Investors Grab Bull By The Horns, Shrug Off Nvidia CEO Affair: Nov. 9, 2026 — 2026-11-09
What moved & why: Risk-on sentiment dominated as investors declared the bottom in, driving a broad relief rally despite Nvidia CEO scandal. Trump's dovish Iran rhetoric and cooling geopolitical tensions eased oil supply concerns, while better growth projections and seasonal tailwinds (November historically strong) lifted animal spirits across all 11 equity sectors.
Cross-asset:
- Equities: SPX +1.8%, Nasdaq 100 +3.3%; all sectors participating; NVDA down 8% on session despite broad rally
- Rates/Treasuries: Bull-flattening motion with short-end (policy-sensitive) rising ahead of CPI; longer tenors flat
- Dollar: Weakening on flat long-end yields
- Oil: Crude to 10-week lows on Iran de-escalation and improving supply outlook
- Commodities: Non-energy commodities strengthening on weaker dollar
- Crypto: Strengthening on weaker dollar backdrop
- Volatility: VIX-like premiums dropping sharply
Econ / Fed angle: Fed funds futures price 85% probability of a December hike. Tomorrow's October CPI print is pivotal—the last inflation data before year-end Fed decision. Lighter inflation expectations from softening fuel charges are offset by stronger growth projections. Market needs a CPI print of 0.2% m/m or lower to sustain rally; stronger print could derail momentum.
Watch next: October CPI report (Tuesday morning) ahead of final 2026 Fed decision; China's hot PPI (5.7% y/y, 4-year high) signals producer-side inflation pressure globally despite cool CPI (0.7% y/y).