Written by: Chao Xiang Research

On Monday, the U.S. stock market surged, with the Dow rising over 1,100 points, and the Nasdaq and S&P 500 rising 2.74% and 2.35%, respectively; oil prices continued to fall, and most chip stocks rebounded.

Nvidia closed down about 4% due to news of Jen-Hsun Huang's investigation and did not participate in the rebound. After hours, Trade Desk and Sanmina provided better-than-expected guidance and surged.

Today's focus is on the October CPI.

All three major indices rose, with the S&P achieving its best single-day performance since April

On Monday, the Dow rose 1,104.02 points, an increase of 2.15%, closing at 52,389.75 points, returning above the election day's closing level.

The S&P 500 rose 2.35%, closing at 7,549.94 points, marking the largest single-day increase since April 8; the Nasdaq rose 2.74%, closing at 25,253.14 points, the best performance since July 30.

Stocks such as Goldman Sachs and Caterpillar led the Dow. Within S&P sectors, industrials and consumer discretionary had the largest gains; the energy sector lagged as oil prices weakened.

The Nasdaq 100 rose about 3.4%, and the Russell 2000 rose about 3.2%.

Oil prices continued to fall, most chip stocks rebounded, Nvidia fell alone

WTI crude fell 4.38%, with a settlement price of $86.85 per barrel; Brent crude fell 5.85%, with a settlement price of $92.57 per barrel. Trump stated on Sunday that if the Iran nuclear talks progress, he is "extremely unlikely" to order new strikes, as the market continues to digest expectations of eased supply risks.

Airline and cruise stocks benefited from the drop in oil prices. American Airlines and United Airlines rose over 6% during the day.

In the chip sector, the Philadelphia semiconductor-related ETF (SOXX) rose over 7%. AMD closed up about 13%, and Broadcom rose nearly 9%. Coherent briefly rose about 18% during the day.

Nvidia closed down about 4%. The market continued to digest the news of an independent investigation initiated by its board over the weekend and Jen-Hsun Huang's admission of an extramarital affair. Amazon, Microsoft closed up about 3%, Tesla rose about 5.5%, and Alphabet rose about 1%.

AST SpaceMobile announced the establishment of a joint venture with Rakuten and rose about 14%. First Solar fell over 5% due to a downward revision of its target price.

The New York Stock Exchange selected Avalanche as the main chain for the upcoming tokenized security trading and settlement, causing AVAX to rise about 8%.

After hours: Trade Desk and Sanmina soared, Skydance declined

Trade Desk reported an adjusted earnings per share of $0.33 for the third quarter, with revenue of $736 million, both exceeding expectations; its fourth-quarter revenue guidance is no less than $755 million, higher than the expected $650 million, rising about 19% after hours.

Sanmina provided full-year earnings per share and revenue guidance above market expectations, rising about 20% after hours.

Take-Two reported an adjusted earnings per share of $1.00 for the second quarter, with revenue of $1.6 billion, slightly exceeding expectations, rising about 4% after hours.

Skydance announced a cost-cutting of $6 billion over the next three years, falling about 2% after hours; its predecessor, Paramount Skydance, reported revenue of $7.03 billion for the third quarter, slightly below expectations.

Securitize reported a year-on-year growth in tokenized assets and transaction volume for the third quarter, announcing the acquisition of River One and authorizing a $50 million buyback, rising about 10% after hours. Rocket Lab's losses exceeded expectations, falling about 3% after hours; Lucid's revenue and earnings per share both fell short of expectations, dropping over 3% after hours.

Today's focus

The following are all in Beijing time.

21:30: U.S. October CPI. The Labor Statistics Bureau confirmed the schedule for today’s release. Dow Jones survey expects a month-on-month increase of 0.3% and a core month-on-month increase of 0.2%; in September, they were 0.6% and 0.3%, respectively.

Tonight after hours: CoreWeave will announce its earnings report.

Thursday after hours: Cisco and Applied Materials will announce their earnings reports.

Friday 21:30: U.S. October PPI.

November 17: Nvidia will announce its third-quarter earnings report. Weekend investigations and Congressional attention may still affect trading sentiment.

Wednesday is U.S. Veterans Day, and the New York Stock Exchange will open normally.