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Dow Jumps 1,104 Points as Stocks Stage Best Day Since April on Plunging Oil

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The New York Stock Exchange building with a rising green stock chart and oil barrels in the foreground

U.S. stocks staged a powerful rebound on Monday, November 9, as the Dow Jones Industrial Average jumped 1,104 points and the S&P 500 recorded its best day since April, recovering most of last week’s steep losses. A sharp drop in oil prices eased inflation worries, while battered chip stocks bounced back — with one notable exception: Nvidia, the market’s most-watched stock, fell alone.

The rally was broad and decisive. The Dow climbed 1,104.02 points, or 2.15 percent, to close at 52,389.75. The S&P 500 gained 173.08 points, or 2.35 percent, to 7,549.94, its biggest single-day percentage gain since April 8. The Nasdaq Composite advanced 673.71 points, or 2.74 percent, to 25,253.14, its best day since July 30. All 11 sectors of the S&P 500 rose, and advancing stocks outnumbered decliners by 4.46 to 1 on the New York Stock Exchange, according to Reuters.

Oil slide sets the tone

The main driver was energy. Brent crude, the international benchmark, fell 5.8 percent to $92.57 a barrel after President Donald Trump said in a CNN interview that new U.S. strikes on Iran were “highly unlikely” if negotiations continue to make progress. U.S. crude prices also fell sharply. Brent has now dropped roughly $20 from above $112 at the start of the month, when fears of a widening conflict in the Middle East pushed oil sharply higher.

The president’s comments came after a meeting at the White House with Qatar’s prime minister, who has served as a key mediator in the region. Trump has said the United States will maintain its economic pressure on Iran while talks continue, but his softer tone on military action reassured traders who had been bracing for a new escalation.

Cheaper oil matters to the stock market because it feeds directly into inflation expectations. Lower fuel costs ease pressure on consumers, reduce costs for airlines, shippers and manufacturers, and give the Federal Reserve more room to consider cutting interest rates. With the Labor Department set to release October consumer price index data on Tuesday morning, investors treated the oil slide as an early sign that price pressures may be cooling.

Chip stocks rebound — except Nvidia

The second force behind the rally was a sharp rebound in semiconductor and artificial-intelligence stocks, which had suffered their worst week in more than a year. The Philadelphia Semiconductor Index jumped 6.85 percent, reclaiming the 10,000 level. Advanced Micro Devices surged 13.3 percent to $508.58, Broadcom rose 8.8 percent, and storage makers Western Digital and Seagate each gained about 10 percent.

Among the largest technology companies, Tesla rose 5.5 percent, Meta gained 5.1 percent, Amazon advanced 2.9 percent, Microsoft rose 2.8 percent, Apple gained 2.4 percent and Google parent Alphabet rose 1.2 percent.

The one glaring exception was Nvidia. Shares of the AI chipmaker fell 4.27 percent to $178.67, its lowest close since April 7, making it the only decliner in the Philadelphia chip index. The drop followed the company’s announcement that its board has opened an independent investigation into reports that chief executive Jensen Huang was targeted by a foreign intelligence effort. Huang has acknowledged a personal relationship at the center of the reports, and the board says it has no reason to believe sensitive technology or American national security information was compromised. Nvidia’s single-day loss erased more than $190 billion in market value.

The contrast captured the day’s mood: investors were willing to buy the AI trade again, but not Nvidia itself — at least not while questions about its chief executive remain unresolved. For more on the investigation, see our earlier report on Nvidia’s board probe into CEO Jensen Huang

A rebound after a bruising week

Monday’s gains recouped most of the damage from the previous week, when the S&P 500 suffered its biggest weekly drop since April 2025. That sell-off was driven by worries that Democratic victories in the midterm elections could slow the construction of AI data centers, a fear that hit chipmakers and power providers especially hard.

Even after Monday’s rally, the S&P 500 remains about 3.4 percent below the all-time high it set in October, according to the Associated Press — a reminder that the market is still working through the aftershocks of last week’s rout.

The broader economic backdrop offers some support. The New York Federal Reserve’s October survey, released Monday, showed median one-year inflation expectations unchanged at 3.9 percent, with three-year expectations at 3.3 percent and five-year expectations at 3.0 percent — a picture of inflation expectations that are elevated but stable.

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Why this matters

For American households, the combination of falling oil prices and a rising stock market is welcome news. Cheaper gasoline directly lowers the cost of commuting and travel, and a steadier market helps protect retirement accounts — including the 401(k) plans and pension funds that hold broad stock index funds for millions of workers.

For businesses, lower energy costs can ease the pressure on margins, particularly in transportation, manufacturing and retail. For the Federal Reserve, a calmer oil market ahead of Tuesday’s inflation report could strengthen the case for the interest rate cut investors expect in December — though the central bank will want to see the actual data before deciding.

The rally also matters as a signal of what the market fears most right now. Last week’s sell-off was driven less by earnings or economic data than by politics and geopolitics: the midterm results, the threat of new strikes on Iran, and the uncertainty around Nvidia. Monday’s rebound shows how quickly sentiment can turn when even one of those risks eases.

What to watch next

The next test comes quickly. The Labor Department releases the October consumer price index on Tuesday, November 10, at 8:30 a.m. ET, and the producer price index follows on Friday. Both will shape expectations for the Federal Reserve’s December meeting. Read our preview of the October CPI report

Investors will also be watching Nvidia, which remains under pressure from its board investigation, and the broader chip sector, to see whether Monday’s rebound holds or fades. Oil prices will stay in focus as well: if talks with Iran stall, crude could climb again just as quickly as it fell.

The market’s message on Monday was clear enough. With oil falling and the biggest fears of the past week receding, buyers returned in force — and they bought almost everything except the one stock at the center of the market’s newest controversy.

Frequently Asked Questions

How much did the Dow rise on November 9, 2026?

The Dow Jones Industrial Average rose 1,104.02 points, or 2.15 percent, to close at 52,389.75 on Monday, November 9, 2026. The S&P 500 gained 2.35 percent to 7,549.94, and the Nasdaq Composite rose 2.74 percent to 25,253.14.

Why did stocks rally on Monday?

Two main forces drove the rally. First, oil prices fell sharply after President Trump said new U.S. strikes on Iran were “highly unlikely” if negotiations progress, easing inflation worries. Second, chip and AI stocks rebounded strongly after a bruising sell-off the previous week, with AMD jumping 13.3 percent.

Why did Nvidia fall while other chip stocks rose?

Nvidia fell 4.27 percent to $178.67 after its board opened an independent investigation into reports that CEO Jensen Huang was targeted by a foreign intelligence effort. It was the only decliner in the Philadelphia Semiconductor Index, while rivals such as AMD and Broadcom posted large gains.

What is the next big market event this week?

The October consumer price index is scheduled for release on Tuesday, November 10, at 8:30 a.m. ET, followed by the producer price index on Friday. Both reports will influence expectations for the Federal Reserve’s December interest rate decision.

Sources

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