S&P 500 gains over 2% by midday as US stocks rally without Nvidia's support

US stocks rose during trading on Monday, November 9, with the S&P 500—the index tracking large US listed companies—up more than 2% by midday. The Dow Jones index had gained more than 600 points earlier in the morning.^[1][2]

Contemporaneous coverage described stocks rallying without Nvidia's support, showing that other shares were contributing to the advance. The supplied reports describe trading during the session.^[3][1]

Investors buying shares at higher prices lifted the aggregate market value of large US listed companies. If those businesses subsequently raise money by issuing shares, a higher share price lets them raise the same amount with fewer new shares, reducing the dilution of existing owners' stakes. That is one potential route from this rally to business financing.^[1]

Interest rates remain a constraint. On November 9, the two-year Treasury yield stood at 4.56%, up 0.05 percentage points from Friday, while the ten-year yield rose 0.02 percentage points to 4.88%. Higher Treasury returns raise the expected return investors require from stocks and can increase companies' borrowing costs. Sustaining the rally therefore still depends on earnings prospects and the path of rates.

Impact

What to watch next

• November 10 at 13:30 UTC: October US consumer-price data. Core inflation is expected to slow to 0.2% month over month from 0.3%; the result will test whether inflation is cooling enough to ease rate pressure on stock valuations.