Morning Preview: November 09, 2026

Early Look

Monday, November 9, 2026

U.S. stocks are looking higher to kick off the trading week, attempting to rebound after stocks tumbled last week following Thursday’s AI-driven selloff, led by semiconductor and AI-related names as the Nasdaq ended lower for a 4^th straight week. Technology stocks are still the focus for Wall Street to start the week after Nvidia’s (NVDA) board is launching an independent investigation into reports that a woman CEO Jensen Huang was having an affair with was allegedly spying on him for the Chinese government. “While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information,” the board said in a statement. Nvidia stock fell 4% before the bell on Monday. Outside of the NVDA story, earnings begin to wind down this week after 440 of the 500 S&P 500 companies have reported, though still some notable names on the calendar with AMAT, CSCO, NBIS, CRWV this week as well as key jobs data.

For last week, it was rough sledding for technology (XLK -8.2% on the week), while the Dow industrials fell -0.94%, the S&P 500 lost -2.68% and the Nasdaq dropped -3.37% for its 4^th straight weekly decline. Tech stocks rebounded Friday following a brutal week of tech driven market selloff. Economic data was strong raising expectations of a Fed rate hike in December as the October nonfarm payrolls surged to 165K vs. 65K expected; prior two months revised higher by a net 84K while average hourly earnings rose 0.4% MoM vs. 0.3% expected; annual wage growth eased to 3.1% but remained above the 2.9% forecast.

Last week, the 10-year Treasury yield rose 2.3 bps Friday to settle at 4.858%, but was down about 7 bps on the week and now down 41.8bps over the last 5 weeks, the longest stretch of falling yields since February 2025. The two-year, which is more sensitive to Fed moves, rose 4.5 bps to 4.52%, but was down -5.9 bps on week and now down 34 bps over the last 6 weeks (longest streak of weekly yield declines since Sept 2025). The 30-yr yield was up slightly today at 5.26%, but down 5bps on the week – also down for 5 straight weeks.

In Asian markets, The Nikkei Index jumped 1,304 point or 2.3% to settle at 58,775, the Shanghai Index edged higher 11 points to 3,660, and the Hang Seng Index declined -32 points to 24,448. In Europe, the German DAX is up 275 points to 26,094, while the FTSE 100 rises 88 points to 10,763. Oil prices are falling further after tumbling -16% last week on media reports that Iran has dropped demand to control Strait of Hormuz and collect transit fees.

• The Dow Jones Industrial Average fell -237.33 points, or 0.46%, to 51,285.73
• The Nasdaq Composite gained 264.43 points, or 1.09%, to 24,579.43
• The Russell 2000 Index advanced 24.22 points, or 0.89% to 2,754.11

• 10:00 AM ET                Wholesale inventory M/M for September
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

• Earnings After the Close: AAON ACHR AMCX AMRC APEI APPS ASTS BETR BKKT BTGO BW CCAP CHRS CNNE CSQR CWEN CWST DFTX DHT DJT DSP ETD FWRD GAIN GRPN GSHD HIMS HIVE HPK HRB HROW IHRT JRVR KLTR KMPR LCID LINE MARA MYO NRDY ONTO OSUR OXY PAYS PLUG PUBM QLYS QMCO QUBT RKLB RNGR RPAY RXT SANM SB SIGA SKYD TDW TTD TTWO USAR XENE ZETA ZIP ZYME

• Raymond James 2026 Insurance Conference, 11/9 (virtual)
• Oppenheimer 10th Annual Virtual Internet Bus Tour, 11/9-11/10 (virtual)
• China PPI, CPI, Import/Export data for October
• Wells Fargo EEI Financial Conference, 11/8-11/10, in Arizona

• China will suspend an additional 24% tariff on US goods for another two months, formalizing a decision by the two countries’ leaders to prolong their trade truce until next January. The move will take effect at 1:01 p.m. Beijing time Tuesday, with a 10% blanket tariff retained on US imports.

• The National Highway Traffic Safety Administration on Monday said it opened a preliminary evaluation into more than 1.2 million Ford (F) vehicles over the accidental deployment of seat-mounted side airbags that caused serious burn injuries.
• Molson Coors (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.

• CNH Industrial (CNH) Q3 adjusted EPS $0.16 vs. est. $0.10; Q3 revs $4.4B vs. est. $4.53B; Q3 adj net income $205M vs. est. $129M.

• Unum Group (UNM) was upgraded to Overweight from Neutral at JPMorgan citing the 18% post-earnings selloff to worse than expected disability margins in the U.S. and UK. Unum’s risk/reward is now attractive, even on lowered estimates, as stable employment and wage trends should be supportive of the business.

• Charles River Laboratories International, Inc. (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. In addition to the initial purchase price, the transaction includes additional payments of up to $75 million, contingent on future performance of the acquired businesses.
• Edesa Biotech (EDSA) enters collaboration and license agreement with Kyorin Pharmaceutical For Paridiprubart In Japan; Under the terms of the agreement, 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.
• Genmab (GMAB) shares edge higher after drugmaker’s partner JNJ FDA approval for head and neck cancer drug Rybrevant Fasbro; Genmab is set to receive royalties of 8–10% of net sales of the drug, which has already been approved for lung cancer.
• Immutep (IMMP) announced positive Phase I results for IMP761 in healthy volunteers, presented at ACR Convergence 2026. A single infusion significantly suppressed T-cell-driven immune responses, with stronger effects at higher drug exposure. IMP761 was well tolerated across all seven dose levels, with no serious or severe adverse events reported.
• Johnson & Johnson (JNJ) reported first-in-human Phase 1 results for the investigational combination of pasritamig and JNJ-9401, two bispecific antibodies designed to work together to enhance the immune system’s ability to target advanced prostate cancer. At the recommended dosing regimen, 73% of treated patients achieved a prostate-specific antigen (PSA) reduction of at least 50%, while 47% experienced deep PSA declines of 90% or more.
• Mineralys Therapeutics (MLYS) presented Transform-HTN results November 8, 2026, showing sustained blood pressure reductions with lorundrostat in uncontrolled or resistant hypertension. Blood pressure reductions persisted for nearly a year, with more than half of participants reaching the recommended systolic blood pressure target. Long-term treatment was well tolerated.
• Vir Biotechnology (VIR) shares rise after announced Sunday, expanded phase 2 SOLSTICE Data For Elebsiran, Tobevibart in chronic hepatitis delta, with 100% (28/28) undetectable HDV RNA at week 96, 100% (10/10) sustained viral response after treatment discontinuation.

• AMD Corp. (AMD) was upgraded to Outperform from Perform with a $600 price target at Oppenheimer saying they see data center revenue surging 135% in 2027, accounting for 85% of sales, as AI GPU revenue overtakes EPYC CPUs. Expects OpenAI, Meta, Anthropic, Oracle and Microsoft to drive growth through 2028.
• Akamai (AKAM) plans $2.2B convertible note offering to refinance debt and fund cloud infrastructure expansion; plans to issue $1.1B in convertible notes due 2028 and another $1.1B due 2031, with option.