Dow jumps 500 points as oil drops

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Before The Bell

Change over the last 24 hours · as of Nov 10, 2026, 6:09 AM ET

Dow jumps 500 points as oil drops LINK

• Wall Street rebounded yesterday, with the Dow climbing 569.51 points, or 1.11%, as investors shook off last week's post-midterm sell-off and looked past AI-related worries.
• The gains came even as Nvidia fell 5.6% on an internal probe into whether a foreign intelligence operation targeted CEO Jensen Huang, raising questions about his future at the world's second-most valuable company.
• Attention now turns to October inflation data due today, expected to show prices up 2.7% from a year earlier, a figure traders are watching amid lingering concerns about a possible December interest-rate increase.

Fed's Waller leans toward December rate hike LINK

• Fed Governor Christopher Waller said today he is "leaning toward" an interest rate hike in December, and raised the prospect of a larger half-percentage-point move if October inflation data comes in hotter than expected.
• Waller argued that after the Fed signaled further tightening around its October meeting, failing to deliver would damage its credibility and push rates lower, loosening policy in what he called an undesirable way; he said raising only a quarter point could put that credibility at risk.
• Markets currently price a better than 80% chance of a December quarter-point hike but see no chance of a half point, per CME Group's FedWatch, with the next inflation report due today and the Fed's meeting set for Dec. 8-9.

Google unveils two AI chips to challenge Nvidia LINK

• Google unveiled two custom AI chips yesterday, the TPU 8tx and 8i Max, expanding its push to challenge Nvidia's dominance in artificial-intelligence hardware, with both set to become available next year.
• The chips are reworked versions of existing silicon rather than new designs: the 8tx encrypts data at the chip level for privacy-sensitive clients like government bodies, while the 8i Max fuses two chips for AI tasks needing more memory and processing power.
• Demand is outrunning supply, with Google saying every TPU it has is already committed to customers including Apple, Meta and Oracle, while Anthropic holds the right to buy up to $150 billion of the chips from 2028 through 2031.

Anthropic cuts AI model prices 20% before IPO LINK

• Anthropic released two AI models, Claude Fable 5.2 and Mythos 5.2, priced 20% below the previous generation, as it readies an IPO that could come as soon as next week.
• The models run 30% faster than their predecessors, and the cheaper pricing positions the company on cost against rivals as executives prepare to kick off the IPO roadshow.
• Anthropic is targeting a valuation of $1 trillion to $1.5 trillion in the offering, down from a figure floated in recent months, and must convince investors its safety-focused approach can withstand competitive pressure flagged in its prospectus.

Mitsui Chemicals to buy chip materials maker JSR for $12B LINK

• Mitsui Chemicals, together with the Development Bank of Japan, agreed to buy semiconductor-materials maker JSR in a deal worth about $12 billion including assumed debt, with JSR's equity valued at roughly $8.8 billion.
• Mitsui will fund the purchase with a ¥1.64 trillion bank bridge loan, later refinanced via a share sale and other financing, and aims to cut net debt below 4 times EBITDA within three years of closing, expected in the second half of fiscal 2027.
• JSR, No. 2 in the global photoresist market and delisted in 2024, would add a chip-materials unit that earned ¥63.2 billion in operating income last fiscal year, as Mitsui courts Japan's government-backed push to consolidate the sector.

Macro News

• China's factory prices rose fastest since 2022, while consumer inflation cooled. LINK
• Brent fell nearly 3% after Trump said Iran war was effectively over. LINK
• Australia will require AI breach reporting and establish a regulator with penalty powers. LINK
• EU plans to ban ten manipulative online design practices under draft law. LINK
• EU enlists finance industry to standardize tokenized securities rules and settlement. LINK
• Canada launches delayed real-time payments system, available around the clock year-round. LINK
• France blames Iran for supermarket cyberattacks, considers sanctions against perpetrators. LINK
• Hormuz LNG tanker shipments rose to their highest level since February. LINK
• Japan spent a record ¥7.98 trillion in one day defending the yen. LINK
• China's trade surplus topped $1 trillion early as AI demand boosted exports. LINK

Corporate News

• PNC and Coinbase will let institutional clients receive USDC payments. LINK
• NYSE selects Avalanche blockchain for planned tokenized-securities clearing platform, pending regulatory approval. LINK
• Nvidia shareholder sues over CEO's alleged ties to suspected Chinese spy. LINK
• Nominal raises $240 million at $3 billion valuation for hardware engineering AI. LINK
• Securitize shares climbed after growth and asset-backed finance acquisition announcement. LINK
• Boeing will cut 5% of commercial airplane workforce after production ramp lagged. LINK
• Honda invests $3 billion in Ohio plant as automakers shift US production. LINK
• Lucid missed quarterly estimates despite Saudi fund loan boost amid cost cuts. LINK
• NRG sells six gas plants to LS Power for $4 billion. LINK
• Morgan Stanley will bring shareholder share-transfer operations in-house by acquiring Vinyl Equity. LINK

Stocks

▲ Biggest winners

QXO rose 19% after preliminary Q3 net sales of $4.90 billion, up 79% year over year. LINK

AST SpaceMobile rose 14% after AST SpaceMobile and Rakuten formed Rakuten AST, a joint venture to build a satellite-to-smartphone network in Japan with about $1 billion in expected Japanese government support. LINK

Coherent rose 17% after a five-year, $20 billion PhotonLink supply agreement with a hyperscaler. LINK

▼ Biggest losers

NVIDIA fell 4% after its board launched an investigation into CEO Jensen Huang's affair with an executive suspected of working for Chinese intelligence. LINK

First Solar fell 5% after Piper Sandler cut its price target to $222. LINK

Alibaba Group Holding fell 4% after Alibaba missed EPS expectations by $0.68 in its latest quarterly earnings report. LINK

Research & Reports

• AI could eliminate up to 70% of manual bank risk tasks. LINK
• US job-loss fears highest since 2020 lockdowns; inflation expectations remain elevated. LINK
• HSBC upgrades Indian stocks, cuts Chinese equities to neutral amid weak catalysts. LINK
• Morgan Stanley sees S&P correction nearing end, but advises against buying dip. LINK
• Study says Fed policy improved only recently; earlier outcomes relied on luck. LINK
• MENA mobile economy could reach €421 billion by 2030, despite widespread disconnection. LINK

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