US Stock Market Trends (Nov. 10): Dow Surges Over 1,100 Points, NVIDIA Falls Approximately 4%

Author: ChaoXiang Research

US equities rallied on Monday, with the Dow jumping over 1,100 points, the Nasdaq rising 2.74%, and the S&P 500 gaining 2.35%; oil prices continued to slide, and most semiconductor stocks recovered.

NVIDIA fell approximately 4% at the close due to news of an investigation into CEO Jensen Huang, failing to participate in the broader rebound. After hours, TradeDesk and Sanmina surged on guidance that beat expectations.

Key focus today: October CPI.

All Three Major Indices Rise, S&P Posts Best Single-Day Gain Since April

On Monday, the Dow Jones Industrial Average advanced 1,104.02 points, or 2.15%, to close at 52,389.75, reclaiming levels above its election day close.

The S&P 500 rose 2.35% to 7,549.94, marking its largest single-day gain since April 8; the Nasdaq Composite gained 2.74% to 25,253.14, posting its best performance since July 30.

Heavyweight names such as Goldman Sachs and Caterpillar pulled the Dow higher. Within the S&P 500 sectors, industrials and consumer discretionary led gains; the energy sector lagged as oil prices weakened.

The Nasdaq 100 rose approximately 3.4%, and the Russell 2000 climbed about 3.2%.

Oil Prices Extend Declines, Most Chip Stocks Recover While NVIDIA Lags

WTI crude fell 4.38% to settle at $86.85/barrel; Brent crude dropped 5.85% to $92.57/barrel. Trump stated on Sunday that if progress is made in Iran nuclear negotiations, he is "highly unlikely" to order new strikes, as markets continue to price in expectations of eased supply risks.

Airline and cruise stocks benefited from falling fuel costs. American Airlines and United Airlines both advanced over 6% during intraday trading.

In semiconductors, the Philadelphia Semiconductor ETF (SOXX) rose over 7%. AMD closed up roughly 13%, Broadcom gained nearly 9%, and Coherent briefly spiked about 18% during trading.

NVIDIA closed down approximately 4%. Markets continued to digest weekend developments regarding the board launching an independent investigation and Jensen Huang acknowledging an extramarital affair. Amazon and Microsoft rose about 3%, Tesla gained roughly 5.5%, and Alphabet advanced approximately 1%.

AST SpaceMobile rose about 14% following the announcement of a joint venture with Rakuten. First Solar fell over 5% after a target price reduction.

The NYSE selected Avalanche as the primary blockchain for upcoming tokenized security trading and settlement, pushing AVAX up about 8%.

After Hours: TradeDesk and Sanmina Surge, Skydance Slides

TradeDesk reported Q3 adjusted EPS of $0.33 and revenue of $736 million, both exceeding expectations; Q4 revenue guidance of at least $755 million significantly topped the ~$650 million estimate, sending shares up nearly 19% after hours.

Sanmina's full-year EPS and revenue guidance surpassed market expectations, driving after-hours gains of approximately 20%.

Take-Two posted Q2 adjusted EPS of $1.00 and revenue of $1.60 billion, slightly above forecasts, rising about 4% after hours.

Skydance announced plans to cut $6 billion in costs over the next three years, dipping about 2% after hours; its predecessor Paramount Skydance reported Q3 revenue of $7.03 billion, slightly below estimates.

Securitize saw year-over-year growth in tokenized assets and trading volume in Q3, announced the acquisition of River One, and authorized $50 million for share buybacks, climbing roughly 10% after hours. Rocket Lab reported a wider-than-expected loss, falling about 3% post-close; Lucid's revenue and EPS loss both missed estimates, dropping over 3% after hours.

Key Focus Today

All times are in Beijing Time.

21:30: US October CPI. Confirmed on the Bureau of Labor Statistics calendar for release today. The Dow Jones survey expects headline inflation to rise 0.3% month-over-month and core inflation to rise 0.2%; September readings were 0.6% and 0.3%, respectively.

After Hours Tonight: CoreWeave Earnings.

Thursday After Hours: Cisco and Applied Materials Earnings.

Friday 21:30: US October PPI.

November 17: NVIDIA Q3 Earnings. Weekend investigations and congressional scrutiny may still weigh on trading sentiment.

Wednesday marks Veterans Day in the US, and the New York Stock Exchange will operate normally.