Wall Street Roars Back: S&P 500 Posts Best Day Since April as Nvidia Slumps 4.3%

U.S. stocks rallied sharply on Monday, November 9, with all three major indexes posting strong gains. The S&P 500 rose 2.35% to close at 7,549.94, its biggest single-day percentage gain since April 8; the Nasdaq Composite gained 2.74% to 25,253.14, its best day since July 30; and the Dow Jones Industrial Average added 1,104.02 points (+2.15%) to 52,389.75.

Chip stocks lead as all 11 sectors rise

All 11 S&P 500 sectors rose, nine of them by more than 1%. Chip stocks rebounded strongly, with the Philadelphia Semiconductor Index up nearly 7%: Advanced Micro Devices surged 13.3%, Broadcom rose 8.8% and Lam Research gained more than 10%. Oil prices fell more than 4%, and President Donald Trump said new strikes on Iran were "extremely unlikely" if nuclear talks make progress, easing inflation and geopolitical worries; the VIX volatility index fell 22% to 19.92.

Nvidia falls 4.3% against the rally, shedding about $190 billion

Nvidia was the only S&P 500 component to fall, dropping 4.27% to $178.67 and wiping out about $190 billion in market value, according to Reuters. Nvidia's board said on Sunday it has opened an independent investigation after learning that chief executive Jensen Huang was sought out by a foreign intelligence effort aimed at extracting the company's technology secrets.

Next test: Tuesday's inflation data

Despite the rally, the S&P 500 remains about 3.4% below the record high it set in October, according to the Associated Press. Investors next turn to the October consumer price index, due Tuesday at 8:30 a.m. Eastern — the last inflation reading before the Federal Reserve's December meeting — which will test whether the rebound can hold.

Sources: Associated Press closing data, Yahoo Finance, Reuters.