Nasdaq Jumps 1.3% to 24,899 as Nvidia Plunges 6.5% on CEO Probe; Dow Rises 582 Points

Mumbai, 9 November 2026: US stock markets opened sharply higher on Monday, with the technology-heavy Nasdaq Composite surging 1.30% to 24,899.29 as of 9:35 AM EST, even as Nvidia Corporation (NASDAQ: NVDA) plunged 6.52% following the chipmaker’s board announcing an independent investigation into co-founder and Chief Executive Officer Jensen Huang’s relationship with a businesswoman whom US intelligence agencies allege is a Chinese spy.

The Dow Jones Industrial Average climbed 581.64 points, or 1.13%, to 51,867.37, while the S&P 500 advanced 1.59% to 7,494.30, and the Russell 2000 rose 1.13% to 2,785.18. The rally follows four consecutive weeks of losses for the S&P 500 and Nasdaq, marking their longest losing streaks since March, with the Nasdaq having tumbled 10.2% over the past month and the S&P 500 shedding 5.6% during the same period.

Technology Stocks Rebound as Falling Oil Prices Lift Market Sentiment

The gains were broad-based, with the technology sector rebounding strongly except for Nvidia, as investors weighed fresh uncertainty surrounding the artificial intelligence giant against encouraging labour market data and a sharp decline in oil prices.

Advanced Micro Devices (AMD) jumped 4.82%, Broadcom (AVGO) surged 5.45%, and Applied Materials (AMAT) rose 5.43%, while the iShares Semiconductor ETF gained nearly 3%. Among the Magnificent Seven, Amazon (AMZN) soared 5.19%, Meta Platforms (META) advanced 4.65%, Alphabet (GOOGL) climbed 3.43%, Microsoft (MSFT) rose 2.62%, Apple (AAPL) added 1.58%, and Tesla (TSLA) gained 2.67%.

The bullish sentiment was further supported by a 3% drop in West Texas Intermediate crude oil futures to around $87 per barrel and a 4% slide in Brent crude to approximately $94 per barrel, amid hopes that tensions in the Iran conflict could subside.

Nvidia Shares Tumble 6.5% as Board Launches Probe into CEO Huang’s Alleged Espionage Ties

Nvidia Corporation (NASDAQ: NVDA) emerged as the sole loser among the Magnificent Seven, with its shares plummeting 6.52% to $177.57 after the company’s board of directors announced on Sunday that it had opened an independent investigation into Chief Executive Officer Jensen Huang’s relationship with Alice Huang, a former executive at Megaspeed, an Nvidia chip customer, whom US intelligence officials believe may have acted as an intelligence asset for China’s Ministry of State Security. In a memo to employees dated 8 November 2026, Huang admitted to an extramarital affair, stating, “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.” He pledged full cooperation with the board’s review.

The revelation sent shockwaves through Wall Street, with analysts flagging heightened key-person risk for the world’s most valuable semiconductor company. At Friday’s close, Nvidia was valued at approximately $4.5 trillion, representing nearly 7% of the S&P 500, making it roughly four times the combined value of the nine largest companies ever hit by chief executive personal-conduct scandals. The largest previous case, Intel Corporation (NASDAQ: INTC), was worth $249 billion when CEO Brian Krzanich resigned in 2018 over a past consensual relationship with an employee. Analysts noted that the investigation could spark multiple congressional inquiries and create an overhang on the stock.

A spokesperson for Nvidia stated that Huang was committed to continuing as chief executive without interruption. US President Donald Trump, speaking to reporters, backed Huang to remain as CEO, saying, “You never know what is going on.” The company’s Frankfurt-listed shares fell more than 6% in early European trading. Despite the scandal, the broader semiconductor sector showed resilience, with the risk damage largely contained to Nvidia.

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Dow Surges 582 Points as Oil Prices Tumble 3% on Iran Diplomacy Hopes

The Dow Jones Industrial Average powered ahead by 581.64 points to 51,867.37, buoyed by a sharp decline in crude oil prices and broad gains across industrial and consumer-facing stocks. West Texas Intermediate futures dropped 3% to approximately $87 per barrel, while international benchmark Brent slid 4% to about $94 per barrel, following reports that Iran had dropped its demand to control the Strait of Hormuz and showed willingness to discuss its nuclear programme.

The development raised hopes that a diplomatic resolution to the Iran conflict could restore full energy supplies from the Middle East. Among Dow components, Caterpillar (CAT) surged 3.28%, Goldman Sachs (GS) climbed 2.57%, Microsoft advanced 2.62%, and Amazon soared 5.19%. Chevron (CVX) declined 1.22%, and Exxon Mobil (XOM) fell 1.12%, tracking lower oil prices.

The blue-chip index’s advance came despite a volatile post-election week that saw investors dump AI and chip stocks, sending the Nasdaq into correction territory before a partial recovery on Friday. The S&P 500 had posted its worst week since April 2025, driven by concerns that the Democratic sweep of Congress in Tuesday’s midterm elections could usher in tighter regulations on data centre construction, energy use, and development costs, potentially slowing the artificial intelligence infrastructure boom. However, Friday’s stronger-than-expected October nonfarm payrolls report, which showed 165,000 jobs added versus expectations of 70,000, and an unexpected decline in the unemployment rate to 4.1%, provided reassurance about the US economy’s resilience.

S&P 500 Gains 1.6% to 7,494 as Chip Stocks Rebound; AMD Jumps 4.8% on Analyst Upgrade

The S&P 500 Index rose 1.59% to 7,494.30, with nine of eleven sectors trading higher, led by technology and communication services. The rebound in semiconductor stocks was particularly notable, with Advanced Micro Devices (AMD) surging 4.82% after analysts upgraded the chipmaker to outperform from perform, assigning a price target of $600 per share, implying 34% upside from Friday’s close.

Analysts cited AMD’s emergence as a durable supplier of AI compute, with multi-generation customer wins and Helios rack-scale solutions supporting a materially larger data centre business. Broadcom (AVGO) gained 5.45%, Micron Technology (MU) added 0.88%, and ASML Holding (ASML) rose 4.31%, while Intel (INTC) slipped 0.39%.

Alphabet (GOOGL) climbed 3.43% after Google announced two new tensor processing units, custom AI chips designed to compete with Nvidia’s graphics processing units, aimed at challenging the chipmaker’s dominance and adapting to the new era of AI agents.

The company configured its 8tx and 8i Max TPUs to handle tasks such as processing confidential information and running AI applications requiring long-context windows. Cloudflare (NET) surged 8.25% after raising its full-year adjusted earnings per share forecast to $1.35 from a previous estimate of $1.25 to $1.26, exceeding consensus expectations of $1.27.

Airbnb (ABNB) advanced 3.38% after reporting third-quarter revenue of $4.87 billion, surpassing the consensus of $4.75 billion, and forecasting fourth-quarter revenue of $3.22 billion to $3.28 billion, well above expectations of $3.16 billion.

Russell 2000 Advances 1.1% to 2,785 as Small-Cap Stocks Recover from Four-Week Losing Streak

The Russell 2000 Index gained 1.13% to 2,785.18, rebounding from a 0.74% decline over the past five days and a 0.78% drop over the past month, though the small-cap benchmark remains 2.66% lower over six months.

The index has gained 12.22% year-to-date and 14.48% over the past year. Among notable movers, Bloom Energy (BE) surged 10.25% to $190.96, Viasat (VSAT) jumped 11.54% to $71.33, and Sterling Infrastructure (STRL) rose 9.31% to $276.35. On the downside, Arrowhead Pharmaceuticals (ARWR) plunged 14.63% to $49.65, and ImmunityBio (IBRX) tumbled 24.15% to $6.55.

The small-cap index’s performance reflects improving sentiment after Thursday’s broad sell-off, which marked the biggest day of retail selling since the Covid pandemic, according to analysts. Retail traders have not proven to be the dip buyers they have been in the past, with heavy net selling observed, though some stabilisation appears to be emerging.

Oil Plummets 4% to $94 on Iran Diplomacy; Gold Rises 1.5% to $4,140; Bitcoin Trades at $74,600

Commodity markets saw significant movements, with WTI crude oil futures dropping 3% to around $87 per barrel, trading near their lowest levels since late August, and Brent crude sliding 4% to approximately $94 per barrel.

The decline followed reports that Iran had dropped its demand to control the Strait of Hormuz, with Israeli media reporting that Tehran had shown willingness to discuss issues related to its nuclear programme previously off the table. Qatar, which is mediating efforts to end the war, said Emir Sheikh Tamim Bin Hamad Al-Thani spoke with President Trump about efforts to resolve differences between Iran and the US and secure a comprehensive agreement.

Gold futures rose 1.5% to $4,140 an ounce, while bitcoin traded at $74,600, down from weekend highs above $76,000, and below its 200-day moving average around $73,000, which analysts flagged as a key support level. The yield on the 10-year Treasury, which affects interest rates on consumer loans, fell to 4.84% from 4.87% at Friday’s close, hitting a two-month low amid AI fears and tumbling oil prices.

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Earnings Season Winds Down with Hims & Hers, Rocket Lab, and Monday.com Reporting

The third-quarter earnings season is drawing to a close, with just a few more weeks remaining. On Monday, Hims & Hers Health (HIMS), Rocket Lab (RKLB), and Monday.com (MNDY) were among the companies sharing results. Hims & Hers shares fell 7.04% to $24.17, while Rocket Lab jumped 15.39% and Monday.com declined 4.08% to $84.34. Constellation Energy (CEG) rose 1.72% to $254.25 ahead of its earnings report, while Occidental Petroleum (OXY) slipped 0.74% to $55.96.

Ferguson Enterprises (FERG) surged 10.91% to $259.02. The week’s economic calendar starts light, with wholesale trade data serving as the primary report on Monday, before October’s Consumer Price Index takes centre stage on Tuesday, with headline inflation forecast at 3.9% year-on-year and core at 2.8%. Producer price data is due on Friday, projected to rise 0.4% on the month with core at 0.3%. Federal Reserve speakers include Chicago Fed President Austan Goolsbee, Richmond Fed President Thomas Barkin, and Fed Vice Chair Michelle Bowman, with markets pricing an 80.5% likelihood of a rate hike at the December meeting.

The Labour Department’s stronger-than-expected October payrolls report, with 165,000 jobs added and average hourly earnings rising 0.4% month-on-month and 3.1% year-on-year, has kept demand for workers and underlying inflation pressure in focus for interest rate expectations.

Nvidia’s $4.5 Trillion Key-Person Risk: CEO Scandal Rocks AI Chip Leader

Nvidia Corporation (NASDAQ: NVDA), headquartered in Santa Clara, California, is the world’s leading designer of graphics processing units and AI accelerators, with its products powering data centres, gaming, and professional visualisation. The company’s market capitalisation of approximately $4.5 trillion makes it the most valuable semiconductor firm globally.

The board’s investigation into CEO Jensen Huang’s relationship with Alice Huang, a former leader at Megaspeed, an Nvidia chip customer, has raised concerns about key-person risk at a company that comprises nearly 7% of the S&P 500 and makes up about 7% of the Nasdaq-100. Analysts noted that the scale is hard to overstate, as Nvidia is worth about four times the nine biggest companies ever hit by CEO personal-conduct scandals combined.

The largest previous case, Intel, was worth $249 billion when its CEO resigned in 2018. Nvidia is about 18 times that. No earlier scandal-hit company made up more than about 1% of the S&P 500, a mark only Intel in 2018 and HP in 2010 reached. Nvidia is about seven times that. The revelations come after reports that US intelligence believed Alice Huang may have acted as an intelligence asset, sharing information with the ruling party in Beijing. The New York Times reported last month on the intelligence community’s assessment.

Alphabet Unveils Two New AI Chips to Challenge Nvidia’s Dominance

Alphabet (GOOGL) announced two new artificial intelligence chips on Monday aimed at challenging Nvidia’s dominance and adapting to the new era of AI agents. Google unveiled two versions of its bespoke semiconductors, called tensor processing units, or TPUs, with chip chief Amin Vahdat telling reporters that the company configured its 8tx and 8i Max TPUs to complete tasks customers requested, such as handling confidential information and running AI applications that require long-context windows. Google stock rose nearly 3% in premarket trading and closed 3.43% higher.

The move intensifies competition in the AI chip market, where Nvidia currently holds a dominant position. Separately, analysts noted that two big AI narratives are wrestling for control of the market: the chip and AI infrastructure trade versus the companies that actually provide AI.

While a data centre slowdown is bad for the stock market’s AI engine, it is good for Big Tech’s profit machine, as companies like Google, Microsoft, and Amazon can deliver AI productivity and tools to clients with the compute they have and make money doing so. Those companies have been healthily in the green since the election, doing fine amid the broader sell-off. The moves are AI-centric, not augurs of a looming recession, analysts noted.

Healthcare Stocks Mixed as Ionis Plummets 27%, Immunovant Surges 14.6%

The healthcare sector saw significant divergence, with Ionis Pharmaceuticals (IONS) plunging 27.42% to $28.61 and ImmunityBio (IBRX) tumbling 24.15% to $6.55, while Immunovant (IMVT) surged 14.62% to $34.99 and Surgery Partners (SGRY) jumped 12.37% to $26.07. Vir Biotechnology (VIR) rose 10.57% to $13.50, and Zai Lab (ZLAB) gained 7.55% to $27.41.

Among larger healthcare names, Eli Lilly (LLY) rose 1.57%, Johnson & Johnson (JNJ) added 0.66%, and UnitedHealth (UNH) gained 0.54%, while Amgen (AMGN) slipped 0.01% and Gilead Sciences (GILD) declined 0.11%. The mixed performance reflects company-specific news, with Eli Lilly rising after Canada’s Drug Agency welcomed a positive recommendation to reimburse Lilly’s treatment for early Alzheimer’s called Kisunla for eligible adults.

Moderna (MRNA) had surged 6% on Friday after reporting third-quarter revenue of $1.33 billion, stronger than the consensus of $888.1 million. The broader healthcare sector remains a focus for investors seeking defensive positioning amid market volatility.

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Energy Stocks Slip as Oil Tumbles; Utilities and Real Estate Gain

The energy sector was the weakest performer, with Exxon Mobil (XOM) falling 1.12%, Chevron (CVX) declining 0.92%, and ConocoPhillips (COP) slipping, tracking the sharp decline in crude oil prices.

The Energy Select Sector SPDR ETF had dived 12% last week. Utilities showed modest gains, with Constellation Energy (CEG) rising 1.72% and NextEra Energy (NEE) adding 0.07%. Real estate investment trusts found some support, with Welltower (WELL) gaining 0.33% and Prologis (PLD) trading higher, helped by steadier long-term yields and solid October leasing data. The consumer staples sector was mixed, with Walmart (WMT) declining 0.65%, Costco (COST) slipping 0.35%, and Procter & Gamble (PG) adding 0.13%, while Coca-Cola (KO) rose 0.08%.

Financials were stronger, with JPMorgan Chase (JPM) gaining 1.10%, Goldman Sachs (GS) climbing 2.57%, and Morgan Stanley (MS) rising 2.34%. The KBW Nasdaq Bank Index advanced, reflecting improving sentiment after the stronger-than-expected jobs report.

The session highlights the divergence between Nvidia’s company-specific governance crisis and the broader market’s resilience, with major indexes advancing despite the chipmaker’s 6.5% decline. Market participants are now focused on Tuesday’s Consumer Price Index data, forecast at 3.9% headline and 2.8% core, alongside Federal Reserve speeches and Friday’s Producer Price Index, which will shape expectations for interest rate policy. Oil’s 4% decline to $94 and the 10-year Treasury yield at 4.84% are key macro variables to monitor.