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U.S. stocks are trading sideways in the futures market after a big rally on Wall Street. Investors have turned their attention to the leading U.S. inflation report that will be released at 8:30 a.m. New York time on Nov. 10. Equities were lifted higher to start the trading week by a sharp pullback in crude oil prices and a rebound in technology stocks.

The blue-chip Dow Jones Industrial Average gained 1,104 points, or 2.15%, while the benchmark S&P 500 finished trading up 2.35%, and the technology-laden Nasdaq Composite index rose 2.74% on the day. The major indices rallied as oil prices fell. West Texas Intermediate (WTI) crude, the U.S. standard, dropped 4% to $86 per barrel. Brent oil, the international benchmark, declined 6% to trade at $92 a barrel.

Crude prices retreated after U.S. President Donald Trump said he's unlikely to restart a major military offensive in Iran. In the futures market, the Dow is up 0.09%, the S&P 500 is gaining 0.10%, and the Nasdaq Composite is higher by 0.17%.

The unemployment rate in America since the end of 2025. Source: TipRanks

The October Consumer Price Index

Markets are likely to react strongly to the October Consumer Price Index (CPI) report that will be released by the U.S. Bureau of Labor Statistics. The consensus expectation among economists is for inflation in America to have risen an annualized 3.8% in October, with core inflation that strips out volatile food and energy prices forecast at 2.7% year-over-year.

Investors and economists will be parsing the October inflation report for clues to how it is likely to influence the U.S. Federal Reserve's December interest rate decision. Futures markets are currently pricing in a 76% chance that the U.S. central bank will raise interest rates by 25 basis points at its Dec. 9 meeting to help lower inflation.

The October Consumer Price Index is being released with economic growth having risen 3.4% in the year's third quarter and tracking at 3.5% for the final three months of 2026, according to the Atlanta Fed. The U.S. labor market is also strong, adding 165,000 net new jobs in October, while the unemployment rate declined to 4.1%.

Technology Stocks Rebound

The technology sector staged a big rebound following last week's massive selloff that was fueled by worries concerning the artificial intelligence (AI) trade. Stocks of chipmakers such as Advanced Micro Devices (AMD) and Broadcom (AVGO) rose more than 10% as dip buyers flooded the market. The iShares Semiconductor ETF (SOXX), which dropped 13% last week, rose 7% on Nov. 9.

The so-called "Magnificent Seven" mega-cap technology names also posted big gains on the day, with Amazon (AMZN) rising 3%, Tesla (TSLA) gaining 6%, and Microsoft (MSFT) climbing 2.75%. The lone exception among the hyperscalers was Nvidia (NVDA), whose shares fell 5% after the company disclosed that it is investigating CEO Jensen Huang's relationship with a businesswoman who is alleged to be a Chinese spy.