Wall Street rallies as oil slump cools inflation worries

· Economy · United States

US stocks posted their best day in seven months on Monday as a technology rally and slumping oil prices cooled inflation worries, with renewed dip buying lifting benchmarks despite Nvidia's plunge over its CEO's spy probe. Nvidia fell as much as 8.8% and at one point saw an historic split from the S&P 500, which erased its midterm election losses. Oil steadied after falling to its lowest since August on optimism around Middle East diplomacy. Traders awaited Tuesday's October consumer price index, with the headline expected to rise 0.3% and core 0.2%. A top forecaster predicted the yen could rally toward 147 per dollar next year as the US-Japan rate gap narrows, while South Korea's Kosdaq closed at 638.97, down nearly 48% from its April peak.

Why it matters：Markets are pricing a turning point in the Iran conflict and the rate cycle, which will shape borrowing costs and investment worldwide.

Key points

  • The S&P 500 had its best day since April.
  • October CPI is due Tuesday.
  • The Kosdaq is down 47.9% from its April peak.

Sources (original reporting)

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