variants of its in-house tensor processing units, the 8tx and the 8i Max, and its shares gained about 1% in afternoon trading after rising more than 3% early. The 8tx pairs Google's chip technology with AMD processors and encrypts data at the hardware level for government agencies and regulated industries, delivering up to twice the speed of the previous version, the company said. The 8i Max combines two chips in one package for applications that process very large amounts of information, such as coding assistants and drug discovery. Google Cloud revenue more than doubled to $30.71 billion in the September quarter, with chip sales making a meaningful contribution, according to Alphabet.

Also today: Boeing will cut about 5% of its commercial airplane workforce through attrition and layoffs, with notifications starting in December, because its 737 Max production ramp is running slower than planned; Goldman Sachs CEO David Solomon said demand for AI infrastructure financing remains strong despite recent market jitters; PepsiCo is cutting about 1,000 jobs in its North America food and beverage division over the next week, a media report said; Eli Lilly said its obesity pill Foundayo cut sleep apnea events by an average of 21.1 an hour at 52 weeks versus 4.8 for placebo in patients not using airway pressure therapy, and it plans to file for US approval by the end of the year; General Motors will move to the Nasdaq on November 17, and a bank analyst said possible Nasdaq 100 inclusion as early as December could bring about $4.6 billion of buying; US wholesale inventories rose 0.7% in September to $1,013.1 billion, the eighth straight monthly gain, beating the advance estimate of 0.6%; the Baltic Dry Index rose 1.8% to 2,854, its highest since October 9, for a fourth straight gain; China's central bank bought 25.8 metric tons of gold in October, its largest monthly addition in three years.

TOP STORIES: GLOBAL

China's factory-gate prices surge at the fastest pace since 2022 while consumer inflation cools. Producer prices rose 5.7% from a year earlier in October, above the 5.3% economists expected and the fastest since June 2022, marking a third straight monthly acceleration led by mining and raw materials. Consumer prices rose 0.7%, short of the expected 0.8% and down from 0.9% in September, with core inflation easing to 0.8% from 1.0%. A statistics bureau official said gasoline was the largest contributor to consumer price gains, offset by a sharper-than-expected drop in food prices. One economist said strong external demand lifted producer prices while a weak property market keeps domestic demand soft, and the CSI 300 gained 0.56% after the data.

Asian chip suppliers rebound even as Nvidia's troubles reach Seoul. TSMC closed 4.7% higher, Samsung Electronics gained 0.6%, and SK Hynix rose 0.4%, recovering after last week's selloff in AI-related stocks. Madison Huang, Jensen Huang's daughter and an Nvidia executive, canceled a planned visit to Seoul, and a South Korean AI startup said two events with her were scrapped because of unavoidable internal circumstances at Nvidia, though Nvidia's two-day AI Day Seoul will go ahead. South Korea's deputy science minister said the government expects no disruption to contracted deliveries of Nvidia chips. One Korean analyst said rivals such as AMD could draw more attention in the short term, which would put Samsung in the spotlight given its ties with AMD, while noting that Nvidia's products would be hard to replace.

Talks to end the Iran war look stalled as Washington and Tehran trade demands. Secretary of State Marco Rubio, heading to a meeting of G7 foreign ministers in Paris, said the two sides remain far apart after Tehran proposed shortening the timetable for restarting talks from seven days to two. An Iranian Foreign Ministry spokesperson said Tehran wants US sanctions lifted and the war ended on all fronts before negotiations begin, and a senior Iranian security official said there will be no talks unless Washington meets seven conditions from a June interim agreement. Trump meets the prime minister of Qatar, a mediator, on Monday, though senior US and Gulf officials doubt an imminent deal. Separately, a US official said Russia and Ukraine will attend US-brokered talks in Abu Dhabi on Tuesday, with both sides privately showing a little flexibility on territory.

COP31 opens in Turkey with a push to electrify a third of the global economy. The two-week UN climate conference began in Antalya, where the UN's climate chief said progress so far has been nowhere near fast enough. The summit presidency wants nations to sign a pledge to electrify more than a third of the global economy by 2035, up from around a fifth today, though advocates criticize it because the added power need not come from low-carbon sources. A UN report showed 2026 is on track to be one of the four hottest years on record as a strong El Nino compounds global warming, and the US administration is staying away from the talks for a second year. Turkey will also ask governments and companies to sign a pledge on developing AI sustainably.

Australia's proposed internet safety law could force Google to block under-18s from Gmail. A Google policy head told a Senate hearing that the Digital Duty of Care legislation, which has passed the lower house but needs cross-party support in the Senate, could require age checks that block young users from everyday services such as email, messaging, and private file storage. Companies that fail to show they are weeding out harmful content face fines of up to A$109 million ($75.1 million), and representatives of Meta, TikTok, and Snap voiced similar concerns about regulators' broad discretion. The government says a broad set of rules is the only way to ensure a safe internet.

MANAGEMENT & FED SPEAK

Donald Trump, President, United States, on Iran:

"The answer is highly unlikely it's going to be necessary."

Marco Rubio, Secretary of State, United States, on Iran talks:

"I wouldn't say we're on the verge of a breakthrough."

David Solomon, Chief Executive Officer, Goldman Sachs, on markets:

"I would say that the market environment is still pretty constructive."

Dianne Penn, Head of Product Management for Research, Anthropic, on AI pacing:

"We called for pacing, not pausing."

Simon Stiell, Executive Secretary, UN Climate Change, on COP31:

"The urgency of this moment must drive us forward."

CORPORATE ACTIONS & EARNINGS CALENDAR

Top Ex-Dividend Companies for Tuesday, November 10:

Earnings Reported After the Close (Monday, November 9):

Upcoming Earnings (Tuesday, November 10):

Economic Calendar (Tuesday, November 10):

That's the wrap for today! Tuesday brings the October consumer price report, CoreWeave's results after the close, and a fresh test of whether the tech rebound can hold.