US stocks jump as oil slide cools inflation worries; Nvidia slumps
SPY•US stocks rallied as falling oil prices eased inflation worries: the S&P 500 rose 2.34%, the Nasdaq gained 2.73% and the Dow advanced 2.16%. Nvidia fell amid questions about CEO Jensen Huang after an internal investigation into whether a foreign intelligence effort had targeted him.
1. Stocks rebound
US stocks rallied Monday, helping the S&P 500 recover from its biggest weekly drop since April 2025. Nine of the 11 major S&P 500 sector indexes gained more than 1%, with industrials and consumer discretionary shares each rising about 4%.
2. Oil and chipmakers
A sharp drop in crude prices helped dampen concerns about price pressures. The Philadelphia Semiconductor Index rose about 7% after falling more than 12% last week; Nvidia was its only decliner, while Broadcom and Advanced Micro Devices were its biggest boosts.
3. Company and rate news
Nvidia hit its lowest intraday level since March 31 as investors questioned Huang's future following an internal investigation into whether a foreign intelligence effort had targeted him. KKR advanced after reporting record quarterly profit, and Constellation Energy rose more than 10% after adjusted third-quarter profit topped expectations. Markets still priced in an above-80% chance of a December Federal Reserve rate hike, while October CPI and PPI readings were due Tuesday and Friday.
