Daily Market Briefing — 10 November 2026
Wall Street staged a sharp rebound on Monday, with the NASDAQ 100 up 3.40% after a bruising week, but Nvidia sat out the party. With US CPI landing at 1:30pm GMT today, traders face a fresh test of whether the rotation trade can survive the inflation print.
Market Recap
Monday was a day of two halves for US markets, and not every chip stock got the memo. The S&P 500 closed at 7,549.94, up 2.35%, while the NASDAQ 100 jumped 3.40% to 27,907.62 and the Dow gained 2.15% to 52,389.75. The Dow still managed its third 1,000-point swing in four days, and one strategist noted it took one election and one poor Nvidia headline to turn Washington from tailwind to potential headwind. A sharp drop in oil helped sentiment, with WTI down 1.81% to $85.28, and the rally kept spreading beyond Big Tech. Futures are pointing higher ahead of the October CPI print.
Key Movers & Themes
Nvidia in the spotlight. NVDA closed at $178.67, down 4.27%, after its own board opened an investigation into CEO Jensen Huang over an affair with a woman alleged to be a Chinese spy. President Trump says the FBI is also investigating. Analysts warn the fallout could become a longer-lasting problem, and CNBC notes there is no clear successor to the renowned CEO.
Chip rivals catch the bid. AMD closed at $508.58, up 13.26%, Applied Materials rose 11.37% and Broadcom gained 8.78%. In the NASDAQ 100, Lam Research added 10.41%, Marvell 9.49% and Micron 6.28%. Analysts cautioned that AMD and Broadcom could face greater scrutiny over their own sales practices.
Asia follows Wall Street. SoftBank Group shares surged 13% in Asia, even as the company swung to a $7 billion net loss in its second quarter on the tech selloff. TSMC's October sales are due Tuesday.
The Big Question
Can the rotation trade survive hot inflation? Bulls point to a strong October jobs report and a rally broadening beyond Big Tech. Bears note the October CPI is forecast at 3.9% year on year, up from 3.7%, and a heavy slate of Fed speakers could challenge the rally if the print surprises to the upside.
Economic Calendar — What to Watch Today
- 13:30 GMT, US — CPI inflation (Oct): headline MoM forecast 0.3% (prev 0.6%), YoY forecast 3.9% (prev 3.7%). This is the day's key event.
- 13:30 GMT, US — Core CPI (Oct): MoM forecast 0.2% (prev 0.3%), YoY forecast 2.8% (prev 2.6%).
- 18:00 GMT, US — 10-Year Note Auction: bid-to-cover and allotment details.
- 21:30 GMT, US — API Crude Oil Stock Change: forecast 0.5 (prev -5.267).
- Earlier: UK BRC Retail Sales Monitor came in at 1.1% YoY (prev 1%).
Technical Levels to Watch
| Stock | Close | Pivot | Support (S1 / S2) | Resistance (R1 / R2) | Cam S3 / R3 | RSI | Signal |
|---|---|---|---|---|---|---|---|
| NVDA | $178.67 | $176.28 | $172.63 / $166.60 | $182.31 / $185.96 | $176.01 / $181.33 | 27.4 | Oversold |
| AMD | $508.58 | $497.32 | $479.47 / $450.35 | $526.44 / $544.29 | $495.66 / $521.50 | 47.7 | Neutral |
| AAPL | $350.69 | $349.27 | $346.20 / $341.72 | $353.75 / $356.82 | $348.61 / $352.77 | 57.6 | Bullish |
| MSFT | $545.18 | $544.05 | $539.83 / $534.47 | $549.41 / $553.63 | $542.55 / $547.81 | 57.5 | Bullish |
| AMZN | $266.93 | $269.73 | $264.11 / $261.30 | $272.54 / $278.16 | $264.61 / $269.25 | 59.2 | Bullish |
| TSLA | $378.05 | $373.42 | $364.65 / $351.24 | $386.83 / $395.60 | $371.95 / $384.15 | 49.9 | Neutral |
| AVGO | $319.48 | $315.61 | $308.16 / $296.85 | $326.92 / $334.37 | $314.32 / $324.64 | 44.7 | Bearish |
| GOOGL | $288.15 | $290.83 | $285.33 / $282.51 | $293.65 / $299.15 | $285.86 / $290.44 | 32.9 | Bearish |
NVDA's S1 at $172.63 is the level to watch given the oversold RSI of 27.4, and a break lower puts S2 at $166.60 in play. Breadth is mixed beneath the rally: in the NASDAQ 100, 7 stocks are bullish on EMAs versus 8 bearish, and in the Dow it is 8 bullish versus 10 bearish. MACD is skewed negative, with 13 bearish crossovers in the Nasdaq and 12 in the Dow, so the bounce still looks fragile.
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $85.28 | -$1.57 | -1.81% |
| Brent Oil | $90.96 | -$1.61 | -1.74% |
| Gold | $4,129.30 | +$14.80 | +0.36% |
| Silver | $53.04 | +$1.24 | +2.39% |
| Natural Gas | $3.240 | +$0.290 | +10.08% |
| GBP/USD | 1.3448 | +0.0014 | +0.10% |
| EUR/USD | 1.1231 | +0.0024 | +0.21% |
| USD/JPY | 158.00 | -0.47 | -0.30% |
| Bitcoin | $74,558.58 | -$26.07 | -0.03% |
Natural gas was the standout, jumping 10.08% to $3.24 and closing at the top of its five-day range. Oil moved the other way, with Brent slipping to $90.96, its lowest close in the five-day window, which helped risk appetite. Silver outpaced gold, gaining 2.39% against gold's 0.36%.
Trading Outlook
Our bias is cautiously bullish while the S&P 500 holds above Monday's close of 7,549.94, but today's CPI print is the catalyst that could flip it. A hot reading against the 3.9% YoY forecast could unwind the rotation trade quickly. Be alert from 1:30pm GMT, keep position sizes sensible around the release, and watch NVDA's $172.63 level for further headline-driven moves.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.