Market Recap Nov 9: Nvidia Stock Falls 4% on a Board Probe, TSX Up 1.8%
Nvidia closed down 4.27% at US$178.67 on Monday, the only decliner among the US mega-caps we track, after the company said on Sunday that its board “has launched an independent investigation” following reports that CEO Jensen Huang was the target of a “foreign intelligence effort”. Everything else went the other way: the Nasdaq added 2.74% to 25,253.14, the S&P 500 rose 2.35% to 7,549.94, and the S&P/TSX Composite put on 1.84% to 36,446.26, carried by gold miners and the banks. Monday’s 657.16 point gain puts the composite above its Nov 4 close of 36,341.40, which last week’s selloff had taken down to 35,605.27 by Nov 5. The index is up 2.32% month to date, and gold’s December contract was US$4,149.10, up 1.82%. All levels here are as of the Nov 9 close.
Nvidia’s problem stayed with Nvidia
CNBC and NBC News reported Monday that the board is examining Huang’s relationship with Alice Huang, an executive at the cloud company Megaspeed who, US intelligence agencies have said, has been passing information to Beijing. The New York Times and the Financial Times reported those findings. Nvidia said Huang “fully supports the review”. Huang, in an email to staff, acknowledged an extramarital affair and said he had fallen short of his responsibilities to colleagues, the board, partners and shareholders. Reuters reported that China’s Foreign Ministry called the allegation unsubstantiated. Dan Ives of Yorkville Ives, speaking on CNBC, called it a “black eye moment” and said Huang could be removed depending on the board investigation. Analysts framed it as key-person risk at the company at the centre of the AI trade.
The selling stayed with Nvidia. Every other US mega-cap we track rose, led by AMD at +13.26% to US$508.58 and Tesla at +5.54%, and the S&P 500 added 2.35% on a day Nvidia fell 4.27%.
AMD supplied the day’s named catalyst
AMD published a release on Monday, AMD EPYC Expands Its Leadership at the Foundation of AI, saying its 5th Gen EPYC server CPUs power the host foundation for Google Cloud TPU 8tx, which it describes as the first cloud TPU system with hardware-enforced confidential computing. Yahoo Finance separately reported that Oppenheimer upgraded AMD to Outperform from Market Perform, citing a record third quarter.
Materials did 43% of the Canadian day
Our holdings-level decomposition of the index puts materials at 78.9 basis points of the 184 the composite gained, on a 4.51% sector return from a 17.50% weight. A basis point is a hundredth of a percentage point. Agnico Eagle added 12.5 bp on a 4.64% gain to C$283.31, Wheaton 9.6 bp on +5.63% and Barrick 8.3 bp on +4.48%, with Teck B up 6.97% carrying the base metals. That extends a move we covered this morning, when Canadian gold stocks’ five-session run had the group up roughly 15% against a 4.5% rise in gold itself.
Financials added a third of the move, industrials an eighth
Financials contributed 60.5 bp, 33% of the day, on a 1.73% return from a 34.97% weight: Royal Bank 11.3 bp at C$288.32, Brookfield 9.3 bp on +3.81% and TD 8.4 bp. Industrials did 23.1 bp, or 12.6%, on a 2.23% return, and that is the part of this session you cannot get off the US tape. Canadian Pacific Kansas City, up 2.04%, and Canadian National, up 2.42%, each added 4.6 bp, and the bid ran well past the rails to Bombardier +5.45%, Finning +7.41%, Air Canada +6.34% and MDA Space +8.09%. Nine of the eleven sectors rose, with only communication, at -0.74% and -1.2 bp, and health care, at -0.02%, falling.
The AI rebound reached Canadian tech, unevenly
Information technology added 11.0 bp on a 1.34% return, with a wide spread inside it: Shopify 10.4 bp on +2.09% and Celestica 5.5 bp on +7.67%, against Constellation Software, down 3.81% for a 5.6 bp drag in its first session after Q3 results, which is a different story from the AI tape. If Monday is what lifted your Canadian technology holdings, the next question is which domestic names actually carry that exposure, and our page on Canadian AI stocks sets that out.
Oil fell 4.4% and the energy book still rose
NYMEX WTI’s December contract came in at US$86.88, down US$3.98, or 4.4%, from Friday’s settlement and down 10.0% from the Nov 2 settlement of US$96.54, a US$9.66 fall in five sessions. That is the NYMEX WTI, December contract, settlement-window price from Yahoo Finance trade data. CNBC reported that crude fell after President Trump said renewed strikes on Iran were “highly unlikely” if negotiations made progress. CoinDesk reported it had already fallen on a report that Qatar would discuss reopening the Strait of Hormuz in exchange for releasing US$8 billion in frozen assets, then fell further after Qatar called that report inaccurate.
The composite’s energy sector still finished up 0.34% and added 5.4 bp, which is worth knowing before reading any sector table as an oil proxy. The daily sector tape on our news page is measured with sector ETFs, and the energy fund tracks the big producers closely enough that it shows the sector down 1.02% on the day. Both readings are right about different baskets, and the index’s own energy book is the wider one. Cameco, classified in energy though it is uranium, rose 5.64% for 4.9 bp, NexGen Energy gained 5.93%, and the pipelines held, Enbridge up 1.10% for 3.2 bp and TC Energy up 1.38% for 2.5 bp. The producers went the other way, Suncor off 2.01% for a 4.5 bp drag and Canadian Natural down 0.92% for 2.6 bp.
Yields were still easing into Friday
The Bank of Canada’s policy rate is 2.50%, in effect since Oct 29. Benchmark bond yields run a day behind, so the latest readings are Friday Nov 6: the 2-year at 3.12%, the 5-year at 3.36% and the 10-year at 3.65%, per the Bank of Canada’s Canadian bond yields page. The 2-year has come down 14 basis points from 3.26% on Nov 3.
What kind of day this was
No Canadian data landed on Monday, so the bid came off the US tape, and it arrived broadly. Materials and financials did 76% of a 184 basis point session between them, nine of eleven sectors rose, and the composite took back 657.16 points and all of last week’s drawdown. The energy book finished higher while its own commodity fell 10% in five sessions, which is the kind of day an index fund holder gets paid for and a single-name holder can easily miss.
What’s next
Nvidia reports on Tuesday Nov 17, where the company’s own story and the AI trade both get their next test, and StatCan publishes October CPI on Monday Nov 16. One-month CORRA futures on the Montreal Exchange price 9.43 basis points of tightening into the Dec 9 rate decision, a 38% chance of a 25 basis point hike, so a hike is priced as less likely than not. Closer to home, Franco-Nevada reports Wednesday Nov 11 and Hudbay, up 9.09% on Monday, reports Thursday Nov 12, which is where the materials trade gets tested. Hydro One, CGI, Brookfield Corporation and Canadian Tire also report this week, with September building permits Thursday and manufacturing sales Friday.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Index levels, single-stock closes, gold and the Canadian dollar are Yahoo Finance data for the session of Monday November 9, 2026. Sector and single-name contributions to the S&P/TSX Composite are our own holdings-level decomposition of the index across 215 constituents, holdings as of November 6, 2026, covering 99.77% of index weight; contributions are percentage points of the index return and are published in basis points. The daily sector tape on the news page is measured instead with iShares TSX sector ETFs as proxies. The oil price is the NYMEX WTI December contract settlement-window price, the volume-weighted price of trades from 2:28 to 2:30 p.m. ET, rebuilt from one-minute trade data from Yahoo Finance. Canadian benchmark bond yields and the policy rate come from the Bank of Canada; the yield series lags one business day, so the latest reading is Friday November 6. The December 9 rate pricing is derived from Montreal Exchange one-month CORRA futures settlements. The Nvidia board review, the underlying intelligence reporting, the Oppenheimer upgrade and the causes given for the oil move are attributed in the article to the outlets that reported them. The AMD product claim comes from AMD’s own press release of November 9, 2026.
