US stocks opened higher on Monday, November 9, as investors returned to technology and artificial intelligence (AI) shares ahead of a busy week of corporate earnings and key inflation data.
The Dow Jones Industrial Average rose 1.2%, while the S&P 500 and Nasdaq Composite gained 0.8% each. The gains came after all three major indices ended last week lower.
AI stocks remained in focus following last week’s market volatility and a sharp fall in Nvidia shares. The chipmaker’s stock dropped around 6% amid reports concerning CEO Jensen Huang, even as the broader market began recovering from Thursday’s sell-off.
With much of the third-quarter earnings season behind them, investors are now tracking results from companies including Hims & Hers, Rocket Lab and Monday.com, which are scheduled to report on Monday.
Attention is also turning to upcoming earnings from major AI-linked companies, including CoreWeave, Cisco and Applied Materials. Investors will look for signs in their results and forecasts of whether demand for AI-related technology can sustain the recent rally in technology stocks.
On the economic front, investors will closely track the Consumer Price Index (CPI), due on Tuesday, and the Producer Price Index (PPI), scheduled for Friday. The inflation readings could offer fresh clues about the Federal Reserve’s monetary policy outlook and its next interest rate decision.
Oil prices fall over 4% as Trump plays down fresh strikes on Iran
Oil prices fell sharply on Monday after US President Donald Trump played down the possibility of renewed military strikes on Iran, easing concerns about potential disruptions to global oil supplies. However, attacks on ships in and around the Strait of Hormuz continued to keep supply risks in focus, Reuters reported.
Trump said on Sunday that he was highly unlikely to order fresh strikes on Iran as long as negotiations to end the conflict continued. However, both countries reported attacks on shipping in or near the Strait of Hormuz.
Brent crude futures fell $4.09, or 4.2%, to $94.23 a barrel by 1317 GMT, while US West Texas Intermediate (WTI) crude declined $3.57, or 3.9%, to $87.26 a barrel.
Brent crude had plunged 16% last week to touch a two-month low of $93.22, marking its steepest weekly decline since the start of the COVID-19 pandemic.
US stock market today: Dow, S&P 500, Nasdaq rise as investors return to AI shares; oil slides