Stocks surge Monday as dip buyers return to chips and AI; Nasdaq 100 jumps 3.4% after correction
What happened
U.S. stocks closed sharply higher on Monday, November 9, snapping back from last week's AI-driven rout. The S&P 500 rose 2.35%, the Dow Jones Industrial Average gained 2.15% (about 1,100 points), and the Nasdaq 100 jumped 3.40%. Dip buyers stepped into beaten-down chipmakers and AI-infrastructure names: the iShares Semiconductor ETF (SOXX) closed up more than 6%, AMD surged over 13%, Applied Materials rose more than 11%, and Lam Research and Seagate each gained more than 10%. The other six Magnificent Seven stocks all rallied — Tesla and Meta each up more than 5%, Amazon and Microsoft up more than 3%, Apple up more than 2% — while Nvidia fell more than 4% after its board launched an investigation into CEO Jensen Huang. WTI crude oil tumbled more than 4% to a 2.25-month low on optimism over U.S.-Iran diplomacy, and September wholesale trade sales rose 2.8% month over month, well above the 1.1% expected and the largest increase in four months.
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Start your free 14-day trialWho’s affected
- Broad market (S&P 500 +2.35%, Dow +2.15%, Nasdaq 100 +3.40%); semiconductors and AI infrastructure (SOXX +6%+, AMD +13%, AMAT +11%, LRCX, STX +10%+, AVGO, ADI +8%+, MU, ASML, SNDK, TXN +6%+)
- Magnificent Seven ex-Nvidia (TSLA, META +5%+, AMZN, MSFT +3%+, AAPL +2%+, GOOGL +1%+)
- Nvidia (NVDA -4%+, the day's notable decliner on the CEO probe); cloud infrastructure (LITE +11%, ANET, NBIS +9%+, CRWV +6%+, ORCL +3%+); airlines and cruise lines on cheaper fuel (AAL, ALK +7%+, UAL +6%+, DAL +5%+); trucking/freight (XPO +6%, KNX +5%+); energy/oil (WTI -4%+ to a 2.25-month low).