Key Highlights

● The Nasdaq Composite jumped 673.71 points to close at 25,253.14 on November 9.

● It was the index's best day since July 30.

● The PHLX Semiconductor index closed at 10,033.93.

● Nvidia slid to its lowest close since April 7.

The Nasdaq Composite turned in its strongest performance in more than three months on Monday, November 9, 2026. The index jumped 673.71 points to close at 25,253.14, its best day since July 30, according to news reports. The broader S&P 500 and the Dow also posted big gains, but it was the tech-laden Nasdaq that showed the most dramatic swing among the three headline averages.

The bounce came after a painful stretch. The Nasdaq had just logged its fourth straight weekly decline, according to market coverage, and on Thursday, November 5, the index had tumbled "into correction territory on AI tech wreck." The tech sell-off wiped $2.5 trillion from market values.

Chips carried the load

Semiconductors were the beating heart of the rally. The PHLX Semiconductor Index also posted its best day since July 30, according to market reports, closing at 10,033.93. Advanced Micro Devices (NASDAQ:AMD) soared after Oppenheimer upgraded the chipmaker to Outperform with a $600 price target, reports said. Applied Materials (NASDAQ:AMAT) and Lam Research (NASDAQ:LRCX) jumped sharply, Broadcom (NASDAQ:AVGO) surged, and Monolithic Power Systems (NASDAQ:MPWR) rocketed higher.

Memory and storage names joined in. Micron Technology (NASDAQ:MU) climbed $43.15 to close at $733.15, according to market data, while Seagate Technology (NASDAQ:STX) and Western Digital (NASDAQ:WDC) jumped in afternoon trading. CoreWeave (NASDAQ:CRWV) bounced after a steep drop the previous week, reports said.

The Nvidia exception

The Nasdaq's biggest name went the other way. Nvidia (NASDAQ:NVDA) slid to its lowest close since April 7, reports said, after its board opened an independent review involving CEO Jensen Huang. The board said it has "no reason to believe" national security or company secrets were compromised, reports said, and China's foreign ministry spokesperson Guo Jiakun called the allegations "nothing but smears against China."

That the composite still posted such a strong day with its heaviest chip stock in the red speaks to the breadth of the buying. Tesla (NASDAQ:TSLA) also climbed, according to news reports, while Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) gained with the market.

Oil and positioning lit the fuse

Falling oil prices helped soothe Inflation fears. Brent Crude sank to $92.57 a barrel, according to market coverage, on hopes for a US-Iran peace deal. Market data pointed to forced dealer hedging and cleaned-out positioning, which can amplify a rebound once selling pressure fades. In plain terms, when many traders have already sold or bet against stocks, even modestly good news can force a scramble to buy back in.

Not everyone is convinced the worst is over. A Capital.com analyst said that "the rebound looks more like a tentative recovery in risk appetite than a convincing Reversal of the recent downtrend." Under the surface, the Nasdaq still logged 103 new 52-week highs against 164 new lows, according to market reports, a sign that many stocks are still well off their highs.

Rebound Meets Rate Data

The Nasdaq's next test arrives Tuesday with October's consumer price index, the last CPI report before the Federal Reserve's December 8-9 meeting. Traders see a December rate hike as highly likely, according to market data, and higher rates tend to weigh hardest on richly valued growth stocks.

Earnings will also matter. Applied Materials, Cisco, Nebius and CoreWeave report this week, according to news reports, and Nvidia follows on November 17. Investors will also keep an eye on Anthropic's planned listing on the Nasdaq Global Select Market under the ticker "ANT," with its roadshow reported to start this week.