Wall St jumps back as oil slide eases inflation worries; Nvidia slumps
SPY•U.S. stocks rallied, with the S&P 500 up 2.41%, as falling oil prices eased inflation worries; Nvidia fell about 6%.
1. Stocks rebound
U.S. stocks rallied on Monday as lower oil prices tempered inflation fears. The Dow rose 2.21% to 52,417.54, the S&P 500 gained 2.41% to 7,554.67, and the Nasdaq climbed 2.67% to 25,235.49. The S&P was on track for its biggest daily percentage gain since April 8.
2. Nvidia falls
Nvidia tumbled about 6% and touched its lowest intraday level since March 31 amid questions about CEO Jensen Huang's future after an internal investigation into whether a foreign intelligence effort had targeted him. The Philadelphia Semiconductor Index rose more than 6%; Broadcom gained nearly 9% and Advanced Micro Devices surged about 13%.
3. Other movers and risks
All 11 major S&P 500 sector indexes rose, led by industrials and consumer discretionary, which each gained more than 3%. KKR advanced 1.9% after quarterly profit reached a record, while Constellation Energy rose more than 10% after adjusted third-quarter profit surpassed expectations. Investors were also watching for October consumer and producer price reports due this week, while concerns about a December rate hike persisted.
