Market Review: November 09, 2026

Closing Recap

Monday, November 09, 2026

U.S. stocks surged on Monday, boosted by a decline in oil prices, as traders kept a close eye on technology shares following last week’s volatility. U.S. AI and tech stocks rose broadly as investors move past last week’s rout, which pushed the Nasdaq 100 to a fourth straight weekly decline. Industrials (XLI), Technology (XLK) and Consumer Discretionary (XLY) all scored gains of around 3% or better on the day, while all 11 S&P sectors finished higher with Energy (XLE) the laggard given the extended pullback in oil prices amid headlines out of Iran. Stocks extended the morning advance after Al Arabiya reported citing sources that arrangements are being made to discuss the return of IAEA inspectors to Iran, without clarifying the scope of their duties. A preliminary agreement on reducing Iran’s Uranium enrichment is likely to be reached. The headlines sent oil prices even lower after falling last week/this morning. The Volatility Index (VIX) extended its decline to over -20% on the day as the short squeeze in stocks gains momentum, last around the 20 level. Shares of chipmakers gained outside of Nvidia (NVDA) which slid to its lowest since April, as investors assessed the fallout from an internal investigation into whether CEO Jensen Huang had been targeted by foreign intelligence effort (more below).

After stocks surged on Monday, its noteworthy how quickly things can change with key inflation data due out. The October consumer price index (CPI) is expected tomorrow morning at 8:30 am et. US yields have declined roughly 50 bps over the past month in the run-up to the CPI release, with 10yr back beneath 4.85% and the Fed terminal rate sub 4.5%. A stronger-than-expected rise in consumer prices might provide a bigger jolt to markets given the pullback in yields. Market expectations are for a 0.3% MoM rise in headline CPI vs September’s 0.6% increase. Core CPI is expected to rise 0.2% vs 0.3% the month before. Note that because government shutdown in 2025, there will be no YoY data released this month. Other market factors in the future: Lawmakers face a December 11 funding deadline after Democrats’ midterm sweep, with negotiations complicated by the approaching transfer of power. Prediction markets now price a 38% chance of a government shutdown on December 12, up 5 points. Congress has just over a month to avert another funding crisis – Bloomberg

• NY Fed: October three-year ahead expected inflation unchanged from September at 3.3%; Oct five-year-ahead expected inflation unchanged from September at 3%; October year-ahead expected inflation unchanged from September at 3.9%; October year-ahead expected home price change unchanged at 3%.
• The Employment Trends Index, or ETI, edged down to 108.36 in October, from 108.43 in September. Still, ETI increased by 2.4% from a year ago.

• Food sector: DOLE Q3 adj EBITDA increased 4.1% but missed analyst expectations; Segment revenue fell 8% due to tariff impacts, lower banana volumes in North America, and lower pineapple volumes in Europe; cuts FY26 adjusted EBITDA view to $380M-$390M from $400M. HAIN Q1 sales fell -29% y/y to $260.3M vs. est. $283M due to divestitures, discontinued brands and exited product categories/organic net sales fell 7%, primarily due to a 7-point decrease in volume/mix, partly offset by 1-point increase in pricing.
• Beverage sector: TAP downgraded to Underweight from Neutral at JPMorgan and cut tgt to $37 from $41 following the Q3 report citing softness in the U.S. beer category, competitive environment in the U.K., and incremental cost pressures outpacing cost savings. KDP recorded about $99M of tariff refunds received as a benefit to gross profit in Q3, according to an SEC filing. PEP is eliminating roughly 1,000 jobs across its food and Beverage division as it attempts to turn the company around – WSJ reported.

• Home improvement retail: JP Morgan said based on data and channel work, they are raising 3Q comp sales estimates for HD (+2.5%e US vs. +1.5% per Consensus Metrix), LOW (+1.3%e vs. +0.1%), and TGT (+4.2%e vs. +3.3%) and maintaining their essentially in-line WMT US SSS (+2.7%e vs. +2.9%), with our 3Q EPS forecasts now $4.05e vs. the Street’s $3.84 (HD), $2.97e vs. $2.89 (LOW), $2.17e vs. $2.06 (TGT), and $0.65e vs. $0.64 (WMT).
• Building products sector: Stifel updates its IBP cut to Hold), TREX, SMG, and UFPI FY26E-FY28E following calendar Q326 earnings with HD the remaining companies in its building products coverage yet to report calendar Q326 earnings. Stifel believes its cautious outlook ahead of earnings materialized; not all R&R markets are created equal, but the final verdict suggests a stable/stagnant home improvement market with no signs of a meaningful broad inflection; QXO shares advanced early after earnings results. JHX shares rose after being announced late Friday to replace ROKU in the S&P Midcap 400 index on 11/11.

• Casinos & Gaming sector: DKNG shares were downgraded at JP Morgan, UBS and Stifel following earnings results/guidance last week that sunk shares. For the Core, it’s Natural for OSB/iGaming growth to slow, but JPMC’s concern is that the ecosystem is becoming less rational as peers look to sustain/reinvigorate growth via promotions.
• Online travel & Lodging sector: airlines AAL, DAL, JBLU, UAL, LUV all surged amid a decline in oil prices after President Trump said renewed strikes against Iran are “highly unlikely.” TRIP was upgraded from Underperform to Hold at Jefferies despite lowering estimates as peer-low valuation and potential catalysts from ramping activist investor involvement create a more balanced risk-reward.

• Energy sector: SOC shares slipped after saying they are looking at options to resolve near-term working capital constraints caused by the downstream purchaser disruption; the move follows results as Q3 net loss widened to $269.3 million, compared to $110.4 million a year ago.
• Solar sector: ENPH says it has shipped more than 8M microinverters and nearly 500 megawatt-hours of batteries from US contract manufacturing facilities; says its US manufacturing footprint now extends to Ai data-center power infrastructure; begins building power modules for its IQ Solid-State Transformer at a Texas facility for Ai data-center applications.

• Lending sector: LDI shares fell as the mortgage lender’s Q3 adj revenue fell 2% sequentially, missing analyst expectations and completed $10B sale of Agency mortgage servicing rights, boosting liquidity; sees Q4 pull-through weighted rate lock volume between $3.25B-$5.35B; said higher unit volume and stronger margins were driven by expansion of home equity lending products, despite lower overall origination volume
• Financial Services: TRU downgraded from Buy to Neutral at Redburn saying while remains positive on TransUnion’s longer-term opportunity for growth and margin expansion, its Q326 results left them with some near-term concerns. Cash flow conversion and India growth were clear positives, but deceleration in US non-mortgage growth, disappointing margin performance and additional interest expense add to the pressures from US mortgages in 2027.

• CMPX said Q3 net loss widened y/y on higher R&D and G&A expenses while ended Q3 with $163 mln in cash and marketable securities, runway projected into 2028; is advancing BLA submission for tovecimig in biliary tract cancer despite FDA request for more data.
• EDSA shares jumped enters collaboration and license agreement with Kyorin Pharmaceutical For Paridiprubart In Japan; Kyorin will obtain an exclusive license to further develop and commercialize Edesa’s drug candidate, Paridiprubart, in Japan, and Edesa will receive an upfront payment of $12 million and milestone up to approximately $134 million.
• IMVT said IMVT-1402 600 mg met the primary endpoint of ACR20 response at Week 28 (92.5% vs. 75.6% placebo, p=0.0139). The secondary endpoints, change in Clinical Disease Activity Index (CDAI) and Simplified Disease Activity Index (SDAI) from Period 2 baseline to Week 28
• IONS Q3 revenue rose 54.8% y/y driven by commercial and R&D revenue growth while Q3 adj operating loss was smaller than analyst expectations; lowered 2026 TRYNGOLZA sales guidance to $50M on slower-than-expected launch ramp.
• LLY and NVO must warn weight-loss drug users of a possible rare side effect that could affect their vision, following a new requirement from the FDA.
• NVCR receives Not Approvable Letter from FDA for its PMA application for Optune Mya for the treatment of adult patients with brain metastases from NSCLC following stereotactic radiation.
• VIR reported results of pivotal Phase 3 ECLIPSE 1 Trial results for Elebsiran and Tobevibart in Chronic Hepatitis Delta. The trial met its primary endpoint, with a 44% response rate in patients receiving elebsiran and tobevibart achieving undetectable virus.
• ZURA shares plunge after saying its experimental drug tibulizumab failed the main goal of a 247-patient study in hidradenitis suppurativa, while the drug also missed key secondary goals, including measures of at least 50% and 75% reductions in skin lesions. Two doses reduced lesion counts by 56% and 58.1%, versus 52.5% for placebo after 16 weeks.

• Medical Research: CRL announced it has entered into definitive agreements to acquire Frontage Holdings Corporation’s bioanalysis and DMPK operations in Exton, Pennsylvania for approximately $470 million in cash, subject to customary closing adjustments.
• Healthcare Services: SGRY shares jumped after HealthSpan Partners, an affiliate of nonprofit hospital system Bon Secours Mercy Health, sweetened its bid to up to $6B, after the receipt of an unsolicited competing proposal from a third party.

• Chemical sector: TROX upgraded from Underweight to Neutral at JP Morgan and withdrawing its price target given uncertain and negative business conditions in the context of the quality of Tronox’s long-term business franchise in a lower interest rate and raw Materials environment

• AMD rises on two fold reason as shares were upgraded to Outperform at Oppenheimer  with a $600 price target saying they see data center revenue surging 135% in 2027, accounting for 85% of sales, as AI GPU revenue overtakes EPYC CPUs. Also benefits from NVDA CEO Jensen saga.
• Anthropic (ANT) said it has upgraded Claude Fable and Claude Mythos. Claude Fable 5.2 and Claude Mythos 5.2 show improvements in areas like coding, reasoning, and vision, according to the company. "Claude Fable and Claude Mythos are the same underlying model.
• GOOGL introduced two new variations of its in-house tensor processing units on Monday, stepping up its challenge to NVDA’s dominance in the artificial intelligence chips market. Google’s TPUs have primarily been used internally for products such as Search, YouTube and Gemini, but has been making the chips available through its cloud business to attract enterprise AI customers.
• Data centers: Deutsche Bank said they believe this post midterm election sell-off is overdone for Comm infrastructure (DLR, EQIX) and that the measures most likely to be implemented at the federal, State, and local levels are unlikely to materially disrupt near- to medium-term development activity at Digital Realty (Buy) and Equinix (Buy).

• DBX offered privately $1B in convertible bonds due 2031 and said it intends to use net offering proceeds to repay, along with cash on hand, at least $750M of borrowings under credit facility.
• MNDY shares fell in software despite earnings beat as revenue outlook signals slowing growth; sees Q4 revenue $380M-$382M, below consensus $385.65M and Q4 non-GAAP operating income $68M-$70M and guides FY26 revenue $1.473B-$1.475B, consensus $1.47B.