Wall Street staged a broad rebound Monday after last week's AI-driven rout, with the Nasdaq 100 up 3.1% and on track for its best session since Aug. 4 as investors stepped back into beaten-down chip stocks. All 11 S&P 500 sectors rose and the CBOE Volatility Index fell 20% to 20.51.
Nvidia went the other way.
Nvidia Corp. (NVDA) fell 5% after its board said independent directors and outside counsel would investigate reports that CEO Jensen Huang was targeted by foreign intelligence. Huang disclosed over the weekend a relationship with a Singapore-based data center executive alleged to have spied on him, while the board said it has no reason to believe trade secrets or national security were compromised.
With the S&P 500 up more than 2%, the slide puts Nvidia on track for its worst day relative to the index since Jan. 27, 2025, when the DeepSeek shock sent the stock down 17%. The drop has erased about $223 billion in market value.
The rest of the chip complex rallied hard. The iShares Semiconductor ETF (SOXX) jumped 7.2%, its best day since July 30, after losing more than 12% on Thursday. Advanced Micro Devices Inc. (AMD) rose 11.8% and Applied Materials Inc. (AMAT) gained 11.5%.
The S&P 500 rose 2.2% to 7,537, up 160 points.
The Dow Jones Industrial Average gained 1,009 points, or 2%, to 52,295. Caterpillar Inc. (CAT) led the blue-chip index with a 6.7% gain as AI infrastructure and industrial names bounced back. The move added about $17 billion to Caterpillar's market value.
The Nasdaq 100 rose 3.1% to 27,816, and the Russell 2000 advanced 2.8% to 2,830.
Treasuries slipped as investors moved back into risk.
The 10-year Treasury yield rose 3 basis points to 4.88%. The 2-year yield climbed 6 basis points to 4.57%, and the 30-year yield edged up 1 basis point to 5.27%.
Gold rose 1.1% to $4,121 an ounce and silver gained 1.7% to $52.81. Bitcoin (CRYPTO: BTC) edged up 0.2% to $74,883. West Texas Intermediate crude fell 3.5% to $87.66 a barrel and Brent sank 4.6% to $93.80 after President Donald Trump said the U.S. was unlikely to renew attacks on Iran as long as talks on its nuclear program and the Strait of Hormuz progressed.
On the data front, the New York Fed's Survey of Consumer Expectations showed one-year inflation expectations at 3.91% in October, from 3.90% in September. Three-year expectations rose to 3.29% from 3.25%, while the five-year gauge held at 3%.
Monday's Performance In Major US Indices
| Index | Last | % Change | MTD | YTD |
|---|
| S&P 500 | 7,536.54 | +2.16% | -0.57% | +10.09% |
| Dow Jones | 52,295.11 | +1.97% | +1.01% | +8.80% |
| Nasdaq 100 | 27,816.11 | +3.06% | -2.00% | +10.16% |
| Russell 2000 | 2,829.98 | +2.75% | +0.64% | +14.02% |
Updated by 12:16 p.m. ET
According to market data:
- The Vanguard S&P 500 ETF (VOO) gained 2.3%.
- The SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 2.1%.
- The Invesco QQQ Trust (QQQ) climbed 3.4%.
- The iShares Russell 2000 ETF (IWM) rallied 2.8%.
Industrials Lead as Investors Dump Defensives
The Industrial Select Sector SPDR Fund (XLI) led with a 3.8% gain, as Caterpillar and other AI power and building names recovered from last week's selloff.
The Consumer Staples Select Sector SPDR Fund (XLP) lagged with a 0.4% gain as money rotated out of defensives. The Hershey Co. (HSY) fell 3.9% and Philip Morris International Inc. (PM) lost 2.5%.
Technology climbed 3.6% and consumer discretionary 3%, while the Energy Select Sector SPDR Fund (XLE) trailed with a 0.8% gain as crude fell. Lower fuel costs lifted the U.S. Global Jets ETF (JETS) by 4.5%.
Among the Russell 1000's biggest gainers, Fervo Energy Co. (FRVO) soared 23.9% after the geothermal developer posted a third-quarter loss of 7 cents per share, narrower than the 9-cent loss expected, and lifted contracted power deals to 1,054 megawatts, worth about $11.9 billion.
Coherent Corp. (COHR) jumped 18.5% and Lumentum Holdings Inc. (LITE) rose 12.4% as optical networking stocks led the AI rebound.
QXO Inc. (QXO) rallied 17.5% after preliminary third-quarter sales rose 79% to about $4.9 billion and adjusted EBITDA climbed 85% to about $557 million. Full results are due Nov. 12.
The Trade Desk Inc. (TTD) gained 16.1% ahead of its results, while AST SpaceMobile Inc. (ASTS) rose 15.1% after forming a joint venture with Rakuten Group to build a satellite-to-phone network in Japan, backed by up to 148 billion yen, or about $1 billion, in government support.
On the downside, Ionis Pharmaceuticals Inc. (IONS) plunged 26.6% after cutting its 2026 sales forecast for triglyceride drug Tryngolza to about $50 million, from $100 million to $110 million. Rival Arrowhead Pharmaceuticals Inc. (ARWR) sank 18.3% on concerns about demand in the same market.
First Solar Inc. (FSLR) slid 5.3% after Piper Sandler cut its price target to $222 from $251, keeping an Overweight rating.
Looking Ahead
The Trade Desk reports after the close, with analysts expecting earnings of 25 cents per share. AST SpaceMobile and Rocket Lab Corp. (RKLB) also report, with consensus calling for losses of 40 cents and 7 cents per share, respectively.
Monday's Russell 1000 Top Gainers
| Name | % change |
|---|
| Fervo Energy Co. | +23.86% |
| Coherent Corp. | +18.45% |
| QXO Inc. | +17.52% |
| The Trade Desk Inc. | +16.13% |
| AST SpaceMobile Inc. | +15.05% |
Monday's Russell 1000 Top Losers
| Name | % change |
|---|
| Ionis Pharmaceuticals Inc. | -26.62% |
| Arrowhead Pharmaceuticals Inc. | -18.28% |
| Freedom Holding Corp. (FRHC) | -7.60% |
| First Solar Inc. | -5.32% |
| Nvidia Corp. | -4.96% |
