Wall Street staged a broad rebound Monday after last week’s AI-driven rout, with the Nasdaq 100 up 3.1% and on track for its best session since Aug. 4 as investors stepped back into beaten-down chip stocks. All 11 S&P 500 sectors rose and the CBOE Volatility Index fell 20% to 20.51.
Nvidia went the other way.
Nvidia Corp. 
NVDA fell 5% after its board said independent directors and outside counsel would investigate reports that CEO Jensen Huang was targeted by foreign intelligence. Huang disclosed over the weekend a relationship with a Singapore-based data center executive alleged to have spied on him, while the board said it has no reason to believe trade secrets or national security were compromised.
With the S&P 500 up more than 2%, the slide puts Nvidia on track for its worst day relative to the index since Jan. 27, 2025, when the DeepSeek shock sent the stock down 17%. The drop has erased about $223 billion in market value.
The rest of the chip complex rallied hard. The iShares Semiconductor ETF 
SOXX jumped 7.2%, its best day since July 30, after losing more than 12% on Thursday. Advanced Micro Devices Inc. 
AMD rose 11.8% and Applied Materials Inc. 
AMAT gained 11.5%.
The S&P 500 rose 2.2% to 7,537, up 160 points.
The Dow Jones Industrial Average gained 1,009 points, or 2%, to 52,295. Caterpillar Inc. 
CAT led the blue-chip index with a 6.7% gain as AI infrastructure and industrial names bounced back. The move added about $17 billion to Caterpillar’s market value.
The Nasdaq 100 rose 3.1% to 27,816, and the Russell 2000 advanced 2.8% to 2,830.
Treasuries slipped as investors moved back into risk.
The 10-year Treasury yield rose 3 basis points to 4.88%. The 2-year yield climbed 6 basis points to 4.57%, and the 30-year yield edged up 1 basis point to 5.27%.
Gold rose 1.1% to $4,121 an ounce and silver gained 1.7% to $52.81. Bitcoin 
BTCUSD edged up 0.2% to $74,883. West Texas Intermediate crude fell 3.5% to $87.66 a barrel and Brent sank 4.6% to $93.80 after President Donald Trump said the U.S. was unlikely to renew attacks on Iran as long as talks on its nuclear program and the Strait of Hormuz progressed.
On the data front, the New York Fed’s Survey of Consumer Expectations showed one-year inflation expectations at 3.91% in October, from 3.90% in September. Three-year expectations rose to 3.29% from 3.25%, while the five-year gauge held at 3%.
Monday’s Performance In Major US Indices
| Index | Last | % Change | MTD | YTD |
|---|
| S&P 500 | 7,536.54 | +2.16% | -0.57% | +10.09% |
| Dow Jones | 52,295.11 | +1.97% | +1.01% | +8.80% |
| Nasdaq 100 | 27,816.11 | +3.06% | -2.00% | +10.16% |
| Russell 2000 | 2,829.98 | +2.75% | +0.64% | +14.02% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) gained 2.3%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 2.1%.
- The Invesco QQQ Trust
QQQ climbed 3.4%. - The iShares Russell 2000 ETF (NYSE:IWM) rallied 2.8%.
Industrials Lead as Investors Dump Defensives
The Industrial Select Sector SPDR Fund (NYSE:XLI) led with a 3.8% gain, as Caterpillar and other AI power and building names recovered from last week’s selloff.
The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) lagged with a 0.4% gain as money rotated out of defensives. The Hershey Co. 
HSY fell 3.9% and Philip Morris International Inc. 
PM lost 2.5%.
Technology climbed 3.6% and consumer discretionary 3%, while the Energy Select Sector SPDR Fund (NYSE:XLE) trailed with a 0.8% gain as crude fell. Lower fuel costs lifted the U.S. Global Jets ETF (NYSE:JETS) by 4.5%.
