The Invesco QQQ Trust (NASDAQ:QQQ) closed at $679.35 on November 9, 2026, up 3.54%. That was its best session since May 12, 2025. The Nasdaq-100, the index the fund tracks, rose 917.64 points, or 3.40%, to 27,907.63 from 26,989.99. It was the index’s best day since a 3.43% gain on March 31, 2026.
NVIDIA (NASDAQ:NVDA) fell on the same day. It lost 4.27%, or $7.97, to $178.67, the worst result among all 101 index members and its lowest close since April 7.
QQQ owners care about that split because Nvidia has about a 7.1% index weight, second only to Apple (NASDAQ:AAPL) at about 8.5%. A rough estimate that multiplies Nvidia’s weight by its move puts its drag at about 0.3 percentage points. The index still made a strong gain because 86 members rose and only 15 fell.
Chip Stocks Carried the Index Without Its Biggest ChipmakerThe Philadelphia Semiconductor Index rose 6.85% to 10,033.93 after losing more than 12% in the week ended November 6. Nvidia was the only stock in that index to fall. Monolithic Power Systems (NASDAQ:MPWR) gained 16.6%, and Applied Materials (NASDAQ:AMAT) rose 11.37%, while Apple added 2.43%.
Brent crude fell 5.85% to $92.57, easing inflation concerns. Short covering also added to the gains. That means traders bought back borrowed shares they had sold earlier, and value buying contributed as well.
What Nvidia Disclosed and What It Left OutNvidia’s board opened an independent investigation into national security concerns about CEO Jensen Huang. News reports raised the concerns that prompted the move. Huang disclosed the review in a November 8 memo to employees and said he will cooperate fully. The board said it has no reason to believe national security or company secrets were compromised.
That memo is the only formal record so far. Nvidia’s most recent 8-K is its August 26 earnings filing, and no press release on the matter has appeared. Nothing filed names who is conducting the review or when it will finish.
The business outlook has not changed. Nvidia forecast fiscal third-quarter revenue to $108.0 billion, plus or minus 2%, and its market value is still about $4.31 trillion.
Why the Nasdaq-100 Remains in a CorrectionThe index sits 10.62% below its 31,224.47 record close of October 6 and 1.86% below its 28,437.17 close of November 4. That leaves it in a correction, which means a drop of 10% or more from a peak.
The Nasdaq Composite rose 2.74% to 25,253.14 and is now 8.50% below its record, so it is out of correction territory. The Nasdaq-100 is still up 10.53% for 2026.
What Could Make or Break QQQ’s ReboundQQQ’s structure held up well for long-term holders. The November 9 session was revealing. The fund can post a big gain while its second-largest holding falls, showing that breadth matters more to a diversified owner than one company’s governance review.
Concentration is still a real risk because Nvidia and Apple have the two largest weights, so if the Nvidia investigation turns up a serious problem, QQQ holders would feel it.
The next test comes with October CPI on November 10 at 8:30 a.m. ET. Economists expect 0.3% headline and 0.2% core inflation. Applied Materials reports on November 12 and Nvidia on November 17.
A Nasdaq-100 close above 28,437.17 after Nvidia’s report would confirm the rebound. A close below 26,989.99 would mean November 9 was only a relief bounce, and the rebound case would be wrong.