Market Close: Stocks Rally, Nvidia CEO Scandal, Skydance Disappoints • 11/9/26

0:00See NBC Business News update market close. I'm Jessica Ettinger. Wall Street will open Tuesday morning after a strong day for the major averages. Even with the NVIDIA bombshell scandal, oil fell dramatically. U.S. crude below$87 a barrel on hope the U.S.-Iran war will end sooner rather than later. The Dow was up 1 ,104 points. Caterpillar shares led it higher. They were up 7 percent. The Dow up 2 percent on Monday. The S &P 500 index up 2.3 percent. It was up 173 points. The NASDAQ was up almost two and three quarters percent, 2.7 percent, up 673 points. The market at least responded to some pretty washed out conditions, especially in the AI trade.

0:48Oil down. We also got the good jobs report Friday. That's still part of the story. We closed about a quarter of a percent off of where we finished on Election Day. So we've essentially done this sort of one week round trip. CNBC's Mike Santoli. Chipmaker's shares soared Monday, including AMD shares, which were up 13 percent. NVIDIA dropped 4 percent. CEO Jensen Wang apologizing to his staff and his family, admitting an extramarital affair with an alleged female Chinese spy. Here's the Portman Square Group's Michael Baker on CNBC. Once he started that relationship with this woman, with Alice Wong, the alleged, I can't believe I'm using the word alleged after all these years of working in counterintelligence with China.

1:33There were individuals within the Ministry of State Security getting promotions. There were parties going on, right, because from their perspective, he's now compromised. They've set the hook. He took the bait, a classic sort of operation. This was a major score for the Chinese intel apparatus. Rochefort's Kyle Bass on CNBC now with a take. If our country left national security up to the private sector, we'd all speak Chinese tomorrow. And we all know China is modernizing its battlefield, modernizing its military with NVIDIA's most advanced chips. And we are selling the chips. It'd be like us selling ammunition to the Germans in 1939.

2:11But what about the stock? A take on NVIDIA from Aureus Assets' Karen Firestone on CNBC. She owns it. So the stock is down 26 % in about a month. I'm not saying anybody should buy it now, but markets have a way of stabilizing. This is very bad for him. I don't think it's going to end well. I think it's unlikely that if this woman happens to be found a spy, he can keep his job. I don't think that's going to be able to happen. Skydance shares dropped 3 % in After Hours trading Monday on disappointing quarterly results. The numbers don't include the Warner Brothers Discovery Company. It just bought in the quarter.

2:49Paramount Plus and HBO Max will be combined. The company also says it plans to cut$6 billion in costs. The college football playoff expands to 24 teams next year. It's a five-year,$1.7 billion deal with ESPN. Comes at a cost. Here's CNBC's Mike Ozanian. An additional$345 million for college football. However, this will eliminate the conference games for the big four conferences. So college football is going to be giving ESPN some money back. They're going to be giving Fox some money back. It's really going to net about$155 million. I think the teams that have been squeezed out of the 12-team format and have just missed are going to like it.

3:33I'm kind of a little disappointed. To me, it takes some of the prestige out of actually making it. PepsiCo planning about 1 ,000 job cuts globally, according to a letter obtained by CNBC, first reported by the Wall Street Journal. On Tuesday's watch list, it's all about inflation with the latest CPI report, the Consumer Price Index. Jessica Ettinger, CNBC. Traders don't need a prettier app. They need a better angle. Schwab's think-or-swim trading platforms were built for real traders like you. They have an insane amount of chart studies. I'm talking over 300 studies for virtually any strategy.

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