Stocks surged on Monday, boosted by a decline in oil prices, as traders kept a close eye on technology shares after last week's volatility.
The Dow Jones Industrial Average popped 819 points, or 1.6%, supported by Goldman Sachs and Caterpillar. The S&P 500 rose 1.8%, while the Nasdaq Composite gained 2.1%.
U.S. West Texas Intermediate futures dropped 3% to around $87 per barrel. International benchmark Brent slid 4% to about $94 per barrel.
Friday's market partially rebounded from Thursday's brutal AI-driven sell-off, as chip stocks recovered on renewed buying. However, concerns linger in the wake of the Democrats' strong midterm results, with investors fearing that tighter regulations on data center construction, energy use, and development costs could slow the AI infrastructure boom.
The tech sector also focused on the bombshell announcement Sunday that Nvidia's board of directors is opening an investigation into co-founder and CEO Jensen Huang's relationship with a businesswoman who U.S. intelligence agencies say is a Chinese spy. Nvidia shares were last down 6%.
Other chip stocks advanced, however, with Broadcom and Advanced Micro Devices each popping 5%. On Semiconductor also rose 3%. Additionally, other "Magnificent Seven" names were higher contrary to Nvidia. Amazon gained 5%, while Tesla and Alphabet climbed more than 3%. Microsoft added 2%.
Liz Ann Sonders, Schwab Center for Financial Research chief investment strategist, noted that the Nasdaq and Nasdaq-100 are oversold, with heavy de-risking by traders. Thursday marked the biggest day of retail selling since the Covid pandemic, according to Vanda Research. Retail traders haven't been taking advantage of the selloff, Sonders said.
"Retail has not proven to be the dip buyers that they have been in the past," she told CNBC's "Fast Money" on Friday. "You saw a really heavy amount of net selling … we may not fully be washed out yet, but we'll have to see whether that retail trader at some point decides to step back in."
Sonders suggested that the next short-term focus should be on companies' adjustments to capex plans and expectations for future profit margins.
This week, investors are looking ahead to key AI-related earnings — CoreWeave, Cisco and Applied Materials are all on deck — as they assess the outlook for tech and whether the recent selloff has further to run.
They'll also watch for the releases of both the consumer price index on Tuesday and the producer price index on Friday, looking for clues on the Fed's next move.
32 Min AgoCiti downgrades tech on positioning, sentiment concerns
Citi is flagging the rotational turbulence beneath the index-level calm that equity markets have seen in recent days, bracing for more potential downside in the short term. The bank tactically downgraded "the US, Global Tech, and European Tech to Neutral (from Overweight)" in a Monday note.
"While fundamentals look attractive, positioning remains relatively neutral and could therefore adjust further into net short territory," Beata Manthey at Citi said. "We remain constructive on AI over the medium-term but would look for cleaner positioning and more stable AI sentiment (along with steady EPS revisions) before reestablishing our Overweight call."
— Tobias Burns
59 Min AgoStocks open higher
U.S. equities rose on Monday morning.
The Dow Jones Industrial Average gained 619 points, or 1.2%, shortly after 9:30 a.m. ET. The S&P 500 advanced 0.9%, while the Nasdaq Composite moved up 0.8%.
— Sean Conlon
2 Hours AgoOppenheimer upgrades AMD
Lisa Su, chair and chief executive officer of Advanced Micro Devices Inc. (AMD), during a fireside chat at the Indian Institute of Science (IISc) in Bengaluru, India, on Thursday, Nov. 21, 2024.Gabriela Bhaskar | Bloomberg | Getty ImagesAdvanced Micro Devices is on the verge of a big comeback after struggling of late, according to Oppenheimer.
The investment firm upgraded the chipmaker to outperform from perform. Its $600 price target implies 34% upside from Friday's close.
"We are raising estimates and upgrading shares of AMD on the heels of another bullish earnings call and recent fireside chat we hosted," analyst Rick Schafer said Sunday in a note to clients. "We see AMD emerging as a durable supplier of AI compute, with multi-gen customer wins and Helios rack-scale solutions supporting a materially larger [data center] business."
"Annual Instinct product cadence and [AMD's open software stack] progress strengthen AMD's competitive positioning, while compute-heavy agentic AI drives incremental [graphics processing units] and … [central processing unit] demand," Schafer said.
CNBC Pro subscribers can read more here.
— Liz Napolitano
2 Hours AgoNvidia, AMD and Eli Lilly among the stocks making big moves before the bell
- Nvidia: The artificial intelligence chip leader dropped nearly 5% after the company opened an investigation of CEO Jensen Huang's relationship with a businesswoman, Alice Huang, who intelligence agencies allege is a Chinese spy.
- Advanced Micro Devices: Shares advanced 3.2% after Oppenheimer upgraded the chipmaker to outperform from market perform while assigning a price target of $600 per share. That suggest 34% upside to Friday's close.
- Eli Lilly: Shares increased nearly 2% after Canada's Drug Agency welcomed a positive recommendation to reimburse Lilly's treatment for early Alzheimer's called Kisunla for eligible adults on Friday.
Check out the other names making moves in CNBC's live blog here.
— Paulina Likos and Fred Imbert
3 Hours AgoRubio calls Iranian demands 'outrageous and ridiculous'
US Secretary of State Marco Rubio departs from Homestead Air Reserve Base in Homestead, Florida, on November 8, 2026. Brendan Smialowski | Afp | Getty ImagesU.S. Secretary of State Marco Rubio has accused Iran of "outrageous and ridiculous" demands as efforts to reach a lasting resolution in the Middle East war appeared stalled.
Speaking with reporters in Florida on Sunday evening before traveling to Paris for the G7 foreign ministers' meeting, Rubio indicated the two sides remain far apart on negotiations, after Tehran proposed shortening the timetable for restarting talks from seven days to two.
Rubio said President Donald Trump would prefer to solve "this and every problem diplomatically," but added that "sometimes that's not possible, unfortunately." Read more.
— Hugh Leask
4 Hours AgoNasdaq defies Nvidia impact as Huang faces espionage affair probe
Nasdaq defies Nvidia impact as Huang faces espionage affair probe6 Hours AgoNvidia stock falls 5% amid probe into CEO
Nvidia shares were down around 5% in premarket trading Monday after the tech giant launched an investigation into CEO Jensen Huang's relationship with a businesswoman who intelligence agencies say is a Chinese spy.
The key question for investors will be whether Huang will remain as CEO, according to Dan Ives, senior managing director at Yorkville Ives & Co.
"This is a black eye moment for Jensen and will spark multiple congressional inquiries at a minimum and will create an overhang on the stock for a myriad of reasons," Ives said in a Sunday note.
NVDA, 1-dayRead the full story here.
— April Roach
7 Hours AgoEuropean stocks choppy in early trade
European stocks got off to a mixed start on Monday, with the regional Stoxx 600 index opening lower before moving to a 0.4% gain by 8:20 a.m. in London.
Mining stocks popped 1.7% as gold and copper prices bounced back from last week's downturn.
Italian bank Unicredit was the top performer, up 4.7% after its third-quarter net profit rose by a record 24% year-on-year and as it prepares to take control of Germany's Commerzbank.
Luxury shares suffered, with LVMH, Moncler, Hermes, Kering, Burberry, Richemont and Christian Dior all trading slightly lower, as investors remained in risk-off mode and data showed mounting domestic inflation pressures in major market China.
Construction firm Hochtief fell 5.3% after Spanish group ACS said it had not considered a tender offer for shares in the company, which is its German subsidiary. Bloomberg had reported ACS was considering buying the remaining Hochtief shares it does not own or a potential merger of the firms.
— Jenni Reid
8 Hours AgoNvidia's Frankfurt-traded shares drop 6%
Nvidia's Frankfurt-traded shares were more than 6% lower in early European trading, as the company is rocked by an investigation into co-founder and CEO Jensen Huang's relationship with an alleged Chinese spy.
— Jenni Reid
8 Hours AgoAsia markets close higher, with Taiwan leading gains
Asia-Pacific markets closed in broadly positive territory on Monday, amid a tech rebound and Taiwanese and Japanese stock gains.
The Taiwan Weighted Index closed 4.94% up at 41,664.7, marking it largest one-day gain since 31 July.
The index was powered by gains in tech heavyweights Taiwan Semiconductor Manufacturing Company and Hon Hai Precision Industry — also known as Foxconn.
South Korea's Kospi fell 0.81% after a choppy session to end at 5,018.85, while the small-cap Kosdaq slipped 0.82% to 638.97.
Japan's Nikkei 225 closed 2.33% higher at 58,775.5, and the broad-based Topix saw a larger increase of 2.97% to 3,818.16.
Mainland China's CSI 300 rose marginally to 4,056.11, while Hong Kong's Hang Seng Index was flat in its last hour of trade.
Australia's S&P/ASX 200 rose 0.1% to 9,029.7.
— Lim Hui Jie
8 Hours AgoFrance's Crédit Agricole proposes Banco BPM merger
View of the logo of a Credit Agricole bank agency at Lesneven in Brittany in France on September 08 2025. Vincent Feuray | Afp | Getty ImagesCrédit Agricole has proposed merging its Italian operation with Banco BPM in a deal that would create Italy's third-largest banking group.
The French lender said in a statement Monday that the "friendly proposal" to engage its Italian peer in merger discussions is a "natural extension" of the long-term partnership between the pair.
Under the deal, Crédit Agricole would increase its current 29.6% stake in Banco BPM to approximately 45% of the new combined entity.
The proposal offers Banco BPM shareholders a 20% premium to the relative valuation of the businesses, based on estimated 2027 price-to-earnings multiples, and a 1 billion euro ($1.12 billion) special dividend, according to Crédit Agricole's announcement.
The Paris-headquartered bank said the deal — which has been submitted to Banco BPM's board of directors for evaluation — could deliver 800 million in annual synergies, with about 24% 2027 earnings-per-share accretion expected.
"This strategic project would create Italy's third-largest banking group, serving 6.5 million customers through more than 2,300 branches, by combining a strong local presence, financial strength, and business expertise," Crédit Agricole added.
— Hugh Leask
9 Hours AgoEuropean stocks heading for mixed open after volatile week
European bourses are heading for a weak open, according to IG futures data. France's CAC 40, Germany's DAX and Italy's FTSE MIB were all seen slipping, though the U.K.'s FTSE 100 was last seen slightly higher.
It follows last week's post-midterms markets rollercoaster, with strong gains on Nov. 4 followed by a selloff on Nov. 5 and 6. The pan-European Stoxx 600 index ended the week 0.24% higher.
Stoxx 600 index.— Jenni Reid
9 Hours AgoUniCredit delivers “best quarter ever” as net profits surge 24%
The logo of the Italian banking group UniCredit SpA is pictured on July 15, 2025 in Milan, Italy.Emanuele Cremaschi | Getty Images News | Getty ImagesUniCredit's third-quarter net profit rose by a record 24% year-on-year to 3.3 billion euros ($3.68 billion), beating consensus estimates of 2.78 billion euros, as revenues reached 6.9 billion euros, up 12% year-on-year.
The Italian bank, which is set to take control of German lender Commerzbank, also hiked its full-year profit guidance to full-year profit guidance to "well above" 11.5 billion euros, from more than 11 billion euros.
Net interest income was up 5% over the quarter, and 8% year-on-year, while common equity tier (CET) 1 capital ratio — a measure of a bank's solvency — reached 15% during the period, up from 14.3% the previous quarter.
"UniCredit has delivered its best quarter ever, and the best in the sector, beating across all KPIs: highest net profit growth, best RoTE and cost/income ratio and organic capital generation supporting best-in- class shareholder returns while increasing capital," CEO Andrea Orcel said in a statement.
The Milan-headquartered lender said the Commerzbank acquisition would strengthen its pan-European footprint and boost earnings and shareholder distributions. It expects the remaining approvals to be greenlighted by European regulators later this month, with the deal's integration plan set to begin in the first quarter of 2027.
— Hugh Leask
12 Hours AgoBitcoin falls to lowest in more than two months with 200-day moving average in sight
Nurphoto | Getty ImagesBitcoin fell below $74,000 over the weekend to its lowest level since August before clawing back some of the losses.
Ether, XRP, Hyperliquid and other cryptocurrencies also declined, according to pricing from Coingecko.
"Bitcoin's renewed weakness is a concern," said Matt Maley of Miller Tabak + Co., who flagged the the test of September levels and said "a break below $75k would give it a key lower-low."
However, he added that it would take a drop below the 200-day moving average around $73,000 "before it raised any serious warning flags."
— Joanna Ossinger
13 Hours AgoChina wholesale inflation hits highest in more than four years
Producer prices in China grew at the fastest rate since June 2022, accelerating for the third month in a row.
The PPI for October came in at 5.7%, compared to the 5.3% expected by economists polled by Reuters. The increase was driven by a sharp rise in prices in the mining and raw materials industries.
Consumer inflation in China slowed to 0.7% in October, its first deceleration after two straight months of increases.
Core inflation, which strips out food and energy prices, came in at 0.8%, down from the 1% seen in the month before.
— Lim Hui Jie
15 Hours AgoAsian markets mostly down in opening trade; Japan gains
Asia-Pacific markets mostly fell on Monday, with South Korean equities continuing their sharp sell-off from Friday.
The benchmark Kospi index fell 0.69%, while the small-cap Kosdaq index declined 0.87%.
Australia's S&P/ASX 200 fell 0.31%, after initially starting the day in positive territory.
The only outlier in the region was Japan, which saw the Nikkei 225 gain 1.44% and the Topix climb 2.09%.
— Lim Hui Jie
16 Hours AgoAsia markets set for rebound after tech sell-off last week
Asia-Pacific markets look stronger to start the week after last week's tech sell-off.
Futures for Japan's Nikkei 225 in Chicago were at 58,520, while in Osaka they were last at 58,250 compared with the index's previous close of 57,434.77.
Futures for Hong Kong's Hang Seng index last traded at 24,647, compared with the index's last close of 24,481.86.
Australia's S&P/ASX 200 was up 0.2% in early trading.
Later Monday, investors will also look to inflation data out of China, with economists polled by Reuters expecting a reading of 0.8%, down slightly from September's 0.9%.
— Lim Hui Jie
16 Hours AgoNvidia investigates CEO Jensen Huang’s relationship with alleged Chinese spy
Nvidia has opened an investigation into co-founder and CEO Jensen Huang's relationship with a businesswoman who intelligence agencies say is a Chinese spy.
Huang told Nvidia staff in an email on Sunday that he had an affair with the woman and that Nvidia's board of directors had opened an independent investigation into the spying allegations.
An Nvidia spokesperson said that Huang was committed to continuing as CEO of Nvidia without interruption.
Read Huang's email to Nvidia employees and the company board of directors' statement here.
— Kif Leswing and Kamaron McNair
17 Hours AgoStock futures open lower
Stock futures fell to begin trading Sunday night.
Futures tied to the Dow Jones Industrial Average fell 93 points, or 0.2%. S&P 500 futures slid 0.4% and Nasdaq 100 futures tumbled 0.8%.
— Tanaya Macheel
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