Market Summary - November 9, 2026
Overview
The US market opened with optimism despite ongoing concerns regarding Nvidia and geopolitical tensions in the Middle East. Major Wall Street index futures rose approximately 0.8%, although US gains lagged behind European and Asian markets, which saw increases of over 1% on average.
Oil Prices and Market Sentiment
Oil prices have fallen significantly, dropping over 3.5% following comments from Donald Trump that suggested a restraint on escalating hostilities with Iran. This decline in oil prices has contributed to a more favorable market sentiment.
Upcoming Earnings Releases
Investors are looking forward to key earnings reports from Cisco and CoreWeave, which are expected to provide insights into the health of the AI infrastructure investment boom. Additionally, the upcoming US Consumer Price Index (CPI) data is anticipated to show an acceleration in headline inflation to 3.9%.
Company News
- Nvidia (NVDA.US): Shares fell approximately 5% after the board initiated an investigation into CEO Jensen Huang regarding a potential espionage scandal. Despite assurances that no trade secrets were compromised, the news has negatively impacted sentiment in the AI sector.
- CoreWeave (CRWV.US): Shares increased nearly 4% as investors positioned themselves ahead of the earnings release, showing resilience despite Nvidia's downturn.
- KKR & Co. (KKR.US): Shares rose following Q3 earnings that exceeded expectations, driven by strong performance in private equity holdings.
- Coinbase (COIN.US): Shares declined 2.8% despite receiving regulatory approval for a trust-bank charter, overshadowed by profit-taking in the cryptocurrency market.
- Constellation Energy (CEG.US): Shares gained 2% after management raised full-year adjusted operating EPS guidance, benefiting from demand driven by data centers.
- Monday.com (MNDY.US): Shares dropped 10% following disappointing Q3 results and cautious Q4 guidance.
Technical Analysis
The US100 futures are experiencing significant selling pressure, having broken below key support levels and major exponential moving averages (EMAs). The decline halted near a demand zone around 26,360 points. The Relative Strength Index (RSI) has rebounded to around 33 points, indicating potential for a technical bounce. Immediate resistance for bulls is identified in the 27,180–27,300 points range, while reclaiming 28,231 points and the 200-day EMA would signal a potential trend reversal.
Macroeconomic Data
Canada's leading inflation indicator has dropped to 0.02%. Additionally, US wholesale trade/sales data is set to be released at 4:00 PM.