U.S. stocks surged on Monday, recovering a large part of last week’s losses as falling oil prices and a rebound in technology shares lifted all three major indexes by more than 2%. The Dow Jones Industrial Average gained more than 1,100 points. Investors also viewed last week’s sell-off, which was tied to worries about the pace of AI spending, as overdone. Nvidia was a notable exception, falling after its board opened an investigation into its CEO.
What Moved Markets
The Dow Jones Industrial Average closed at 52,389.75, up 1,104.02 points, or 2.15%. The S&P 500 finished at 7,549.94, a gain of 173.08 points, or 2.35%. The Nasdaq Composite ended at 25,253.14, up 673.71 points, or 2.74%. Small companies did even better, with the Russell 2000 index up about 3.2%.
Oil prices were a key driver. U.S. crude fell roughly 4% to about $87 a barrel after President Trump said further U.S. attacks on Iran were unlikely if peace talks make progress. Cheaper oil eases pressure on energy costs for households and businesses, which tends to be welcome news for stocks overall. Investors also stepped in to buy technology shares after a rough week, with analysts at firms including Morgan Stanley and UBS saying the sell-off had gone too far. The Philadelphia Semiconductor Index jumped about 7%, and the VIX, a popular gauge of market anxiety, dropped about 22% to around 20.
Notable Movers
Nvidia (NVDA) fell 4.27% to close at $178.67 after its board said it had opened an independent investigation into CEO Jensen Huang following media reports about a personal relationship with a foreign-intelligence link. The board said it has no reason to believe the company’s technology or national security was compromised.
Advanced Micro Devices (AMD) climbed roughly 12% after Oppenheimer upgraded the stock to Outperform. Broadcom (AVGO) gained about 9% as chip stocks broadly bounced back.
Ionis Pharmaceuticals (IONS) dropped about 25% after the company cut its 2026 sales forecast for its drug Tryngolza to roughly $50 million, from a prior range of $100 million to $110 million.
NRG Energy (NRG) rose about 9% after announcing it will sell six natural gas power plants to LS Power for $4 billion, alongside strong third-quarter results.
Looking Ahead
The biggest event this week is the October Consumer Price Index report, due Tuesday at 8:30 a.m. Eastern. Economists expect headline prices to rise about 0.3% from September and core prices, which exclude food and energy, to rise about 0.2%. The report could shape expectations for the Federal Reserve’s next move on interest rates. Stock markets are open on Wednesday despite Veterans Day. Producer prices follow on Friday.
On the earnings front, Take-Two Interactive, Rocket Lab and Hims and Hers report after the close Monday, CoreWeave reports Tuesday, and Cisco and Applied Materials report Thursday. Nvidia’s own quarterly results are scheduled for November 17, and investors will be watching for any update on the board’s review. Oil headlines tied to the Iran talks remain another swing factor for the market.