US stocks surged on Monday, with the S&P 500 recording its biggest one-day percentage gain since April, as a sharp fall in oil prices eased fears about inflation and bargain hunters returned after last week’s heavy sell-off.
The Dow Jones Industrial Average rose 1,131.81 points, or 2.21 per cent, to 52,417.54. The S&P 500 gained 177.81 points, or 2.41 per cent, to 7,554.67, and the Nasdaq Composite climbed 656.06 points, or 2.67 per cent, to 25,235.49. Every one of the S&P 500’s 11 major sectors finished higher, led by industrials and consumer discretionary stocks, which each rose more than 3 per cent.
The rebound followed the market’s worst week since April 2025. Stocks had slumped last week after a sweeping victory for Democrats in the US midterm elections fed concerns that new regulation could dent the durability of the artificial intelligence trade. Some analysts on Wall Street now view that sell-off as an overreaction: Morgan Stanley and UBS both said last week’s rout in AI stocks was overdone, and that the risk of extreme regulation of data-centre development under a Democratic-controlled Congress was unlikely to materialise.
A steep drop in crude oil also supported the rally. Brent crude fell about 4 per cent to around $94 a barrel after President Donald Trump played down the likelihood of renewed strikes on Iran, easing worries about energy-driven price pressures. Market strategist Ken Polcari of SlateStone Wealth said the oil slide was adding fuel to the rally.
Nvidia was the notable exception to the rebound. The chipmaker, the world’s second most valuable company, fell about 6 per cent to its lowest intraday level since 31 March, after its board opened an investigation into whether chief executive Jensen Huang had been targeted by a foreign intelligence effort. Nvidia was the only decliner in the Philadelphia Semiconductor Index, which rose more than 6 per cent after plunging more than 12 per cent last week. Broadcom gained nearly 9 per cent and Advanced Micro Devices surged about 13 per cent.
Elsewhere, investment firm KKR rose 1.9 per cent after reporting a record quarterly profit, while Constellation Energy jumped more than 10 per cent after its adjusted third-quarter profit beat expectations. Berkshire Hathaway’s class A shares gained 0.6 per cent after the conglomerate reported lower third-quarter profit. Advancing shares outnumbered decliners by 4.46 to one on the New York Stock Exchange and by 3.56 to one on the Nasdaq.
Attention now turns to inflation data. The Labor Department releases its consumer price index for October on Tuesday, followed by producer prices on Friday. Fears of a December interest rate rise have persisted following stronger-than-expected October jobs figures.
Sources: Reuters, “Wall St jumps back as oil slide eases inflation worries; Nvidia slumps” (via Kitco) — https://www.kitco.com/news/off-the-wire/2026-11-09/wall-st-jumps-back-oil-slide-eases-inflation-worries-nvidia-slumps
