US Stock Post-Market Report - November 9, 2026

The U.S. stock market ended Monday's trading session with a broad-based rally, as all three major indexes posted strong gains amid a post-election relief surge and falling oil prices. Investor sentiment turned decisively positive following the midterm election outcome, which saw Democrats win control of both chambers of Congress, paving the way for a divided government and reducing uncertainty around trade policy. The S&P 500 closed at 7,570.67, up 193.81 points or 2.63%, while the technology-heavy Nasdaq Composite surged 745.89 points or 3.03% to 25,325.31, reaching a record high. The Dow Jones Industrial Average jumped 1,213.64 points or 2.37% to 52,499.37, marking one of its strongest single-day performances of 2026. Trading volume was robust across all major indexes, with the Nasdaq recording approximately 5.83 billion shares traded.

Sector Performance

Among sectors, industrials led the advance with the Industrial Select Sector SPDR Fund (XLI) climbing 4.22% to $169.53, followed closely by the Technology Select Sector SPDR Fund (XLK), which rose 4.00% to $171.33. The Consumer Discretionary Select Sector SPDR Fund (XLY) gained 3.50% to $121.69, reflecting renewed optimism about consumer spending and economic growth. Communication services (XLC) advanced 2.73%, materials (XLB) rose 2.58%, and healthcare (XLV) added 2.03%. Defensive sectors lagged the broad market, with energy (XLE) essentially flat at +0.15% to $61.71 as crude oil prices plunged more than 7% on the day, and consumer staples (XLP) edging up just 0.90%. The sector rotation reflected a classic risk-on move, with investors rotating out of defensive positions and into cyclical and growth-oriented areas of the market.

Notable Stock Movements

Mega-cap technology names dominated the session's notable movements:

• Tesla (TSLA) surged 6.33% to $380.88, gaining $22.66, supported by its recent third-quarter earnings beat where adjusted EPS of $0.48 exceeded analyst expectations of $0.45, even as revenue of $28.05 billion came in slightly below forecasts.
• Meta Platforms (META) jumped 5.93% to $646.31, adding $36.16.
• Amazon (AMZN) rose 3.62% to $268.69.
• Microsoft (MSFT) advanced 3.25% to $547.87.
• Apple (AAPL) gained 2.57% to $351.18 on 24.4 million shares traded.
• Alphabet (GOOGL) added 1.68% to $289.56.

In contrast, Nvidia (NVDA) was the notable laggard among the mega-caps, declining 4.77% to $177.75 on heavy volume of 377.8 million shares, as investors took profits ahead of the company's highly anticipated earnings report scheduled for November 19. The divergence highlighted ongoing market sensitivity to AI-related valuations, with investors reassessing positions in chip stocks that have driven much of the index's gains this year.

Macroeconomic Data

On the macroeconomic front, inflation data remained a key focus for investors. The Consumer Price Index for September rose 3.7% year-over-year, with core CPI (excluding food and energy) up 2.6% over the same period. Producer prices showed more persistent pressure, with the Producer Price Index climbing 6.3% year-over-year in September, well above the 5.3% consensus forecast and marking the highest reading since December 2022. Goods PPI surged 2.6% in September, the largest monthly increase since 2009, while energy producer prices jumped 10.8% for the month. The labor market continued to show resilience, with the unemployment rate holding at 4.1% in October and nonfarm payrolls adding 165,000 jobs. Average hourly earnings increased by $0.14 in October. Services activity expanded at a slower pace in October according to ISM and S&P data, as businesses continued to grapple with elevated costs, though private-sector hiring remained solid per the ADP report.

Federal Reserve Policy

Federal Reserve policy remained in focus following the October FOMC meeting, where the central bank maintained its target range for the federal funds rate at 3.75% to 4.00%. The Fed's September dot plot indicated a median projection for the federal funds rate to end both 2026 and 2027 between 4.00% and 4.25%, implying one additional quarter-point increase potentially before year-end. Market participants are now pricing in a possible 25-basis-point hike at the December FOMC meeting, with Fed officials emphasizing that there is no soft inflation target and reiterating their commitment to the 2% inflation goal. The Chicago Fed president recently spoke of a potentially painful response to supply shocks, underscoring the committee's vigilance on price stability. Treasury yields remained elevated, with the 10-year yield hovering near 5%, adding pressure to rate-sensitive sectors while supporting financials.

Policy & Geopolitical Developments

The midterm election results dominated policy headlines, with Democrats winning control of both chambers of Congress. Market strategists noted that this outcome could bring greater stability to trade and tariff policy, though deeper shifts in U.S. trade policy would likely wait until the 2028 presidential election. In international developments, U.S. Treasury Secretary Scott Bessent announced that the United States and China have agreed to extend the Busan trade agreement reached in October 2025 by two months, pushing the deadline from November 10, 2026 to January 10, 2027. The U.S. Trade Representative also extended tariff exclusions on 178 Chinese products, and China indicated it would continue its exclusion process through December 31, 2026. Meanwhile, tensions in the Middle East showed signs of de-escalation, with reports that President Trump had axed attack plans and suggested a potential peace deal may arrive in coming days, contributing to the sharp decline in oil prices. The combination of political clarity, easing geopolitical risks, and falling energy costs provided a supportive backdrop for equities, though investors remain cautious about persistent inflation and the Fed's tightening trajectory heading into year-end earnings season.