US stock futures advanced on Monday, November 9, as investors bought shares after last week's selloff. Lower oil prices supported the recovery, although Nvidia's decline limited gains among technology stocks. Traders also prepared for US inflation figures and company earnings this week.

Dow Futures Lead Wall Street Recovery

At 8:40 a.m. Eastern Time, Dow Jones futures gained 545 points, or 1.2%. S&P 500 futures climbed 0.85%, while Nasdaq 100 futures rose 0.82%. The smaller Nasdaq advance reflected weakness among chip companies as investors returned after several days of selling.

The rebound followed a difficult week for US equities. On Friday, the Nasdaq Composite gained 1.09% and the S&P 500 added 0.31%, but the Dow lost 0.46%. The week's losses followed a selloff in artificial intelligence shares and concerns about US data-center policy after the midterm elections.

Oil prices also fell Monday, easing pressure on stocks. US crude futures dropped nearly 3% to around USD 88 a barrel, while Brent crude fell more than 3% to approximately USD 95. The decline followed comments from President Donald Trump that reduced expectations of further US military action against Iran.

Nvidia Shares Slide Amid Inquiry Into CEO

Nvidia shares fell about 5% in premarket trading after its board announced an independent investigation. The company is examining reports that a foreign intelligence operation targeted chief executive Jensen Huang. The inquiry follows allegations involving Huang's relationship with a businesswoman whom US authorities reportedly suspected of working for Chinese intelligence.

Huang acknowledged that he had been unfaithful to his wife. However, Nvidia's board said it had no reason to believe anyone compromised US national security or company secrets. Independent directors and outside lawyers will oversee the review, and the board said Huang would cooperate. China's foreign ministry rejected the spying allegations as unsubstantiated.

“Given Huang's central role in Nvidia's success and the wider AI investment narrative, even speculation about leadership uncertainty could unsettle investors,” Daniela Hathorn, senior market analyst at Capital.com, said.

The losses also extended to other chipmakers. Intel, Marvell Technology and Qualcomm fell between 0.5% and 1% before the opening bell. Meanwhile, AMD shares rose after Oppenheimer upgraded the stock, leaving trading across the semiconductor sector mixed.

AI Spending Concerns Keep Investors Cautious

Investors were already questioning AI infrastructure spending before Nvidia's announcement. Last week, the Philadelphia Semiconductor Index recorded its largest weekly drop since March 2025. Concerns over possible restrictions on data centers added pressure to a sector that drove much of the broader market's gains.

Technology stocks still account for more than 35% of the S&P 500's market value. Their weight means changes in major AI shares can move the wider index. Microsoft, Alphabet and Meta rose in Monday's premarket session, partly offsetting Nvidia's decline.

Moreover, Citigroup downgraded US equities from overweight to neutral on Monday. The bank also cut its ratings on global and European technology shares, citing uncertain investor positioning and AI spending concerns. It raised its view on European stocks outside Britain and on global healthcare shares.

Inflation and Earnings Reports Set the Week's Agenda

Investors await the October consumer price index on Tuesday, November 10, and producer price figures on Friday, November 13. The reports will shape expectations for the Federal Reserve's December meeting. Stronger-than-expected October employment data increased bets that policymakers could raise interest rates again.

Company results will offer another measure of demand for technology and data-center services. CoreWeave reports Tuesday, while Cisco and Applied Materials are scheduled for Thursday. Nvidia is due to release its quarterly results on November 17, giving investors another update on AI chip demand.

Meanwhile, KKR reported adjusted earnings of USD 1.78 per share, above analysts' forecasts. Constellation Energy increased its full-year adjusted earnings guidance to USD 12.50–USD 12.80 per share. Of 335 S&P 500 companies reporting through Thursday, 82.4% exceeded forecasts, according to LSEG data.

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