Wall Street staged a sharp rebound Monday from last week's selloff, with the Dow Jones Industrial Average climbing more than 1,000 points and the Nasdaq jumping nearly 3% as tumbling oil prices and a chip-stock rally overpowered a fresh round of unease over Nvidia and its CEO.

Brent crude fell roughly 4% to settle near $94 a barrel and U.S. crude dropped nearly 3%, easing inflation worries and giving the broader market room to run, according to BNN Bloomberg's market wrap. Advanced Micro Devices jumped roughly 12%, Broadcom gained more than 9%, and the Philadelphia Semiconductor Index rose nearly 7% as traders piled back into chipmakers a week after an AI-stock rout had wiped out hundreds of billions in market value.

Nvidia is the exception

Nvidia itself was the glaring exception to Monday's rally, falling even as most of its chip-sector peers soared. The stock has been under pressure since late October, when the New York Times reported that U.S. intelligence officials suspected Alice Huang, a former executive at the Singapore-based firm Megaspeed, of passing information to Chinese intelligence — and that she had maintained a close personal relationship with Nvidia CEO Jensen Huang. Nvidia has said Jensen Huang's interactions with Alice Huang were "not unusual" and has denied any wrongdoing, while three House committee chairs have separately asked Huang for a closed-door briefing on the matter and on Nvidia's safeguards against foreign espionage, according to 24/7 Wall St's markets coverage. China has dismissed the espionage allegations as "groundless speculation."

NVIDIA PRESSURES INDEXES TO MAINTAIN REBOUND

Elsewhere, the rally had plenty of other legs. Morgan Stanley and Goldman Sachs each rose on strong deal and trading activity, Tesla climbed despite a fresh warning from Elon Musk about Cybertruck refunds, and storage names Western Digital and Seagate jumped roughly 11% apiece, according to a separate markets recap. SpaceX and Rocket Lab also advanced after NASA announced roughly $10 billion in new moon-base contract awards.

Not every signal was rosy. The CBOE Volatility Index, Wall Street's main fear gauge, tumbled by double digits as traders dialed back their hedges, while gold continued climbing toward record territory — a sign some investors are still playing defense even as stocks rip higher. Federal Reserve officials, meanwhile, are watching closely for signs of overheating demand as they weigh the path of interest rates; October inflation data due later this month is expected to come in cooler, helped by the retreat in energy prices.

What's next: traders will be watching whether the chip-sector bounce holds through a wave of earnings later this week, and whether Nvidia's board or Congress moves beyond requests for briefings into anything more formal regarding the Huang matter.