North American Morning Briefing: Stock Futures Up But Nvidia Slides Premarket on Huang Probe

Stock futures were up Monday after last week's brutal tech rout, but

Nvidia's shares fell sharply premarket.

Nvidia's board said it is launching a probe into reports that its chief executive has been the target of a foreign espionage effort. Shares in the world's most valuable company fell by around 5% premarket.

"Given Huang's central role in Nvidia's success and the wider AI investment narrative, even speculation about leadership uncertainty could unsettle investors," Capital said. Nvidia is on course to lose around $232 billion in market value.

Investors' attention is also turning to the consumer price index data due to be released on Tuesday, and the producer price index data due on Friday, after last week's jobs data came in stronger than expected.

"While we do expect a December rate rise, we continue to doubt the need for additional hikes next year," ING said.

Money markets currently price a 75% probability of another quarter-point Federal Reserve rate increase next month, LSEG data show.

Meanwhile, oil extended last week's slump, with Brent crude remaining below $100 a barrel, after President Trump played down the likelihood of further U.S. strikes on Iran.

Stocks to watch

CoreWeave, Nebius, Iren: Shares of the neoclouds are back under pressure in early trading, as Friday's rebound fizzles.

KKR reports earnings before the bell.

Watch For:

Federal Reserve Bank of Chicago President Austan Goolsbee speaks at Leadership Greater Chicago event

Today's Top Headlines/Must Reads:

- Nvidia's Board Investigates Reports That CEO Was Spying Target After Affair

- Democrats Promised to Fix the Economy. What Can They Really Do?

- A Popular New Bet Hailing From Cryptoland Sets Off a Wall Street Turf War

MARKET WRAPS Forex:

The dollar eased as investors looked to inflation data for signals over the timing of potential further interest-rate rises by the Fed. The inflation data on Tuesday will follow stronger-than-expected U.S. nonfarm payrolls data on Friday last week.

The euro rose, but the currency could depreciate as the political and fiscal challenges in France could weigh on the currency, Convera said.

Sterling rose, and could rise further, supported by steady economic growth in the U.K., Convera said. Bonds:

Treasury yields turned higher, reversing earlier declines as investors pivoted back to economic fundamentals and the likelihood of December interest-rate hikes by the Fed. U.S. consumer inflation data on Tuesday should provide an important indication of whether the unexpected rise in core inflation in September was a one-off occurrence, said LBBW.

Energy:

Oil prices fell more than 1% after President Trump told CNN it was "highly unlikely" he would order renewed attacks on Iran as long as peace negotiations continue to progress.

Metals:

Gold rose above $4,100 a troy ounce as lower oil prices eased inflation concerns, with focus on Middle East developments and U.S. inflation data due later this week.

TODAY'S TOP HEADLINES

Nvidia's Board Investigates Reports That CEO Was Spying Target After Affair

Nvidia's board said it is launching an investigation into reports that Jensen Huang has been the target of a foreign espionage effort, after the CEO had a romantic relationship with an executive suspected of working for Chinese intelligence.

U.S. officials last year concluded that Chinese citizen Alice Huang, then a top executive at Megaspeed International, was sharing information with the Chinese government while working with Nvidia to build data centers in Asia, The Wall Street Journal earlier reported. Huang, who also goes by Huang Le, isn't related to the Nvidia CEO.

Crédit Agricole Proposes Merger of Italian Business With Banco BPM

Crédit Agricole said Monday it has proposed discussions over a possible merger of its Italian business with Banco BPM, aimed at creating a broader financial group offering increased scale, services and resilience.

The French bank said the proposal, which has been submitted for evaluation by the Banco BPM board, would see a combined business built around the Italian lender, which would remain listed in Milan.

Intesa Gets Green Light From Italian Markets Regulator for Monte Dei Paschi Bid

Intesa Sanpaolo received approval from Italian markets regulator Consob to buy smaller peer Banca Monte dei Paschi di Siena, with the 35.04 billion euro ($39.05 billion) takeover offer set to launch later this month.

Consob on Sunday approved Intesa's offer document to buy Monte dei Paschi, which is widely considered to be the world's oldest bank still in operation.

UniCredit Raises Profit Guidance as Control of Commerzbank Nears

UniCredit raised its annual profit targets and reported higher earnings for the third quarter, as it nears the end of a takeover battle to take control of Germany's Commerzbank.

The Italian bank said on Monday it now expects to report net profit of well above 11.5 billion euros, equivalent to $12.82 billion, pre-extraordinary charges for 2026, up from its previous forecast for well above 11.0 billion euros.

Oil Prices Fall, Staying Below $100, After Trump Downplays Prospect of New Iran Strikes

Oil prices fell Monday, with Brent crude remaining below $100 a barrel after President Trump played down the likelihood of further U.S. strikes on Iran, even as attacks on Saudi Arabia and fresh incidents involving tankers in the Strait of Hormuz highlighted continuing risks to Middle Eastern oil supplies.

Front-month Brent crude, the global oil benchmark, fell 1.3% to $97.01 a barrel, while West Texas Intermediate futures declined 0.7% to $90.17 a barrel.

U.S., Eurozone Bond Yields Turn Higher as Investors Shift Focus Back to Data

U.S. and eurozone government bond yields turned higher on Monday, reversing earlier declines as investors pivoted back to economic fundamentals and the likelihood of December interest-rate hikes by the Federal Reserve and the European Central Bank.

The 10-year Treasury yield rose 0.9 basis points to 4.869%, while Germany's 10-year Bund yield increased 1.7 basis points to 3.264%, according to Tradeweb.

China Producer Inflation Accelerates to Over Four-Year High

China's factory-gate prices rose at their fastest pace in more than four years last month as surging energy prices continued to push up production costs, while consumer inflation missed forecasts amid weak consumption.

The producer-price index climbed 5.7% from a year earlier, accelerating from September's 5.0% increase, data from the National Bureau of Statistics showed Monday. The reading topped the median forecast of a 5.3% increase from a Wall Street Journal poll of economists.

German Trade Surplus Narrows Despite Rising Exports

German exports rebounded in September, offering some relief to manufacturers after a volatile summer, but faster growth in imports weighed on the country's trade surplus.

Exports increased 2.0% on month to 141.1 billion euros ($157.23 billion), compared with a 0.4% fall in August, Germany's statistics agency said Monday. Imports rose 4.2% to 125.5 billion euros.

Former Trump Aides Feud Online, Trade Legal Threats in Bitter Election Fallout

Ahead of what would become a public feud on social media this weekend, James Blair, President Trump's former deputy chief of staff, sent Calley Means, a former top health adviser, a warning.

"If you are gonna try to knife me, I'm happy to return the favor," Blair told Means in a text message reviewed by The Wall Street Journal.

The New Political Era: Less Party Loyalty, Big Election Swings

President Trump's Republicans just found out the hard way what other political parties are seeing across western democracies: Voters are fed up, they have lost trust in political parties and they don't have much patience when they feel politicians aren't listening.

The massive shift in the midterm elections is a sign of a new political era taking hold from Paris, Texas, to Paris, France. Voters are becoming less attached to the parties their parents voted for and are more likely to try out new parties or new political pitches, on the left and right.

Trump Says He Was Kidding About Hiring Dana White as Press Secretary

WASHINGTON-President Trump said Sunday that he was joking about Ultimate Fighting Championship Chief Executive Dana White becoming his next White House press secretary.

"You would have thought that people would have said he's having a good time," Trump told reporters. "I will tell you I was only kidding."

Defeated Republicans Return to Washington With 55 Days Left and a Long Wish List

WASHINGTON-Bruised Republican lawmakers limp back into Washington on Monday, trying to decide what to do with the remaining 55 days of their majorities in the House and Senate after being thumped by Democrats in the midterms.

The lame-duck session is an opportunity for some final, single-party power plays and a chance to finish some bipartisan deals, particularly on permitting for major energy projects. But if the sour vibes prevail, expect only a few must-pass bills, a pile of judicial confirmations and an early Christmas for Congress.

Write to priscila.barrera@wsj.com

TODAY IN CANADA Earnings:

ADENTRA Inc 3Q Barrick Corp. 3Q Chorus Avn. 3Q Endeavour Slv 3Q Equinox Gold 3Q Faraday Corp. 3Q HealWELL AI 3Q Hemlo Mining 3Q HIVE Digital 2Q iA Fincl 3Q NexGen Energy 3Q Peyto Expl. 3Q RB Global Inc 3Q Ur-Energy Inc 3Q WELL Health 3Q

Economic Indicators (ET):

Saskatchewan municipal elections in Canada Canada-China Economic and Financial Strategic Dialogue Stocks to Watch:

Big Rock Brewery 3Q Loss/Shr C0.06;3QLossC1.42M; 3Q Rev C$12.5M

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November 09, 2026 06:14 ET (11:14 GMT)