Chipmakers lead US stock rebound as oil drops

U.S. equities staged a powerful rebound on Nov. 9, led by semiconductor shares, but the rally did little to lift crypto-linked stocks or reverse heavy withdrawals from spot Bitcoin ETFs. Strategy, the largest corporate Bitcoin holder, fell 2.59% even after disclosing another purchase, while Bitcoin traded below the companys average acquisition price and U.S. spot Bitcoin funds recorded $1.282 billion in net outflows over the previous week.

The S&P 500 rose 2.35% to 7,549.94 and the Nasdaq gained 2.74%, while the Philadelphia Semiconductor Index surged 6.86%. The VIX volatility index fell 22.31%, ending at 19.92 after closing at 25.64 the previous Friday. The move marked a sharp reversal from the prior weeks selloff, aided by a steep decline in oil prices and renewed buying in technology shares.

Bitcoin changed little during the session, quoted at $74,853.97, down 0.4% over 24 hours. That left the cryptocurrency below Strategys disclosed average purchase price of $75,456 per Bitcoin, underscoring the split between the equity markets enthusiasm for artificial-intelligence infrastructure and a more defensive mood in digital-asset markets.

Strategy adds Bitcoin as shares decline

Strategy closed at $125.59, giving the company a market capitalization of about $53.04 billion. Its Nov. 2-to-Nov. 8 filing showed that the company bought 1,036 BTC at an average price of $79,012, increasing its holdings to 850,364 BTC.

At Bitcoins quoted price of $74,853.97, those holdings were worth about $63.65 billion, compared with a reported aggregate cost basis of $64.16 billion. That implies an unrealized loss of roughly $510 million, or 0.8%, based on the reported figures.

The filing also showed Strategy raised $283.8 million in net proceeds during the period. About 28.9% of that amount was used to acquire Bitcoin, while 66.3% went toward repurchasing STRC, one of the companys preferred-share instruments. Strategy reported remaining issuance capacity of $18.34 billion for MSTR shares, $17.51 billion for STRC, $1.62 billion for STRF, $2.10 billion for STRK and $4.01 billion for STRD.

That financing capacity gives the company room to continue its Bitcoin-acquisition program, though its stock performance remains increasingly tied to Bitcoins price, equity-market risk appetite and the cost of raising capital. Accounting rules under ASU 2023-08 also make that connection more visible in reported earnings by requiring many digital-asset holdings to be measured at fair value.

Bitcoin ETFs see their largest weekly withdrawal since June

U.S. spot Bitcoin ETFs posted $1.282 billion in net outflows from Nov. 2 through Nov. 6, according to the supplied fund-flow data. IBIT accounted for $1.209 billion of that figure, its largest weekly withdrawal since June. Combined assets across the U.S. spot Bitcoin ETF group fell to about $96 billion.

The withdrawals came as Treasury yields remained elevated. The benchmark 10-year U.S. Treasury yield finished at 4.864%, little changed from 4.859% the prior Friday, while the dollar index slipped to 101.68 from 102.30.

October labor data had added pressure to the interest-rate outlook. Nonfarm payrolls rose by 165,000, ahead of the 65,000 estimate cited in the market data, while unemployment stood at 4.1%. Septembers annual CPI reading was 3.7%. Pricing in interest-rate markets placed the probability of a December rate increase at about 77%.

Markets were also preparing for October CPI data, with attention centered on monthly inflation readings because year-over-year CPI and core CPI figures were not scheduled for release following data gaps created by the 43-day U.S. government shutdown in 2025. Falling gasoline prices during the reporting period could reduce pressure in the headline monthly number, though the labor figures and near-5% Treasury yields kept the rate outlook restrictive.

Chipmakers lead the equity rebound

The equity rally was concentrated in semiconductors and AI-related companies. Applied Materials climbed 11.37% to $370.55, Lam Research gained 10.41%, KLA rose 9.31%, and ASML added 6.21%. Applied Materials is scheduled to report quarterly results after the Nov. 12 market close, with the cited earnings-per-share estimate at $4.06.

AMD surged 13.26% to $508.58 after Google Cloud adopted AMD chips in a new AI system and Oppenheimer upgraded the stock. Meta gained 5.12% to $641.37, Tesla rose 5.54% to $378.05, Palantir advanced 5.50% to $169.20, and Goldman Sachs added 4.67% to $906.22.

Nvidia was a conspicuous exception. The companys shares fell 4.27% to $178.67 after its board opened an investigation into Chief Executive Officer Jensen Huang, according to the supplied market report. Nvidia traded 457 million shares, making it the most actively traded U.S. stock during the session.

The divergence within technology suggests that traders were willing to buy companies positioned to supply AI infrastructure while avoiding a major chipmaker facing company-specific uncertainty. It also left crypto-linked equities outside the main momentum trade despite the broader risk-on move.

Oil retreat lifts sentiment while energy shares fall

Oils decline helped ease inflation concerns and supported the rebound in equities. Brent crude settled at $92.57 a barrel, down 5.85%, while West Texas Intermediate crude ended at $86.85, down 4.38%. Gold futures rose 0.97% to $4,114.50 an ounce and later traded electronically at $4,132.60.

The move followed renewed attention to Iran negotiations after Donald Trump said renewed strikes were extremely unlikely if talks advanced. The supplied report also cited discussion of an arrangement related to the Strait of Hormuz, valued at about $8 billion and awaiting approval. Oil had fallen more than $7 a barrel at one stage after the Nov. 8 close.

Energy producers lagged as crude prices retreated. Exxon Mobil fell 0.69% to $164.73 and Chevron declined 0.86% to $210.78.

Other digital-asset treasury companies also produced mixed results. BitMine ended down 0.80% at $18.61 and reported holdings of 6.07 million ETH, alongside $14.3 billion in crypto assets and cash. Strive closed nearly unchanged at $21.46 and reported 43,124 BTC, while SharpLink declined 1.76% to $6.13.

Coinbase also received a final trust bank charter from the Office of the Comptroller of the Currency on Nov. 9, extending the number of federally chartered trust entities serving digital-asset businesses. The charter could give Coinbase a more direct federally supervised framework for certain custody and trust activities, even as ETF outflows and falling crypto-linked shares showed that regulatory progress had not translated into an immediate improvement in market demand.