Dow Rallies 600 Points as Oil Slides, Nvidia Drops on Huang Probe
The Dow Jones Industrial Average jumped by 600 points or more early Monday as oil prices fell and chip stocks rebounded. Nvidia bucked the trend, sliding 5% after its board opened an investigation into CEO Jensen Huang. The S&P 500 had its worst week since April 2025.
The Dow Jones Industrial Average rallied 600 points or more in early trading on Monday, November 9, as oil prices fell and chip stocks bounced back from a bruising week. Nvidia was the main exception.
The Dow was recently up 1.4%, or more than 700 points. The S&P 500 gained 1.7% and the tech-heavy Nasdaq added 2.1%.
A rebound after a rout
Last week was rough. The S&P 500 had its worst week since April 2025, driven by a tech sell-off. Investors worried that the pace of AI development could slow after the Democrats' resounding victory in the midterm elections.
Chip stocks led that decline and led Monday's recovery. Advanced Micro Devices, Broadcom and Marvell Technology each rose more than 7%. Intel and Micron also gained solidly, and the iShares Semiconductor ETF, a fund that holds chip stocks, rose nearly 5%.
Nvidia falls on CEO investigation
Nvidia shares fell 5%. Over the weekend, reports said CEO Jensen Huang had a relationship with a woman alleged to be a spy for China. The company said its board had begun an investigation.
Huang acknowledged an extramarital affair in a statement to Nvidia employees. He said he would cooperate with the investigation.
Nvidia was the only member of the Magnificent 7, the group of major tech stocks, to lose ground. Amazon, Meta Platforms and Tesla each rose 5%. Alphabet, Apple and Microsoft all gained 2% or more.
The earnings calendar was light. Barrick Mining, one of the world's largest gold miners, and nuclear power company Constellation Energy each climbed 4% after reporting quarterly results.
Oil, gold, bitcoin and Treasuries
West Texas Intermediate crude futures fell 3.7% to $87.50 per barrel, near their lowest levels since late August. Traders cited hopes that tensions in the Iran war could subside.
Gold futures rose 1.3% to $4,130 an ounce. Bitcoin traded at $74,800, down from weekend highs above $76,000. The yield on the 10-year Treasury, which influences consumer loan rates, ticked lower to 4.86%.
Four straight weekly losses
The S&P 500 and the Nasdaq Composite have each lost ground for four weeks running, their longest losing streaks since March. Over that month, the S&P 500 has dropped 5.6% and the Nasdaq 10.2%. Both hit record highs on October 6.
The Dow is on a two-week losing streak and is down less than 1% over the past four weeks.
