Dow Jumps 702 Points as Oil Falls 4% and Chip Stocks Rebound
Updated
Updated · CNBC · Nov 8
Dow Jumps 702 Points as Oil Falls 4% and Chip Stocks Rebound
3 articles · Updated · CNBC · Nov 8
Summary
U.S. stocks rallied Monday, with the Dow up 702 points, the S&P 500 gaining 1.6% and the Nasdaq rising 1.9% after last week’s tech-led volatility.
WTI crude fell 4% to about $87 a barrel and Brent slid 4% to roughly $93, easing pressure on equities as investors rotated back into beaten-down chip names.
Broadcom and AMD each climbed 5% and On Semiconductor added 3%, but Nvidia fell 6% after its board opened an investigation into CEO Jensen Huang’s ties to a businesswoman U.S. agencies call a Chinese spy.
Investors are still weighing whether tougher regulation after Democrats’ strong midterm showing could slow the AI infrastructure buildout through stricter rules on data centers, energy use and development costs.
This week’s focus now shifts to AI-related earnings from CoreWeave, Cisco and Applied Materials, along with CPI on Tuesday and PPI on Friday for clues on the Fed and tech spending.