Nasdaq-100 Rallies 3.4% as Chip Stocks Surge and Nvidia Sinks

The Nasdaq-100 gained 917.64 points, or 3.40%, to close at 27,907.63 on November 9, 2026 — its best session since a 3.43% rise on March 31, 2026. The rally happened without Nvidia. The chipmaker fell 4.27%, or $7.97, to $178.67, the worst result among all 101 index members and its lowest close since April 7.

The Invesco QQQ Trust (NASDAQ:QQQ), which tracks the index, closed at $679.35, up 3.54%. That was the fund's best session since May 12, 2025.

Nvidia carries roughly a 7.1% weight in the Nasdaq-100, second only to Apple at about 8.5%. A rough estimate that multiplies Nvidia's weight by its move puts its drag at about 0.3 percentage points. The index still surged because 86 members rose and only 15 fell.

What drove the chip-sector rebound?

The Philadelphia Semiconductor Index rose 6.85% to 10,033.93. That followed a loss of more than 12% in the week ended November 6. Nvidia was the only stock in the index to decline.

Monolithic Power Systems (NASDAQ:MPWR) gained 16.6%. Applied Materials (NASDAQ:AMAT) rose 11.37%. Apple added 2.43%.

Brent crude fell 5.85% to $92.57, easing inflation concerns. Short covering added to the gains as traders bought back borrowed shares sold earlier. Value buying contributed as well.

What did Nvidia disclose about its CEO?

Nvidia's board opened an independent investigation into national security concerns about CEO Jensen Huang. News reports raised the concerns that prompted the move. Huang disclosed the review in a November 8 memo to employees and said he will cooperate fully. The board said it has no reason to believe national security or company secrets were compromised.

That memo is the only formal record so far. Nvidia's most recent 8-K is its August 26 earnings filing, and no press release on the matter has appeared. Nothing filed names who is conducting the review or when it will finish.

The business outlook has not changed. Nvidia forecast fiscal third-quarter revenue of $108.0 billion, plus or minus 2%. Its market value stands at about $4.31 trillion.

Why is the Nasdaq-100 still in a correction?

The index sits 10.62% below its record close of 31,224.47, set on October 6. It also trades 1.86% below its November 4 close of 28,437.17. That leaves it in correction territory, defined as a drop of 10% or more from a peak.

The Nasdaq Composite rose 2.74% to 25,253.14 and now sits 8.50% below its record, out of correction territory. The Nasdaq-100 remains up 10.53% for 2026.

What could make or break the rebound?

The November 9 session showed breadth matters more to a diversified QQQ holder than one company's governance review. The fund can post a big gain while its second-largest holding falls.

Concentration remains a real risk. Nvidia and Apple hold the two largest index weights. If the Huang investigation turns up a serious problem, QQQ holders would feel it.

The next tests come in quick succession:

• October CPI data on November 10 at 8:30 a.m. ET; economists expect 0.3% headline and 0.2% core inflation
• Applied Materials earnings on November 12
• Nvidia earnings on November 17

A Nasdaq-100 close above 28,437.17 after Nvidia's report would confirm the rebound. A close below 26,989.99 would mean November 9 was only a relief bounce, and the rebound case would be wrong.