Market Summary

U.S. equities staged a broad, risk-on rebound at midday on November 9, with the major averages at session highs as of 11:55 ET. The Dow Jones Industrial Average stood at 52,224.53 (+938.59, +1.83%), the Nasdaq Composite at 25,201.34 (+601.53, +2.45%), and the S&P 500 at 7,532.02 (+155.09, +2.10%). Investors bought into last week’s steep selloff, in which the S&P 500 fell 2.7%, the Nasdaq 3.4%, and the Dow 0.9%. At the session’s peak around 11:00 ET, the averages had reclaimed the bulk of last week’s losses.

Two themes drove trading. First, oil fell sharply on optimism that the U.S. will not escalate attacks on Iran as negotiations progress. President Trump suggested a strike is highly unlikely if talks on Iran’s nuclear program and the Strait of Hormuz continue to advance. WTI was down 3.9% to $87.27/bbl in the morning. Second, the AI trade rebounded. The PHLX Semiconductor Index was up 6.1% at 11:35 ET, recapturing roughly half of last week’s losses, and mega-cap growth names led, with the Vanguard Mega Cap Growth ETF up 2.6% at 10:35 ET. NVIDIA was the notable exception, down 6.30% on reports that CEO Jensen Huang had an affair with an alleged Chinese spy, prompting a board-led independent investigation. The market is treating that as a one-off story rather than a systemic risk.

Rotation favored cyclical and growth areas. Industrials were the best performer at +3.6% at 11:35 ET, followed by consumer discretionary at +3.1%, communication services at +2.6%, and information technology at +1.9%. Consumer staples were flat and the only S&P 500 sector not higher. Small and mid caps outperformed, with the Russell 2000 up 2.6% and the S&P Mid Cap 400 up 2.8%, underscoring the breadth of the rally.

Market Snapshot

Index levels (11:55 ET):

Dow: 52,224.53, +938.59 (+1.83%)
Nasdaq Composite: 25,201.34, +601.53 (+2.45%)
S&P 500: 7,532.02, +155.09 (+2.10%)

Exchange breadth (Briefing.com):

NYSE: 2,058 advancers vs. 523 decliners; volume 267.98 million
Nasdaq: 3,147 advancers vs. 986 decliners; volume 4.35 billion

Other indices (11:35 ET): Russell 2000 +2.6%; S&P Mid Cap 400 +2.8%; PHLX Semiconductor Index +6.1%.

WaveFinder breadth:

Primary sentiment: Bearish (827 bulls vs. 1,114 bears)
4% sentiment: Very Bullish (398 bulls vs. 83 bears)
40 SMA sentiment: Bullish
Above 20 SMA: 92%
Above 40 SMA: 61.83%
9M bulls: 29 vs. bears: 6; 9M bull follow-through: 69.57%

The primary breadth gauge remains bearish despite the rally, while short-term thrust (4% movers) and 20-day participation are strong, consistent with an oversold bounce following last week’s correction.

Sector Performance

Ranked by the latest Briefing.com midday readings (11:35 ET) where available. Briefing’s 11:55 ET Industry Watch lists Consumer Discretionary, Communication Services, Industrials, Information Technology, Materials, and Real Estate as strong, with no weak sectors.

1. Industrials: +3.6%. WaveFinder ATR -0.39% (falling, P58).
2. Consumer Discretionary: +3.1%. ATR 2.68% (rising, P100).
3. Communication Services: +2.6%. ATR -0.10% (rising, P100).
4. Information Technology: +1.9%, held back by NVIDIA. ATR -2.07% (falling, P26).
5. Materials: strong per Industry Watch, no percentage given. ATR 1.39% (falling, P53).
6. Real Estate: strong per Industry Watch, no percentage given. ATR 1.43% (rising, P89).
7. Financials, Health Care, Utilities, Energy: higher per the 11:35 ET commentary that only staples were not, but no figures provided. ATRs: Financials 0.61% (rising, P95); Health Care 2.62% (flat, P68); Utilities 2.97% (flat, P68); Energy -1.50% (falling, P11). Energy faces pressure from lower oil.
8. Consumer Staples: flat, the lone laggard. ATR 3.08% (rising, P89).

Exact performance for the sectors in item 7 is not available in the data, so their relative order is not established.

Key Earnings & Movers

Constellation Energy (CEG) 271.06, +21.12 (+8.45%): Q3 beat; FY26 adjusted EPS guidance raised to $12.50-12.80 from $11.50-12.50; revenue +45.4% y/y to $9.55 billion.
Nebius Group (NBIS) 140.81, +11.32 (+8.74%): Rebounding ahead of earnings this week.
Roundhill Neocloud ETF (NCLD) 14.28, +0.90 (+6.69%): Rebounding from last week’s retreat.
CoreWeave (CRWV) 49.15, +2.75 (+5.93%): Reports after the close Tuesday.
Tesla (TSLA) 377.01, +18.79 (+5.25%): Reclaimed its 50-day moving average (372.74) earlier in the session.
Meta Platforms (META) 639.76, +29.61 (+4.85%): Mega-cap strength.
Amazon (AMZN) 269.41, +10.11 (+3.90%) as of 11:00 ET: Highest level since early August.
Alphabet (GOOG) 291.93, +8.00 (+2.82%) as of 10:35 ET: Unveiled two new eighth-generation TPU configurations for enterprise AI workloads.
Royal Caribbean (RCL) 337.62, +10.46 (+3.20%): Highest since early February; benefits from lower oil.
Carvana (CVNA) 75.05, +1.48 (+2.01%).
NVIDIA (NVDA) 174.89, -11.75 (-6.30%): Reports of CEO Jensen Huang’s affair with an alleged Chinese spy; the board launched an independent investigation.
monday.com (MNDY): Down sharply despite a Q3 beat. Non-GAAP EPS was $2.14 vs. $1.41 consensus, and revenue was $377.5 million. The Q4 outlook disappointed.

Stock Spotlight

Constellation Energy (CEG) is the standout, up 8.45% to 271.06 and an S&P 500 leader. The nation’s largest nuclear power producer reported adjusted EPS of $5.06, its largest beat in several quarters, and revenue rose 45.4% y/y to $9.55 billion, driven by the Calpine acquisition, strong commercial performance, and higher PJM capacity prices, partly offset by lower nuclear production tax credit revenue. FY26 adjusted EPS guidance was raised to $12.50-12.80 from $11.50-12.50, its second increase this year. The nuclear fleet ran at a 97.2% capacity factor in Q3.

The long-term picture is a key part of the bullish reaction. CEG secured about 4,560 MW of long-term agreements with three customers in Q3, including deals with Google and Amazon, bringing its year-to-date total to more than 8,500 MW. This includes a new 20-year, 270 MW Peak+ agreement. About 91 million MWh, or 45% of its clean baseload fleet, is expected to be under long-term contract in 2032. Management targets more than 20% annualized base EPS growth from 2026 through 2029, with many new agreements contributing from 2028. Management also argued that market fears over midterm-driven data center regulation are overdone, which is relevant to the broader AI infrastructure trade.

Bond Market & Treasuries

Treasuries were little changed early and slightly weaker by late morning. At 11:23 ET the 10-year note was down 47/32 in price at a 4.872% yield.

Yield check (07:56 ET):

2-year: unchanged at 4.53%
3-year: +1 bp to 4.60%
5-year: +1 bp to 4.66%
10-year: unchanged at 4.86%
30-year: unchanged at 5.26%

Note that Briefing’s Page One piece at 08:59 ET cited the 10-year yield down two basis points to 4.84%, while the bond desk showed 4.864% at 07:56 ET and 4.872% at 11:23 ET, so the yield has moved from the lows.

Drivers include a strong October jobs report Friday (payrolls +165,000 vs. 65,000 consensus; unemployment rate 4.1%), which lifted the probability of a 25 bp December Fed hike to nearly 80% per CME FedWatch. San Francisco Fed President Daly said she expects additional tightening. Supportive factors this morning include China extending the suspension of additional 24% tariffs on U.S. goods by two months. The Bank of Japan’s Ueda refrained from commenting on a potential hike, curtailing December rate hike expectations.

The Treasury will sell $58 billion of 3-year notes at 13:00 ET. The prior auction had a 4.932% high yield, 2.62 bid-to-cover, and 57.6% indirect bid; the 12-auction average was 3.952%, 2.66, and 63.4%.

FX at 11:23 ET: USD/JPY 158.01; EUR/USD 1.1202. The U.S. Dollar Index was down 0.4% at 101.88 in the early session.

Commodities

WTI crude: $88.41/bbl, -2.7% (07:56 ET); down 3.9% to $87.27 at 08:59 ET. Last Friday it settled near $91 and fell more than $13 on the week (about 13%).
Gold: $4,124.70/oz, +1.2%
Copper: $6.328/lb, +1.5%
Silver: Not provided in the data.

Lower oil reflects optimism for a diplomatic resolution with Iran, with Trump set to meet Qatar’s prime minister today. The decline weighs on energy but helps consumer-facing and rate-sensitive sectors.

Overseas Markets

The data contains no index-level performance for Asian or European equities. The overnight summary noted only a “decent showing from global equity markets.” Key overseas developments:

China: October CPI unchanged m/m and +0.7% y/y (expected +0.8%; prior +0.9%); PPI +5.7% y/y (expected +5.3%; prior +5.0%). China extends its suspension of additional 24% tariffs on U.S. goods by two months.
Japan: September Coincident Indicator +0.7% m/m (prior -1.8%); Leading Index 116.4 (expected 116.7). BOJ Governor Ueda’s silence tempered December hike expectations. USD/JPY 158.00.
Australia: September Building Approvals +5.1% m/m (in line); -0.8% y/y.
Eurozone: November Sentix Investor Confidence 2.4 (expected 2.1; prior 2.7).
Germany: September Trade Balance EUR15.6 billion (expected EUR19.2 billion; prior EUR17.8 billion); exports +2.0% m/m and imports +4.2% m/m.

Economic Data

There was no top-tier U.S. data today. September Wholesale Inventories was scheduled for 10:00 ET (Briefing.com consensus +0.6%; prior +0.5%); the actual result is not in the data. The principal market-moving catalysts were geopolitical (Iran talks, oil) and earnings. The $58 billion 3-year auction at 13:00 ET is the main supply event.

Background: last Friday’s October jobs report was strong (payrolls +165,000, private payrolls +159,000, average hourly earnings +0.4%, unemployment 4.1%). The September CPI showed total inflation at 3.7% y/y and core at 2.6%. The personal savings rate is 3.8%, near a 15-year low.

Looking Ahead

Today (Monday): $58 billion 3-year note auction results at 13:00 ET. Trump meets Qatar’s prime minister in a diplomatic effort on Iran. Watch the NVIDIA investigation.
Tuesday, November 10: October Consumer Price Index before the open; $42 billion 10-year note auction during the session; CoreWeave (CRWV) earnings after the close.
This week: Further earnings from neocloud/AI infrastructure names, including Nebius (NBIS).
Themes to monitor: Fed hike pricing (nearly 80% probability for December), oil and Iran negotiations, VIX (25.64 at last Friday’s close), and whether the AI/semiconductor rebound holds after the PHLX Semiconductor Index’s 12.2% weekly decline.