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Chips Jump 6% as Nvidia Slides 6%; S&P 500 Up 2%

Chips — Up 6% Without Nvidia: AMD Jumps 11%, Broadcom 8%, Nvidia Slides 6%

Oil falls 4% on hopes for US–Iran talks, the S&P 500 gains 2.0% and the VIX drops 19% to 20.8. Coherent soars 18% and Cloudflare 11%, while MercadoLibre and Datadog head for sold grades at the close.

In this edition

SPY QQQ RSP IWM BNO USO GLD IEF

The Midday 10 Mon, Nov 9, 2026 ~60 seconds 12:30 ET

Wall Street buys the AI build-out again and leaves Nvidia out. The S&P 500 rises 2.0% and the Nasdaq 2.2%, and the VIX, Wall Street’s fear gauge, falls 18.8% to 20.8. Oil helps: the Brent oil fund BNO falls 4.2% on hopes for talks between Washington and Tehran. This time the rally is broad. The equal-weight S&P 500 fund RSP gains 2.0%, as much as the index itself, and smaller companies 2.6%.

The chip rally has one hole. The chip fund SOXX is up 6.3% and AMD 10.9%, while Nvidia falls 6.3% as its board reviews its chief executive. Before the open Nvidia trailed the chip fund by about five points; now the gap is more than twelve.

US midday, quotes as of 11:42 ET

  1. The indices — S&P 500 up 2%, the fear gauge down 19%
  2. Oil — down 4% on hopes for US–Iran talks
  3. Nvidia — down 6% while the chip fund rises 6%
  4. Chips without Nvidia — AMD up 11%, Broadcom 8%
  5. The build-out kit — servers, networks and power up 6% to 11%
  6. Usage software — Cloudflare up 11%, Datadog flat
  7. AI clouds and space — Nebius up 7%, Rocket Lab 12%
  8. ETF board — industrials and momentum lead, staples lag
  9. Earnings record — Coherent heads for paid, MercadoLibre and Datadog for sold
  10. The users of AI — Meta up 5%, Apple and Microsoft 2%

The ten lines

  1. 1

    LEVEL The indices — S&P 500 up 2%, the fear gauge down 19%

    SPYQQQRSPIWM

    The S&P 500 rises 2.0% to 7,522.15, the Nasdaq Composite 2.2% to 25,129.56 and the Dow 1.8% to 52,205.90; the Russell 2000 of smaller companies gains 2.6% to 2,824.95. The VIX falls from 25.64 to 20.81, down 18.8%, after touching 20.44. Unlike Friday, the gains are broad: the equal-weight S&P 500 fund RSP rises 2.0% to 220.43 and is back above its 50-day average of 214.78. SPY at 749.90 is still under its own 50-day average of 765.68, and QQQ at 675.17 under 720.97: the average stock has repaired more than the biggest ones.

  2. 2

    LEVEL Oil — down 4% on hopes for US–Iran talks

    BNOUSOGLDIEF

    The Brent oil fund BNO falls 4.2% to 59.61 and the US oil fund USO 3.0%. Brent was reported at $93.44 a barrel at 14:05 UTC, down 5.0% (JournalArta), after a fall of more than 16% last week (Angel One). Traders read hopes for talks between Washington and Tehran to end the conflict; how far the talks have advanced is still unclear (Oilprice.com, Trading Economics). The gold fund GLD rises 1.2%, the dollar index falls 0.5% to 101.82, and Treasury yields barely move: the 10-year at 4.88% from 4.86%. October’s consumer price report comes Tuesday at 8:30 ET; the Fed, which raised rates in September, meets next on 8–9 December.

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  4. 3

    DOWN Nvidia — down 6% while the chip fund rises 6%

    NVDA

    Nvidia falls 6.3% to 174.85 from Friday’s close of 186.64 and touched 170.24, down 8.8%. Before the open it was down 4.9%; the selling grew after the bell. Its board has opened a review of chief executive Jensen Huang after he admitted an affair with a woman US officials suspect of spying for China. The company says it has no reason to believe national security or its secrets were compromised, and Huang stays in his role (CNBC, Fox Business). The stock is 26.9% under its highest close of the past six months, 239.24, and far below its 50-day average of 219.81. Results are due on 17 November, a House briefing follows on 18 November.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.