US Stocks Surge After Midterms Amid Nvidia Spy Probe
US stock markets rose on Monday following Democratic midterm victories, though Nvidia shares fell amid a probe into a suspected Chinese spy operation targeting its CEO.
U.S. stock markets surged on Monday as investors responded positively to Democratic victories in the House and Senate during the midterm elections. The Dow Jones Industrial Average rose 2.15%, the S&P 500 gained 2.35%, and the Nasdaq Composite climbed 2.74%.
Despite the general rally, Nvidia shares fell 4.3%, erasing more than $200 billion in market capitalization. The company is currently investigating whether CEO Jensen Huang was targeted by a Chinese spy operation involving a romantic relationship with a suspected intelligence agent.
Other corporate developments included job cuts at Boeing, which plans to eliminate approximately 2,500 positions in its commercial business, and PepsiCo, which intends to cut 1,000 jobs. Additionally, The Children's Place filed for Chapter 11 bankruptcy following a failed turnaround attempt by a Saudi family.
Global oil prices dropped 5.85% after President Donald Trump stated that new strikes on Iran are unlikely if nuclear negotiations progress.
