Key Highlights

  • The Nasdaq Composite added 673.71 points, or 2.74%, to finish at 25,253.14 on November 9, 2026, its strongest daily advance since July 30.
  • The Nasdaq-100 jumped 3.40% to 27,907.63, while Invesco QQQ Trust (NASDAQ:QQQ) rose 3.54% to about 678.76, returning to its 200-day moving average.
  • The advance broke a streak of four consecutive weekly losses for the Nasdaq-100, a run that included a session last Thursday when roughly USD 2.3 trillion of index value disappeared.
  • Semiconductors, large platform companies and AI hardware names led, although Nvidia slid 4.27% amid its board probe into CEO Jensen Huang.

Drivers of the Snapback

The sell-off leading into Monday was fueled by fears that a Democratic-controlled Congress would clamp down on AI data centers after voters turned down 40 of 41 Data Center ballot measures in the midterms. Those worries drove the S&P 500 to its worst week since April 2025. Three things shifted on Monday. Crude fell hard on hopes of an Iran agreement, easing Inflation and rate pressure. Valuations in the most battered chip names had compressed enough to lure buyers, and the Philadelphia Semiconductor Index surged 6.85%. Finally, short positions were heavy, so covering magnified the move. Meta climbed 5.1%, Microsoft 2.8% and Apple 2.4%, while AMD leapt 13.26% after a brokerage raised its rating. Industrials and tech were the leading S&P 500 groups, each rising beyond 3.7%, and the advance reached well past the biggest names.

Reading the 200-Day Average

QQQ's return to its 200-day Moving Average carries technical weight. Trend-focused investors and systematic funds frequently view that line as the boundary between a correction and a renewed uptrend. Climbing back above it after a steep drop hints that selling pressure has cooled, but failing to hold it in the coming sessions would mark Monday as a short-covering pop. Flows add some support. QQQ attracted roughly USD 5.1 billion of inflows in the week ending November 6, even though prices fell, a sign of buying on weakness instead of capitulation. Volatility also collapsed, with the VIX off more than 22% at 19.92. On the other side, one major bank downgraded its stance on US equities and global tech to neutral that same day, pointing to AI exposure. Traders will also check whether Volume stays heavy on up days, which would back a durable recovery over a Bear Market bounce.

Threats to the Rebound

Several obstacles remain. October CPI lands on November 10, and futures already price about 80% odds of a December rate increase, a headwind for long-duration growth shares. The 10-year Treasury Yield sits around 4.88%. Nvidia, which carries a top-two weight in QQQ, faces a governance cloud until its board review ends, and it reports on November 17. Policy risk for data centers is unresolved, and early trading in futures on November 10 had Nasdaq-100 contracts slightly lower while Dow futures firmed, signaling caution. Results from CoreWeave on November 10, and from Cisco and Applied Materials later this week, will test AI demand. A busy run of Treasury auctions this week piles more rate risk onto growth shares.

Where Things Stand

QQQ's 3.54% advance on November 9 was the strongest tech session since summer and brought the fund level with its 200-day average again after four down weeks. The question of whether the correction has ended hinges on CPI, Nvidia's November 17 report and a cluster of AI infrastructure Earnings this week. If QQQ stays above the 200-day line, the view that the worst of the post-election selloff is behind it gains support.