Investors Grab Bull By The Horns, Shrug Off Nvidia CEO Affair: Nov. 9, 2026  

Investors appear confident that the bottom is in and are grabbing the bull by the horns as stocks post a buoyant relief rally following Friday’s questionable dead-cat bounce. The major domestic equity indices are advancing by over 1.8%, with the tech-heavy Nasdaq 100 especially leading the charge and rising by 3.3%, even as Nvidia CEO Jensen Huang is believed to have had a romantic affair with Alice Huang, a suspected Chinese spy. Shares of the chip-making juggernaut dropped by as much as 8% on the session, and the fact that we’re having a risk-on day featuring terrific gains for the averages including all 11 principal sectors and their subcategories participating irrespective of that adverse development is emblematic of a conducive setup for strong upside here in the best month for returns from a seasonal perspective. Another thing lifting animal spirits is President Trump stating that reengaging in military hostilities with Iran is highly unlikely, and that’s sending crude oil prices to a 10-week low in consideration of cooling geopolitical tensions amidst an improving supply outlook. However, those lighter inflation expectations driven by softening fuel charges are being offset by better growth projections, as rates rise in bull-flattening motion led by the monetary policy sensitive short-end, ahead of a pivotal CPI report tomorrow, the last print before the final Fed decision of 2026, which currently carries an 85% chance of a hike. But the longer tenors are pretty flat and that’s serving to weaken the greenback while helping to strengthen non-energy commodities and cryptocurrencies. Premiums on volatility protection instruments are dropping hard in light of the offensive winds on Wall Street, and a weaker-than-anticipated CPI on Tuesday would likely spark an extension of this ferocious rebound.

Lower-Than-Anticipated CPI To Extend Rally

The bar is too high here heading into October’s Consumer Price Index (CPI) print tomorrow morning, and a weaker-than-anticipated number at 0.2% or under is poised to extend the relief rally we’re seeing today. With the major equity indices attempting to breakout above pivotal moving averages in an effort to repair the technical damage on the charts stemming from last week’s brutal selloff, a cool inflation report is just what this market needs to get back into its groove. Meanwhile, statements offered by politicians following the blue sweep midterm election result are far less critical of the AI buildout now that the campaign trail is behind us, and the underlying fundamentals of this economy remain upbeat and supportive of durable earnings growth ahead. Additionally, the defeat for the GOP has President Trump turning towards an increasingly conciliatory tone on Tehran, as higher gasoline prices and heavier interest rates resulting from the conflict have further buried shopper sentiment as well as the commander-in-chief’s approval rating. Such a combination of events is incredibly favorable for Wall Street as it gears up for the final weeks of 2026, as ongoing capital expenditure strength coincides with cooling geopolitical tensions amidst robust cyclical momentum characterized by expanding household spending supported by a stable employment picture.  

International Roundup

Chinese CPI Cool, But PPI Hot

China’s October CPI came in pretty cool, although its Producer Price Index (PPI) posted its sharpest jump in a while. Indeed the 0% month over month (m/m) and 0.7% year over year (y/y) changes for the former gauge arrived softer than September’s 0.2% and 0.9%, while comparing to expectations standing at 0% and 0.8%. Transportation/communication saw the fastest acceleration at 5.5% y/y due to heavier fuel charges. The healthcare, other and education/culture/recreation segments experienced y/y increases of 2.4%, 1.8%, and 0.3%, while housing and food/tobacco/alcohol observed declines of 0.3% and 1.6% during the period. The PPI, meanwhile, rose 5.7% y/y, its highest in more than 4 years, and hotter than the anticipated 5.3% and the prior month’s 5%. Strong lifts of 27.9% and 11.6% across the mining and raw materials categories drove the beat. Processing industries printed a 3.5% increase while household products decreased 0.1% y/y.