Wall Street rallied on Monday, recovering more of its steep losses from last week as oil prices fell lower.

The market advance occurred despite a drop in Nvidia , one of Wall Street's most influential stocks .

The S&P climbed 2.3% and was on track for a second straight gain following a sell-off driven by concerns that Democratic victories in U.S. midterm elections could slow the construction of AI data centers. Despite recent swings, the benchmark measure sits just 3.8% below the record high set last month.

The Dow Jones Industrial Average rose 1,043 points, or 2%, by 12:42 p.m. Eastern time, while the Nasdaq composite gained 2.6%.

Broader markets were boosted by a 4.8% drop in Brent crude to $93.59 a barrel. Prices have fallen from above $112 earlier this month amid uncertainty over the war with Iran.

The drop followed comments from President Donald Trump to CNN over the weekend stating that a resumption of strikes is "highly unlikely" if progress is made in negotiations, though U.S.…