Stocks Up Despite Nvidia, Lifted by Crude's Drop
Published as of: November 9, 2026, 9:22 a.m. ET
(Monday market open) After Wall Street's worst week in 19 months, major indexes rose and yields fell early courtesy of a 4% dive in crude. This followed President Trump saying he has no plans for imminent attacks on Iran, with talks continuing. The positive vibe carried across major indexes, though Nvidia (NVDA) plunged 5% on news its board will investigate reports that CEO Jensen Huang was targeted by a suspected Chinese spy.
Tomorrow brings October's Consumer Price Index (CPI) and earnings from CoreWeave (CRWV), a "neocloud" firm hurt by last Thursday's carnage. The sell-off put the Nasdaq and Nasdaq 100 (NDX) in technically oversold territory, but retail traders seem cautious. "Retail isn't proving to be the dip buyers they've been in the past," Liz Ann Sonders, chief investment strategist at the Schwab Center for Financial Research (SCFR), told CNBC. "They didn't take the weakness Thursday as an opportunity to buy, so we may not be fully washed out yet and may have to see whether the retail trader at some point decides to step back in."
Stocks ended mixed Friday, helped by a rebound in chips, but closed well off intraday highs. Friday's tepid close could signal caution after massive hedge fund selling Thursday. October jobs growth, released early Friday, dramatically outpaced estimates at 165,000 but also sent chances of a Federal Reserve rate hike next month above 80%, according to the CME FedWatch Tool, up from 60% the day before.
Three things to watch
- CPI, Fed speakers, auctions on deck: Heading into tomorrow's 8:30 a.m. ET CPI report, analysts expect headline monthly inflation of 0.3%, down from 0.6% in September. Core CPI, which excludes food and energy, is seen at 0.2%, less than September's 0.3%. There won't be a year-over-year CPI number because of last year's government shutdown. Beyond CPI, Fed speeches and Treasury auctions pepper the week, with several Fed speakers today. A 10-year Treasury note auction Tuesday and a 30-year auction Thursday might be watched for demand signals, with yields lower than the last time these durations were auctioned. "Generally speaking, if you get a weak demand, that can be a little bit concerning," said Collin Martin, head of fixed income research and strategy at SCFR. "But demand has generally held up, and I think that should continue given the relative attractiveness of where yields are today." On Friday, the University of Michigan's preliminary November Consumer Sentiment report exceeded expectations. It was the second recent survey that showed consumers' mood improving.
- Technical stumble assessed: Even before Thursday's selloff, the market had suffered immense technical damage since the tech-dominated Nasdaq hit an all-time high in early October. Thursday's move suggests technical weakness might have pushed selling into overdrive as investors sought perceived safety outside equities. "A lot of key technical levels were violated," including 7,600 in the S&P 500 Index that had been long-term support, noted Nathan Peterson, director of derivatives research and strategy at SCFR. Other levels violated included the 200-day moving averages for the Nasdaq and Nasdaq 100. Liquidation by hedge funds appeared to be a factor. If selling continues, Peterson will look for possible capitulation in the Relative Strength Indexes (RSI) of the major indexes, a momentum indicator. The RSI of both the Nasdaq 100 and the PHLX Semiconductor Index (SOX) dropped under 30 on Thursday, a traditional oversold hallmark, though being under 30 doesn't guarantee a quick reversal. A move back above 30 for the RSI in either index is among possible signs that capitulation was reached.
- Berkshire offers mixed results: After a turbulent week across markets, stalwart Berkshire Hathaway (BRK.B) reported third quarter earnings Saturday morning. The conglomerate's operating profit totaled $12.7 billion, down 5.8% from the previous year. Net earnings also declined amid weakness in Berkshire's insurance operations. Buybacks accelerated dramatically, however. The firm repurchased $9.6 billion of its shares during the period, versus $4.5 billion in the second quarter. This report was the first under Berkshire's new leadership structure, with Greg Abel serving as CEO and Howard Buffett, Warren's son, as board chairman. During last Thursday's broad market rout, Berkshire shares eked out a 1.2% gain after hitting an all-time high on Wednesday. In times like these, Berkshire's immense cash position can sometimes attract investors seeking perceived safety. Its cash reserves rose quarter over quarter to a record $377.4 billion.
On the move
- Chip and AI-related stocks were mixed early, with some dragged by concerns over Nvidia. Nvidia's biggest competitor, Advanced Micro Devices (AMD), popped 3.6%, possibly on ideas it could benefit from any slowdown in sales from its rival and also on an upgrade to outperform from Oppenheimer, which cited favorable pricing trends. Broadcom (AVGO), another competitor, rose 2.6%.
- CoreWeave fell almost 3% ahead of tomorrow's earnings report, and Nebius (NBIS) was down 2%. Both might be getting punished for their links with Nvidia, which owns shares of both and is partners with CoreWeave.
- The chip-heavy Korean stock market fell again Monday to beneath its March 31 low, wiping out all gains since the start of February.
- Berkshire Hathaway slipped 0.3% in early trading after its weekend earnings report.
- Constellation Energy (CEG) climbed nearly 2% ahead of the open as earnings and revenue easily beat Wall Street's consensus. The firm also offered a fiscal 2026 EPS outlook that topped expectations. In its report, it noted a third quarter agreement with Amazon (AMZN) and a collaboration with Alphabet's Google (GOOGL).
- NRG Energy (NRG) popped 6.5% early after earnings topped consensus views and the firm said it will sell $4 billion in power-generation assets to help pay down debt and buy more stock, the Wall Street Journal reported.
- Health care stocks have outperformed tech stocks over the last 30 days at a pace not seen since early 2000.
- Airlines including United Airlines (UAL) and Delta Air Lines (DAL) got early lifts of around 3% from falling crude prices after Trump's comments on Iran.
- SpaceX (SPCX) and Tesla (TSLA) both rose again today. They climbed sharply Friday after CEO Elon Musk said SpaceX will have an annual rate of revenue above $100 billion in December. Tesla rose after Musk said the company would wind down Cybertruck production in Texas around mid-2027.
- Mining firms rose early on gains in gold and silver related to lower oil prices.
- Bitcoin traded below $75,000 after further declines over the weekend. Crypto-related stocks Coinbase (COIN), Circle Internet (CRCL), and Strategy (MSTR) all fell 1% to 2% in early trading.
- As of Friday, with 88% of firms reporting, 84% of S&P 500 companies had surpassed Wall Street's earnings expectations, and blended earnings growth year-over-year was 31.4%, FactSet said. This topped the previous week's 29%, meaning even as Wall Street sold off, earnings improved. That said, companies aren't beating estimates by a large amount, on average.
- Wall Street's fear gauge—the Cboe Volatility Index, or VIX—spiked more than 65% Thursday to a seven-month high above 28, but by this morning was well off those peaks at around 23. Still, any reading above 20 can signal rising uncertainty and defensive hedging.
- Thursday's bloodbath took the forward price-to-earnings (P/E) ratio of the S&P 500 down to 17.8, about 1.4 points below the average over the last 10 years. However, a lower P/E ratio doesn't necessarily suggest a market that's bottomed.
- Technically, the S&P 500 Index is well below prior support at 7,600. That leaves its 200-day moving average near 7,300 as a key level to watch. Its failure to hold intraday gains above 7,400 on Friday is a poor technical signal.
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Chart of the day
Data source: ICE. Chart source: thinkorswim® platform.
Past performance is no guarantee of future results.
For illustrative purposes only.
The U.S. dollar index ($DXY—candlesticks) is one market metric that's remained strong throughout a challenging month for Wall Street. It closed up sharply Friday on strong U.S. jobs data and consumer sentiment, bouncing off the 50-day moving average (green line) it had tested earlier in the week. It's not far off its high of the year, just below 103, hit last month. Solid U.S. economic readings and a Fed that appears poised to raise rates again next month both continue to support the greenback, and help explain recent weakness in crude oil and metals.
The week ahead
Monday, November 9: Expected morning earnings from Constellation Energy (CEG) and Barrick Mining (B). Expected afternoon earnings from Occidental Petroleum (OXY) and Rocket Lab (RKLB).
Tuesday, November 10: October CPI and core CPI and expected afternoon earnings from CoreWeave (CRWV) and Rigetti Computing (RGTI).
Wednesday, November 11: No major earnings or data expected. U.S. bond market closed for Veterans Day.
Thursday, November 12: October existing home sales and expected morning earnings from Brookfield (BN) and Nebius (NBIS). Expected afternoon earnings from Cisco (CSCO) and Applied Materials (AMAT).
Friday, November 13: October PPI and core PPI.
Monday, November 16: Expected morning earnings from Baidu (BIDU) and Tyson Foods (TSN).
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