Weekly market update: Monday 9 November 2026
Markets start the week looking for their footing after a bumpy few days. US shares fell for a fourth straight week, with a sharp sell-off on Thursday driven by technology and chip stocks, before a partial recovery on Friday.
This morning there are some signs of stabilisation. Asian chip stocks rebounded and US share futures pointed higher, while oil prices have fallen back to around $98 a barrel.
This week’s focus is on inflation. US consumer price figures are due on Tuesday, UK economic growth numbers arrive on Thursday, and a string of US Federal Reserve officials are due to speak.
At a glance
- Market mood: Nervous, with early signs of a rebound
- What’s driving markets: Doubts about the AI boom, the outcome of the US midterm elections, strong US jobs data keeping interest rate rises in play, and falling but still high oil prices.
- Biggest event this week: US inflation figures on Tuesday 10 November.
- Key risk: Hotter-than-expected inflation could strengthen the case for further interest rate rises and add to pressure on shares.
Market snapshot
Levels as at 9am on Monday 9 November, with the move over the past week in brackets.
- FTSE 100 – 10,673.94 (-0.5%): London’s blue-chip index slipped as the Bank of England raised rates and global tech shares sold off.
- S&P 500 – 7,376.86 (-2.7%): A fourth weekly fall in a row, with a sharp mid-week drop only partly recovered on Friday.
- Nasdaq Composite – 24,579.42 (-3.4%): The tech-heavy index is now more than 10% below its recent peak, a level often called a correction.
- Dow Jones Industrial Average – 51,285.73 (-0.9%): The Dow fell by less than tech-led indices as more traditional companies held up better.
- Stoxx Europe 600 – 648.33 (+0.2%): European shares edged up over the week despite a weaker Friday.
- Nikkei 225 – 57,434.77 (-9.3%): Japan’s market fell sharply, though Asian chip stocks were rebounding this morning.
- Brent crude – $98.32 (-13.3%): Oil dropped sharply on hopes of easing Middle East tensions, but it remains high.
- Gold – $4,075 (+4.5%): Gold recovered much of the previous week’s fall as investors looked for safer assets.
- US 10-year Treasury yield – 4.86% (-1.6%): The yield is about 8 basis points lower on the week, even after strong jobs data.
- UK 10-year gilt yield – n/a (n/a): A verified level for the week couldn’t be found, so no figure is given.
- GBP/USD – 1.338 (-0.1%): Sterling was little changed against the dollar after the Bank of England’s rate rise.
- EUR/USD – 1.1160 (-0.2%): The euro was broadly steady against the dollar.
Figures reflect the most recently available levels rather than an exact 9am snapshot where relevant (for example, the equity indices, Brent crude, gold and the US 10-year yield show Friday’s closing levels). Weekly moves are approximate; for yields the move is the percentage change in the yield, and n/a means a figure couldn’t be verified. Past performance is not a reliable guide to future performance.
What happened last week?
US
US shares had a turbulent week. The S&P 500 lost 2.7% and the Nasdaq Composite 3.4%, each their fourth weekly fall in a row. Markets rallied after Tuesday’s midterm elections, but on Thursday the S&P 500 dropped around 4.4%, its worst day since April 2025, as technology and chip stocks were hit hard. Reports linked the fall to worries that the new political balance in Congress could mean tougher rules for AI and data centres.
Shares steadied on Friday after a much stronger-than-expected jobs report. The US economy added 165,000 jobs in October, well above forecasts of about 65,000, and unemployment dipped to 4.1%. Good news on jobs, though, also kept alive the prospect of another Federal Reserve rate rise in December, which investors now see as likely.
UK
The FTSE 100 fell 0.5% over the week to 10,673.94, with Friday’s 1.0% drop reflecting the global tech sell-off. On Thursday, the Bank of England raised interest rates by a quarter of a percentage point to 4.00%, its first rise since 2023, by a vote of eight to one.
The Bank also warned that inflation could climb towards 5% next year, and Governor Andrew Bailey said further rises were possible unless there is progress on the Middle East conflict.
Rest of world
Europe was mixed, with the Stoxx Europe 600 edging up 0.2% on the week despite falling around 1% on Friday. Germany’s DAX lost almost 2% on Friday.
In Asia, Japan’s Nikkei 225 had a rough week, falling more than 9%, though it bounced back strongly this morning. Oil fell sharply as hopes grew for easing tensions around the Strait of Hormuz.
What happened over the weekend?
It was a quiet weekend for market news, with attention turning to Monday’s rebound in Asian technology shares and signs that investors are stepping back in after Thursday’s sell-off. Futures point to a modestly higher start in the US.
Data from China showed consumer price inflation slowing to 0.7% in October, while factory-gate inflation picked up to 5.7%. Foreign ministers from the G7 group of countries are meeting in Paris today, with the impact of the US midterm results on policy towards Ukraine and the Middle East on the agenda.
The key themes driving markets this week
1. Inflation and interest rates
Tuesday’s US inflation figures are the main event. Forecasts suggest annual headline inflation of around 3.7%, with core inflation, which strips out food and energy, around 2.5%. A surprise either way could move expectations for the Federal Reserve’s December decision.
Ten Fed officials are due to speak this week, so investors will be listening closely for hints about what comes next.
2. The AI debate
Last week’s sell-off showed how nervous markets are about the huge sums being spent on AI. Results from companies such as Cisco and Applied Materials this week will give fresh clues about whether demand is holding up.
3. Politics and oil
The midterm results have shifted the balance of power in Washington, and markets are still working out what that could mean for tech regulation and government policy. Meanwhile, oil prices have fallen sharply from last week, which would ease pressure on inflation if it lasts, but prices remain sensitive to news from the Middle East.
Coming up this week
Monday: China inflation figures, a speech from Bank of England Governor Andrew Bailey, and the G7 foreign ministers’ meeting in Paris. Earnings include KKR, Occidental Petroleum and Take-Two Interactive.
Tuesday: US consumer price inflation (CPI) for October, the key data release of the week. Vodafone and TransDigm report earnings.
Wednesday: US banks and the bond market are closed for Veterans Day, though US stock exchanges remain open. Cisco reports earnings.
Thursday: UK economic growth figures for the third quarter, plus US weekly jobless claims. Applied Materials reports earnings.
Friday: US producer price inflation (PPI) for October and updated euro-area growth figures.
Why it matters for investors
Weeks like this can feel unsettling, with big daily swings and worrying headlines. But sharp falls and quick rebounds are a normal part of investing, and short-term moves rarely tell you much about how your investments might do over many years.
Spreading your money across different types of investments, such as shares, bonds and cash, and across different countries, can help smooth out the bumps when one area struggles.
Investing regularly and staying patient has historically helped people ride out choppy periods, though this can’t be guaranteed. If you’re investing for the long term, time in the market matters more than trying to guess the next move.
If you have questions about your own plans, it’s always worth taking a step back and thinking about your goals and how long you’re investing for.
All investing should be long term. The value of your investments can go up and down, and you may get back less than you invest.
We do not offer personalised financial advice. For guidance, seek independent advice.