US stocks staged a strong comeback on Monday, November 9, recovering much of…

US stocks staged a strong comeback on Monday, November 9, recovering much of last week's AI-driven sell-off. Based on late-session figures (official closing numbers weren't yet confirmed by wire reports), the S&P 500, which tracks the 500 biggest US companies, rose more than 2%, putting it on track for its best day since April. The tech-heavy Nasdaq climbed close to 3%, and the Dow Jones Industrial Average jumped more than 1,100 points, or over 2%, moving back above its Election Day level. Small-company stocks did even better, with the Russell 2000 up about 3%. The rally came after the S&P 500 posted its biggest weekly loss since April 2025, driven by fears that the new Democratic Congress could tighten AI rules. Falling oil prices drove much of the rebound. Brent crude dropped about 4% to the low-$90s per barrel after President Trump said he's unlikely to launch broad attacks on Iran, which eased worries about inflation. Beaten-down chip stocks bounced back, led by AMD. The big exception was Nvidia, which fell about 5–6% to its lowest level since April. Its board opened an investigation after CEO Jensen Huang admitted to an affair with a woman identified as a suspected Chinese spy. The board said it had no reason to believe company secrets or national security were compromised. Investors now turn to the US October inflation report due Tuesday.

Philippine stocks fell sharply on Monday after weak economic growth data. The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, dropped 1.46% to 5,677.92. Property stocks fell the most, down 2.07%, followed by holding firms; only mining and oil gained. Decliners outnumbered gainers 100 to 74. The Philippine Statistics Authority reported that the economy grew just 2.1% in the third quarter, down from 2.4% in the second quarter and below the 2.8% economists expected. Outside the pandemic years, it was the slowest growth since late 2009 and the fifth straight quarter of slowing. Household spending grew just 2.4%, farm output shrank 4.8%, and manufacturing barely grew. Citi's chief Asia economist said the country may already be in "stagflation," meaning weak growth combined with high inflation. The peso also weakened, dropping 25.5 centavos to close at ₱63.31 per dollar, as strong US jobs data boosted the dollar and the weak GDP report weighed on sentiment.

Monday showed how differently the US and the Philippines are moving right now. Wall Street rebounded on falling oil and bargain hunting, but Philippine stocks fell because of problems at home. The economy is growing at its slowest pace in years while inflation sits at 7.8%. That combination, often called stagflation, is one of the hardest situations for a central bank. Raising interest rates can help control prices and support the peso, but it also makes borrowing more expensive when businesses and households are already struggling. That's the dilemma facing the BSP before its December 17 meeting. Strong US jobs data released Friday raised the odds of another Fed hike in December, which tends to strengthen the dollar and pressure the peso. If the BSP holds rates, the peso could weaken further; if it hikes again, growth could slow even more. The one bright spot is oil: Brent crude has dropped from above $112 at the start of November to the low-$90s, which should eventually ease fuel and transport costs. For OFW families, a slightly weaker peso means a few more pesos per dollar sent home, but prices at home remain high.