Dow Jones Jumps 1,011 Points as Oil Slump and Fed Rate Hike Bets Drive Best US Stock Market Week Since August

Mumbai, 14 November 2026: US stock markets recorded their strongest weekly performance since early August, with the Dow Jones Industrial Average gaining 1,011.36 points, or 2.0%, to close at 52,297.09 during the trading week ended 13 November 2026. The S&P 500 advanced 215.54 points, or 2.9%, to 7,592.40, while the Nasdaq Composite climbed 786.66 points, or 3.2%, to 25,366.09.

The early-week recovery was driven by falling crude oil prices and a rebound in technology and semiconductor stocks. However, hotter-than-expected October inflation and hawkish Fed commentary reversed the trend. The 10-year Treasury yield rose above 5.13%, while the US Dollar Index hit a 19-month high of 103.17. Renewed US-Iran tensions, rising oil prices and semiconductor losses added to volatility. Despite Friday’s decline, all three major US indices ended the week with strong gains.

Dow Surges 1,104 Points on Monday as Oil Prices Decline

US equities opened the week on 9 November with a broad-based rally, supported by falling crude oil prices and a recovery in technology and semiconductor stocks. The Dow Jones surged 1,104.02 points, or 2.15%, to 52,389.75, while the S&P 500 gained 2.35% to 7,549.94 and the Nasdaq Composite advanced 2.74% to 25,253.14.

The rebound followed the previous week’s technology-led sell-off, with lower oil prices easing inflation concerns and bargain hunting supporting growth stocks. The rally extended across market capitalisations, as the Russell 2000 rose 3.20% to 2,842.5. Meanwhile, the CBOE Volatility Index (VIX) plunged 22.15% to 19.96, indicating reduced market anxiety.

Treasury yields edged lower, while the US Dollar Index softened modestly. Industrial and technology stocks led gains, establishing Monday as the Dow’s strongest session of the week. However, the rally reversed on Tuesday after October’s Consumer Price Index (CPI) report revealed stronger-than-expected inflation.

October CPI Rises 0.6% as Fed Rate Hike Expectations Increase

The market reversed on Tuesday, 10 November, after October’s Consumer Price Index (CPI) rose 0.6% month-on-month, exceeding expectations of 0.3%–0.4%. The stronger reading raised concerns about persistent inflation and the Federal Reserve’s December policy decision.

The Dow Jones fell 0.30% to 52,233.32, the S&P 500 declined 0.38% to 7,521.11, and the Nasdaq Composite dropped 0.74% to 25,065.87. Fed officials Christopher Waller and Jeff Schmid reinforced concerns about tighter monetary policy, with Waller indicating that a 50-basis-point hike could be considered if core inflation remained elevated.

Bond yields surged following the data, with the two-year Treasury yield rising 14 basis points to 4.89% and the 10-year yield climbing 13 basis points to 5.13%. The US Dollar Index also crossed 103, reaching its highest level since April 2025. Higher borrowing costs pressured technology and small-cap stocks, reversing Monday’s broad-based rally.

Veterans Day Closure Followed by 1.60% Nasdaq Recovery

US equity markets remained closed on Wednesday, 11 November, for Veterans Day, with bond markets also shut. When trading resumed, technology and semiconductor stocks rebounded, supporting a broader market recovery.

On Thursday, the Nasdaq Composite advanced 1.60% to 25,466.19, the S&P 500 gained 1.31% to 7,619.38, and the Dow rose 0.48% to 52,486.49. The Philadelphia Semiconductor Index (SOX) also recovered, moving above the 10,500-point resistance level.

However, gains came amid persistent inflation concerns and hawkish Federal Reserve commentary. The 10-year Treasury yield remained above 5.12%, while the US Dollar Index hovered near its 19-month high. Technology shares led the rebound, although elevated bond yields continued to pressure interest-rate-sensitive companies.

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Nvidia Shares Fall 4.3% as Leadership Shock Hits Technology Stocks

US equities faced renewed pressure on Thursday, 12 November, as Nvidia shares fell 4.3% following CEO Jensen Huang’s resignation, triggering uncertainty across the semiconductor sector. Rising US-Iran tensions also pushed Brent crude up 3.3% to nearly $96 per barrel.

The Dow Jones declined 0.36% to 52,297.09, the S&P 500 fell 0.35% to 7,592.40, and the Nasdaq dropped 0.39% to 25,366.09. The VIX rose 7.26% to 18.76, while the 10-year Treasury yield remained above 5.13%. The US Dollar Index reached 103.17, its highest since April 2025. Higher oil prices, rising yields and Nvidia-related uncertainty interrupted the technology-led recovery and increased market volatility.

Friday’s 0.35% S&P 500 Decline Fails to Erase Weekly Gains

US equities ended Friday, 13 November, lower, with the Dow, S&P 500 and Nasdaq declining 0.36%, 0.35% and 0.39%, respectively. October’s Producer Price Index (PPI) rose 0.3%, below September’s 1.3% increase and market expectations of 0.4%, offering some relief on inflation concerns.

However, the 10-year Treasury yield remained above 5.12%, while the US Dollar Index hovered near 103.17. The VIX rose 6.9% to 18.70, reflecting continued volatility. Energy and consumer staples outperformed, while technology and industrial shares lagged. The Russell 2000 fell 1.66%.

Despite Friday’s losses, all three major indices posted strong weekly gains. The Dow advanced 2.0%, the S&P 500 gained 2.9%, and the Nasdaq rose 3.2%, marking their strongest weekly performances since early August.

Oil Rebounds 2.1% as US-Iran Tensions Reverse Earlier Price Decline

Crude oil prices influenced US equities throughout the week, initially declining and supporting Monday’s rally by easing inflation concerns. WTI had fallen 8.48% during the preceding week, with losses extending into Monday.

However, renewed US-Iran tensions pushed prices higher, with Brent approaching $96 and WTI $89 per barrel. Brent gained approximately 2.1% for the week, while WTI advanced 2.9%. The recovery supported energy stocks but revived concerns about fuel costs and inflation. This shift contributed to late-week market volatility, with energy shares outperforming while fuel-sensitive businesses faced renewed cost pressures.

Fed Officials Open Door to 50-Basis-Point Hike in December

Federal Reserve commentary intensified market concerns following October’s hotter-than-expected CPI reading of 0.6%. Governor Christopher Waller indicated that a 50-basis-point December rate hike could be considered if core inflation remained elevated, while other policymakers, including Jeff Schmid, Tom Barkin and John Williams, reinforced the need to address persistent price pressures.

These remarks significantly shifted market expectations, with the probability of a December rate increase approaching 100% by Friday. Markets priced in an 88%–91% chance of a 25-basis-point hike and a 9%–14% probability of a 50-basis-point increase. Rising rate expectations contributed to higher Treasury yields, a stronger US dollar and continued pressure on technology and small-cap stocks.

10-Year Treasury Yield Crosses 5.13% as Bond Market Reprices Inflation

US Treasury yields rose sharply during the week, with the 10-year yield climbing 28 basis points from 4.85% to 5.128%, reaching its highest level since late October. The two-year yield increased 14 basis points to 4.855%, while the five-year yield gained 10 basis points to 5.05%. The 30-year yield advanced 26 basis points to 5.46%, indicating a steepening yield curve.

Rising yields reflected persistent inflation concerns and expectations of further Federal Reserve tightening. Higher borrowing costs also pressured mortgage and corporate financing rates, weighing on interest-sensitive sectors, including real estate, utilities and growth stocks.

Dow Jones Gains 2% as Energy and Industrial Shares Support Rally

The Dow Jones Industrial Average ended the week at 52,297.09, gaining 2.0% from the previous week’s close of 51,285.73. The index recorded a weekly high of 52,521.48. Energy and industrial stocks supported the advance, with Chevron and Exxon Mobil gaining approximately 4%–5%, while Caterpillar and Honeywell rose 3%–4%. Apple also advanced 2%–3%, while Microsoft and Salesforce recorded modest gains of 1%–2%.

However, late-week weakness in technology shares limited further gains. Despite declines during the final two sessions, strength in energy, industrial and select technology constituents helped the Dow retain its weekly advance.

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S&P 500 Advances 2.9% Despite Late-Week Technology Weakness

The S&P 500 closed at 7,592.40, gaining 2.9% from the previous week’s close of 7,376.86. It recorded a weekly high of 7,619.38, supported initially by broad market participation and strength across multiple sectors. Information Technology gained approximately 3.7%, despite Nvidia falling more than 11%, while Apple and Microsoft advanced 2%–3%.

Consumer Discretionary rose around 3%, supported by Amazon and Tesla, while Energy led sector performance with a 4.5% gain. Exxon Mobil and Chevron also contributed positively. However, renewed selling in semiconductor and technology shares weakened market breadth towards the end of the week, limiting further gains.

Nasdaq Climbs 3.2% as Semiconductor Recovery Faces Nvidia Decline

The Nasdaq Composite closed at 25,366.09, gaining 3.2% from the previous week’s close of 24,579.43. It recorded a weekly high of 25,466.19, supported by an early recovery in growth and semiconductor stocks. The Philadelphia Semiconductor Index rose more than 11% through Wednesday, marking its strongest five-session recovery since 2020, but fell 6% on Friday.

Nvidia declined over 11% for the week, while AMD and Broadcom gained around 5%–6% earlier before surrendering some gains. Apple and Microsoft advanced 2%–3%, while Tesla and Amazon also recorded gains. Renewed selling towards the week’s end limited the Nasdaq’s advance, although it remained the strongest-performing major US benchmark.

Russell 2000 Gains 2.53% as Higher Rates Pressure Small Companies

The Russell 2000 ended the week at 2,799.06, gaining approximately 2.53% as smaller US companies participated in the broader market recovery. The index surged 3.20% on Monday before facing pressure from rising Treasury yields and changing Federal Reserve policy expectations. Higher borrowing costs particularly affected rate-sensitive small-cap shares.

On Friday, the index declined 1.66%, underperforming major benchmarks. Meanwhile, the S&P MidCap 400 gained 0.51%, while the S&P SmallCap 600 advanced just 0.22%, highlighting weaker performance among smaller companies amid rising borrowing costs.

S&P 100 Gains 2.8% as Mega-Cap Shares Drive Performance

The S&P 100 gained approximately 2.8% during the week, broadly tracking the S&P 500’s 2.9% advance. Apple, Microsoft, Amazon and Alphabet contributed positively, while Nvidia declined approximately 11%, becoming the principal drag. The Dow Jones Composite Average advanced 1.8%, supported by industrial and transportation stocks.

The Transportation Average gained 2.2%, moving above its 50-day moving average on Monday, while the Utility Average rose just 0.5%. Higher Treasury yields weighed on utilities by reducing the relative appeal of dividend income, highlighting contrasting sector performance.

Semiconductor Index Ends Flat After 6% Friday Fall

The Philadelphia Semiconductor Index recovered more than 11% from its early-November lows before plunging 6% on Friday, wiping out over $670 billion in semiconductor market capitalisation. Despite the volatility, it ended the week with an estimated 0.1% gain.

Early gains were driven by dip-buying and short-covering, but higher Treasury yields, uncertainty over AI investments and Nvidia-related developments weighed on sentiment. Nvidia fell over 11%, while AMD and Broadcom surrendered some earlier gains. Meanwhile, the NYSE Composite advanced approximately 2.1%, supported by energy, industrial and financial shares, although it retreated during the final sessions.

VIX Falls 27% Weekly Despite Friday’s 6.9% Increase

The CBOE Volatility Index (VIX) declined approximately 27% during the week, falling from 25.64 to 18.70. It initially dropped as equities recovered on Monday but rebounded 7.26% on Thursday and another 6.9% on Friday, reflecting renewed uncertainty. Its weekly high was 25.64, while 18.70 was the closing low.

The CBOE Nasdaq Volatility Index (VXN) followed a similar pattern, declining through Wednesday before rising on Friday. Meanwhile, the VIX3M remained elevated relative to the VIX, indicating continued longer-term volatility expectations amid inflation concerns, Nvidia-related developments and rising crude oil prices linked to US-Iran tensions.

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Energy Gains 4.5% as Utilities and Real Estate Lag Behind

Energy was the strongest-performing S&P 500 sector, gaining approximately 4.5% as Brent crude approached $96 per barrel and WTI neared $89. Information Technology advanced 3.7%, while Communication Services gained 2.5%, supported by Alphabet and Meta. Consumer Discretionary rose 3%, Financials gained 2%, and Industrials advanced 2.2%.

Consumer Staples increased 1.5%, while Health Care and Materials each gained approximately 1.8%. Utilities rose just 0.8%, and Real Estate advanced 1.2%, making them the weakest sectors. Their underperformance reflected rising Treasury yields, which affected interest-rate-sensitive sectors, while higher energy prices supported energy stocks.

Tesla Gains 7% While Nvidia Falls 11% During Volatile Week

Among major US index constituents, Tesla recorded an estimated weekly gain of 7%, making it one of the strongest performers. Amazon advanced approximately 5%, while Chevron and Exxon Mobil gained around 4% to 5% each.

Apple increased approximately 3%, and Caterpillar advanced around 3.5%. These movements coincided with the early-week recovery in technology, consumer discretionary, energy and industrial shares. Nvidia was the most significant decliner among the major index constituents, losing more than 11% during the week. Meta Platforms declined approximately 1%, while Salesforce finished broadly unchanged.

Microsoft gained approximately 2%, although it underperformed the Nasdaq Composite’s weekly advance. Johnson & Johnson and Procter & Gamble recorded gains of approximately 1% to 2%, below the broader market’s performance.

The Magnificent Seven recorded considerable internal differences. Apple gained 3%, Microsoft advanced 2%, Alphabet increased 2.5%, Amazon rose 5%, Nvidia declined 11%, Meta Platforms fell 1%, and Tesla gained 7%.

The group’s aggregate performance was approximately flat to slightly positive. Nvidia’s decline was offset by advances in Tesla, Amazon and Apple, although the semiconductor company’s losses remained a significant influence on the S&P 500 and Nasdaq.

October Inflation and Jobless Claims Shape Economic Outlook

The US economic calendar featured three key releases: October CPI, initial jobless claims and October PPI. CPI rose 0.6% month-on-month on 10 November, exceeding September’s 0.3% increase and market expectations. Initial jobless claims reached 200,000 for the week ended 7 November, above the revised previous reading of 191,000 and expectations of 195,000.

However, the four-week average remained near its lowest level since 1969. October PPI increased 0.3%, slowing from September’s 1.3% rise and below expectations of 0.4%. Softer producer inflation offered some bond-market relief, although Treasury yields remained elevated following the CPI surprise.

Gold Falls 1.3% as Strong Dollar and Higher Yields Pressure Metals

Commodity markets recorded mixed movements during the week as the stronger US dollar and rising Treasury yields affected precious and industrial metals. Gold declined approximately 1.3%, moving from around $3,950 to $3,900 per ounce. It recorded a weekly high of approximately $3,980 and a low of $3,880. The increase in interest rate expectations and the stronger dollar contributed to the decline, with gold touching a near one-year low before recovering modestly.

Silver fell approximately 2.1%, moving from around $48 to $47 per ounce, amid concerns about industrial demand and the stronger US currency. Copper declined 1.2%, from approximately $4.20 to $4.15 per pound, as global growth concerns and dollar strength weighed on prices. The metal also touched a three-month low.

Natural gas decreased approximately 1.6%, moving from around $3.10 to $3.05 per million British thermal units (MMBtu). Mild weather forecasts and ample storage contributed to the decline.

Meanwhile, crude oil recorded gains despite its sharp early-week decline, with Brent advancing 2.1% and WTI increasing 2.9% over the full week. The contrasting movements across commodities coincided with the increase in Treasury yields and the appreciation of the US dollar. While energy prices recovered, precious and industrial metals recorded weekly declines.

US Dollar Index Climbs 0.95% to 19-Month High of 103.17

The US Dollar Index (DXY) gained approximately 0.95% during the week, rising from 102.20 to 103.17 and reaching a 19-month high of 103.23. Higher Treasury yields and expectations of further Federal Reserve tightening supported the dollar.

EUR/USD declined 0.4% to 1.1053, while GBP/USD fell 0.4% to 1.3232 amid dollar strength and weak UK data. USD/JPY advanced 0.2% to 159.83 as widening interest rate differentials pressured the yen. The stronger dollar also coincided with declines in gold, silver and copper, affecting dollar-denominated commodity prices and international market sentiment.

The US stock market’s weekly performance reflected the combined influence of crude oil prices, October inflation data, Federal Reserve policy expectations, Treasury yields and geopolitical developments. The Dow gained 2.0%, the S&P 500 advanced 2.9%, and the Nasdaq increased 3.2%. The next major economic release highlighted in the week’s calendar is US October retail sales, scheduled for 17 November 2026.