The Globe and Mail reports in its Tuesday edition that U.S. and Canadian stocks rallied on Monday, as a drop in oil prices tempered inflation fears and helped the S&P 500 rebound from its big drop last week. A Reuters dispatch to The Globe says tech shares jumped even as artificial-intelligence heavyweight Nvidia slumped with controversy swirling around chief executive officer Jensen Huang. Last week, stocks slumped after a sweeping victory by Democrats in the U.S. midterm elections fed concerns that new regulations could dent the durability of the AI trade. "The AI story is not going away if people are worried about that, the Democrats are not going to destroy AI. They can't. It's got a life of its own. They can put regulation around it, but they're certainly not stopping it," said Ken Polcari at SlateStone Wealth in Jupiter, Fla. U.S. crude oil futures settled 4.4 per cent lower at $86.85 (U.S.) a barrel. The S&P/TSX Composite Index ended up 657.17 points, or 1.8 per cent, at 36,446.26, its highest closing level since Sept. 4. The materials group, which includes metal mining shares, rose 4.5 per cent. Among Canadian stocks, Constellation Software reported third-quarter revenue slightly ahead of expectations.