Archive: Kidfly182 / CC BY 4.0
NEW YORK, New York – The Dow Jones Industrial Average jumped more than 1,000 points Monday as the stock rally widened and oil stayed sharply lower. As of 12:33pm Eastern time, the Dow was up 2.1% at 52,379, a gain of about 1,090 points from Friday’s close, which is implied by the 10:58 a.m. quote below. The S&P 500 was up 2.4% at 7,550 and the Nasdaq was up 2.7% at 25,239. These are intraday figures, not closing results.
Nvidia pared its loss to 4.6% at $178.02, while the rest of the chip sector extended its rebound: AMD rose 11.9%, Seagate 10.8%, Western Digital 10.2%, Broadcom 9.4%, Arm 7.4% and Micron 6.4%. U.S. crude trimmed its decline to 3.5% at $87.69 a barrel as of 12:23pm. The oil decline and the stock rally occurred in the same session; those prices alone do not prove one caused the other.
Chart: JBizNews Desk
Earlier, at 10:58 a.m. Eastern: NEW YORK, New York – The Dow Jones Industrial Average surged nearly 900 points Monday morning as the broader stock rally gathered strength and oil futures remained sharply lower. The Dow Jones showed 52,183.43, up 897.70 points, or 1.75%, at 10:58 a.m. Eastern on November 9. The S&P 500 stood at 7,538.07, up 161.21 points, or 2.19%, at 10:58 a.m. The Nasdaq Composite reached 25,255.07, up 675.65 points, or 2.75%, in Nasdaq’s 10:56 a.m. quote.
These are intraday snapshots, not closing results. The Dow and S&P figures come from exchange quote feeds displayed by CNBC; Nasdaq says its publicly displayed indexes are delayed by at least one minute. The different timestamps should not be read as one simultaneous market print.
In the latest oil update, CME’s December WTI contract was at $87.87 a barrel, down $2.96, or 3.26%, with a contract timestamp of 10:30:59 a.m. Eastern, checked around 10:40 a.m. and delayed by at least 10 minutes. The oil decline and stock rally occurred in the same morning session; those prices alone do not prove that one caused the other or that a diplomatic agreement has been reached.
Update: The index figures above replace the opening-bell snapshot as this article’s latest market levels. The earlier 9:27-9:37 a.m. reporting below is retained with its original timestamps, including the Nvidia and chip-stock moves.
At the opening bell: Stocks jumped at the opening bell Monday as buyers returned after last week’s steep losses. As of 9:37am Eastern time, the Dow Jones Industrial Average was up more than 500 points, or 1.0%, at 51,814, the S&P 500 was up 1.2% at 7,462, and the Nasdaq Composite was up 1.5% at 24,943. One big name was left out of the rally: Nvidia.
Shares of Nvidia sank 6.7% to $174.15 as of 9:37am, a day after the company’s board of directors announced an independent investigation into reports that founder and chief executive Jensen Huang had been the target of a foreign intelligence effort. The board said a committee of independent directors, assisted by outside counsel, will oversee the inquiry, that it has “no reason to believe that either national security or NVIDIA secrets were compromised,” and that it has confidence in Huang and his leadership team. Huang fully supports the review and has committed to cooperating, the board said.
The rest of the chip sector went the other way, recovering more ground lost in last week’s rout. Broadcom rose 6.2%, Western Digital gained 6.0%, AMD added 5.4%, Seagate climbed 4.4%, Micron rose 2.1% and Arm added 1.9%, all as of 9:37am.
Chart: JBizNews Desk
U.S. crude futures for December delivery fell 4.6% to $86.69 a barrel as of 9:27am Eastern time. The quoted market level does not establish the cause of the move.
December gold futures rose 1.5% to $4,136 an ounce as of 9:27am, and the 10-year Treasury yield was at 4.85% as of 9:37am.
The week’s main scheduled test comes Tuesday at 8:30am, when the government releases the October Consumer Price Index, the most closely watched inflation report, according to the Bureau of Labor Statistics schedule.
What it means for you: If you own stock funds in a 401(k), Monday’s opening snapshot was winning back a piece of last week’s losses – the main indexes are up 1% or more. But if your savings are heavy in Nvidia, the 9:37 a.m. snapshot showed pressure: the stock was down nearly 7% while the other chip stocks listed here rose, as investors assessed the board inquiry. The snapshot does not establish how much of the move the inquiry caused. The board says it has no reason to believe company secrets were compromised, but the investigation is just starting. Cheaper oil, if it holds, takes some pressure off what households pay for fuel.
| Market | Level (Eastern time) | Today |
|---|---|---|
| Dow Jones | 51,814 (9:37am) | +1.0% |
| S&P 500 | 7,462 (9:37am) | +1.2% |
| Nasdaq | 24,943 (9:37am) | +1.5% |
| Oil (WTI, per barrel) | $86.69 (9:27am) | -4.6% |
| Gold (per ounce) | $4,136 (9:27am) | +1.5% |
| 10-yr Treasury yield | 4.85% (9:37am) | 4.85% yield |
JBizNews Desk | New York, New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
