01·The Lead
Tech bounces back.
The S&P 500 had its best day since 8 April on Monday as technology shares recovered from last week’s sell-off, CNBC reported.
- Last week’s fear: traders worried that Democrats’ midterm wins could slow data-centre building, CNBC reported.
- Nvidia: fell after Jensen Huang admitted an affair with a woman The New York Times reported was a Chinese spy; China called the allegation a smear. The board has opened an investigation, CNBC reported.
- Bernstein: analyst Stacy Rasgon said, “Jensen is Nvidia. Nvidia is Jensen.”
- Melius Research: said “there is no clear successor to Jensen,” though it pointed to a “strong bench” of executives.
02·Market Reactions
Shares up, oil down.
- Oil: fell after President Trump said renewed strikes on Iran were “highly unlikely” if talks progress, CNBC reported.
- Volatility: the VIX, a gauge of expected US stock swings, fell back below 20.
Monday 9 Nov closes; oil at settlement.
19.92
VIX
−22.31%
+3.15%
Russell 2000
Monday
5.26%
US 30-Yr
−0.4bp
$52.56
Silver
+1.47%
Equities
| S&P 500 | +2.35% | |
| Nasdaq Composite | +2.74% | |
| Stoxx 600 | +1.26% | |
| FTSE 100 | +1.02% | |
| DAX | +1.73% | |
| Nikkei 225 | +2.33% | |
| TASI (Saudi) | +0.90% | |
| ADX (Abu Dhabi) | +0.96% | |
| DFM (Dubai) | +1.03% |
Commodities
| Brent (Jan) | $92.57 | −5.85% |
| WTI (Dec) | $86.85 | −4.38% |
| Gold (Dec) | $4,114.50 | +0.97% |
Rates
| US 10-Yr | 4.86% | +0.5bp |
FX
| EUR/USD | 1.1226 | +0.57% |
Digital Assets
| Bitcoin | $74,455 | −0.41% |
03·Chart of the Day
One chipmaker left behind.
US chip stocks · share prices · close Mon 9 Nov
Monday’s move, in %.
Change from Friday’s close, %.
AMD+13.26%
Chip index+6.85%
Micron+6.25%
Intel+5.49%
Nvidia−4.27%
Source: Yahoo Finance closing prices, 4–9 Nov. Chip index: PHLX Semiconductor Index.
04·What Else Matters
Asia follows; prices next.
Asia
Tech rallies, China exports jump
- SoftBank: rose 12% in Tokyo, CNBC reported.
- SK Hynix: rose 8% in Seoul; Samsung Electronics gained 5.3%.
- China trade: exports rose 35.2% in October from a year earlier and imports 41.6%, both above forecasts, and the surplus so far this year passed $1 trillion, CNBC reported.
CNBC · 10 Nov
Today
US consumer prices, 17:30 GST
- Forecast: economists polled by Dow Jones expect prices up 0.3% on the month, and 0.2% excluding food and energy.
- No yearly rate: it will not be published because of the 2025 government shutdown.
- Natixis: Christopher Hodge said, “We think the slowdown in core CPI will stem from a reversion of shelter prices.”
CNBC · 9 Nov
Companies
Exxon, CoreWeave
- Exxon: signed a non-binding preliminary agreement with Venezuela’s state oil company PDVSA to explore oil and gas opportunities, Reuters reported.
- CoreWeave: the AI cloud provider reports third-quarter results after the US close on Tuesday.
Reuters · 9 Nov; CoreWeave · 27 Oct
05·MENA Focus
Gulf shares rise, Qatar mediates.
- Gulf markets: Qatar rose 0.9%, Reuters reported; Emaar Properties gained 2.4%.
- Saudi pipeline: an attack on the East-West oil pipeline in the Madinah region caused a limited fire on Monday; operations were not affected and no one was hurt, the Energy Ministry said, Arab News reported.
- Sky Links Capital: Daniel Takieddine said disruption to Hormuz shipping remains a drag, but resilient regional data kept investors buying.
- UAE: presidential adviser Anwar Gargash warned of “a long period of uncertainty”, Reuters reported.
- White House: Trump met Qatar’s prime minister, Sheikh Mohammed bin Abdulrahman Al Thani, on Monday, then said, “We are seeing positive momentum toward an end to this conflict.”
- Iran: foreign minister Abbas Araghchi said Tehran is waiting for Washington’s reply to its two-day proposal, Al-Monitor reported.
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