📊 Market Overview

On Wednesday, November 11, all three major US indexes rose as CoreWeave's blowout third-quarter results revived the artificial intelligence (AI) trade. The S&P 500 gained 98.45 points (+1.31%) to 7,619.38, the Nasdaq Composite rose 400.32 points (+1.60%) to 25,466.19, and the Dow Jones Industrial Average added 254.60 points (+0.49%) to 52,486.49.

Stocks more than erased Tuesday's losses from the hot October CPI report and Nvidia's slide in a single session. The S&P 500's gain was more than three times Tuesday's 29.01-point drop, and the Nasdaq recovered more than twice the 187 points it lost on Tuesday. Yahoo Finance noted that the Nasdaq's close wiped out all of its post-election losses. The Cboe Volatility Index (VIX) fell 9.5% to 17.61.

It was Veterans Day, so the bond market and most banks were closed, while the New York Stock Exchange and Nasdaq traded normally. With cash Treasuries not trading and rates on pause for a day, the market focused on "hard evidence" of AI demand. Semiconductors led. The Technology Select Sector SPDR (XLK) jumped 3.23%, by far the best of the 11 sectors, and the Nasdaq-100 tracking QQQ rose 2.31%, well ahead of the S&P 500.

Not every megacap joined in, though. Microsoft (-2.26%), Meta (-1.97%) and Amazon (-1.74%) all fell. Money flowed toward the "suppliers" of AI infrastructure — chips, memory and data centers — and out of the platform companies that buy and use AI.

🔑 Key Issues

1. CoreWeave soars 24.7% — earnings beat back the "AI debt scare" AI cloud provider CoreWeave closed up 24.71% at $60.77. Third-quarter revenue, reported after Tuesday's close, was $3.66 billion, up 168% from a year earlier, and backlog grew from $104 billion at the end of June to $132.5 billion at the end of September. The company raised its full-year 2026 revenue guidance to $13.0–13.3 billion and guided to an exit annualized run-rate revenue of $20–21 billion. Adjusted operating income of $379 million was well above its $200–260 million guidance. What the market cheered most was the funding plan. The company expects about $9 billion in customer prepayments and deposits over the next three months and said it has no plans to take on more expensive debt through 2027. Before the report, CoreWeave's five-year credit default swaps had blown out to around 1,150bp, so that single statement eased "debt worries" across AI infrastructure. Goldman Sachs saw it as the start of a rerating.

2. Memory and chip stocks surge — Arm +12.1%, Micron +11.9%, Sandisk +13.7% After CoreWeave guided 2026 capital expenditures to $37–39 billion, the market immediately bought where that money will flow. Arm rose 12.05% to $203.36, Micron 11.89% to $811.30, and Sandisk 13.69% to $977.69. Intel (+7.52%), AMD (+7.32%), Lam Research (+6.07%) and Broadcom (+3.99%) were also strong. Fellow AI infrastructure plays Nebius (+15.44%) and Bloom Energy (+12.99%) jumped as well. Micron also got an Anthropic boost: Anthropic's amended IPO filing showed seven companies — Nvidia and Alphabet ($10 billion each), AMD ($2.5 billion), Micron, Broadcom and Microsoft ($1 billion each), and a TSMC affiliate ($500 million) — agreed to buy a combined $26 billion of its stock right after the IPO.

3. Nvidia rebounds 2.9% despite a rare Baird downgrade Nvidia rose 2.87% to $173.73, snapping a two-day losing streak. Baird downgraded Nvidia to Neutral from Outperform and cut its price target 60%, to $200 from $500. It cited reduced visibility into 2027 data center demand, an expected slowdown in hyperscaler capex growth to roughly 40% or less, and uncertainty over CEO Jensen Huang's tenure. That the stock rose anyway shows the sector-wide rebound from oversold levels outweighed the company-specific bad news. Still, Nvidia remains down about 12% in November, and non-fundamental risks — the independent board investigation and a congressional hearing — are still in place.

4. Oracle up 8.8% — relief for a stock that shared the debt worries Oracle closed up 8.83% at $128.40. The Motley Fool said CoreWeave's report took some of the AI debt worry off the table and lifted Oracle. Oracle has faced the same suspicion as CoreWeave because it funds massive data center buildouts with debt, and it was down more than 30% year to date. Software names such as ServiceNow (+3.14%), Salesforce (+2.10%) and Snowflake (+1.86%) also partly recovered from the previous day's "Anthropic shock."

5. Macro — a 25bp December hike is a given; oil firms on Hormuz mine reports According to ZeroHedge, a 25bp December hike is fully priced, with about a 10% chance of 50bp. Goldman Sachs expects another hike in March 2027 after December and pushed its first cut out to December 2027. Chicago Fed President Austan Goolsbee called the October CPI report "borderline disturbing." Meanwhile, Iran's Revolutionary Guard claimed two tankers using an unauthorized route hit mines in the Strait of Hormuz. WTI rose nearly 1% intraday before trimming gains to close up 0.41% at $86.39 a barrel.

📊 Sector Performance

Sector	Change	Key Drivers
Technology	+3.23%	Arm +12.05%, Micron +11.89%, Oracle +8.83%, AMD +7.32%
Energy	+1.85%	Hormuz mine reports, ConocoPhillips +1.60%, Exxon Mobil +1.32%
Industrials	+1.33%	Caterpillar +2.94%, GE +1.40%, AI-infrastructure-linked industrials rallied together
Communication Services	+0.81%	Alphabet +2.11% offset Meta -1.97%
Financials	+0.55%	Goldman Sachs +1.83%, Morgan Stanley +1.58%
Consumer Staples	+0.46%	Coca-Cola +0.68%, P&G -0.59%
Materials	+0.28%	Lower gold capped gains
Utilities	+0.25%	Flat with bond market closed
Health Care	+0.05%	Eli Lilly +0.38%, UnitedHealth -0.57%
Real Estate	-0.03%	Flat with the 10-year near 5%
Consumer Discretionary	-0.06%	Amazon -1.74%, McDonald's -2.59% offset Tesla +2.91%

Tuesday's pattern, when only technology fell more than 1%, flipped completely. Technology gained over 3% while defensives (health care, real estate) and consumer discretionary went nowhere. Nine of 11 sectors rose, but most of the gains were concentrated in technology.

🌍 Global Markets

• Europe STOXX 600: Up 0.72% to 663.05. Hopes for an AI rebound spread to European chip and tech stocks. Berenberg said the AI trade is recovering on hard demand evidence rather than sentiment.
• US Dollar Index (DXY): Up 0.68% to 102.93. Expectations of further Fed hikes supported the dollar.
• 10-Year US Treasury Yield: The cash bond market was closed for Veterans Day. Yahoo showed about 5.00%, near the 5% level it retook intraday the previous day.
• WTI Crude Oil: Up 0.41% to $86.39 a barrel. Prices were firm intraday on the Hormuz mine claims, but gains narrowed after Qatar said it had secured at least two weeks for US-Iran diplomacy.
• Gold: Down 0.97% to $3,991.10 an ounce, slipping below $4,000. Risk-on appetite and a stronger dollar both weighed.

🚀 SPCX (SpaceX) Update

SpaceX (SPCX) fell 2.33% to $139.75, left out of the broad rebound. Shares traded between the $138 and $145 range intraday and remain near the low end of their 52-week range (about $104.83–225.64). Market capitalization is roughly $1.9 trillion.

No company-specific catalyst for the drop was confirmed. However, with Anthropic preparing to list next week at a valuation of up to $1.4–1.5 trillion, flows could rotate from already-listed former mega-private growth stocks into the new IPO, which is a headwind. On a day when money poured into themes "proven by earnings today," like semiconductors, the space theme, with lower earnings visibility, looked relatively less attractive.

⚠️ Investor Cautions

The rally leaned heavily on one company's results. CoreWeave's revenue and guidance were strong, but the company is still loss-making, and fourth-quarter interest expense alone is expected at $1.05–1.15 billion. Capex of $37–39 billion is good news for chipmakers, but whether that investment eventually earns a return is not yet proven. Morgan Stanley's prime brokerage desk found hedge funds cut risk at the fastest pace in more than a decade through early November, and Goldman Sachs' Rich Privorotsky noted that positioning, not macro, is driving the tape. A rebound mixed with short covering can reverse as quickly as it came.

Rates remain the biggest variable. Stocks forgot about rates while the bond market was closed, but the 10-year sits just below 5% and a December hike is already priced in. A hotter-than-expected PPI on Friday could bring back a Tuesday-style drop. Nvidia rose today, but Baird's $200 target is only about 15% above the current price, and volatility could stay high until next week's earnings.

👁 What to Watch Tomorrow

• Whether the 10-year breaks 5% once bonds reopen: Cash Treasuries trade again on Thursday after a day off. A decisive close above 5% would test much of Wednesday's tech rebound; a move back into the 4.9% range would leave more room for gains to continue.
• S&P 500 support at 7,600: Wednesday's 7,619.38 close sits just above 7,600. Holding it would cement the move above the November 3 close (7,568.92); losing it could make Wednesday's rally a one-day bounce.
• Nebius, Cisco and Applied Materials earnings: Nebius (before the open) is an AI cloud peer of CoreWeave and could provide a "second piece of evidence." Cisco will test AI networking demand and Applied Materials (EPS estimate $4.06) chip equipment demand. A disappointment from any of the three could trigger profit-taking in the chip stocks that ran hardest.
• Initial jobless claims (estimate 195K): A still-solid labor market strengthens the Fed's case for hikes. A reading above 200K could ease rate pressure instead.
• Micron holding $800: Micron reclaimed $800 on Wednesday. Whether it holds is directly tied to Korean memory names such as SK Hynix and Samsung Electronics.

💡 Upcoming Events

• Nov 12 (Thu): Nebius (pre-market), Cisco and Applied Materials (after the close) earnings; initial jobless claims; October existing home sales
• Nov 13 (Fri): October Producer Price Index (PPI; consensus +0.4% m/m, core +0.3%; JPMorgan forecasts +0.6%, core +0.4%)
• Nov 17 (Tue): Nvidia Q3 earnings; October retail sales (schedule to be confirmed)
• Nov 18–19: Anthropic IPO pricing (18th) and Nasdaq debut (19th) expected, per CNBC
• Dec 9 (Wed): December FOMC rate decision

📚 Sources

• Stock market today: Dow, S&P 500, Nasdaq rise as chip stock rally rekindles AI trade — Yahoo Finance
• Nasdaq Adds 400 Points as CoreWeave Earnings Revive the AI Trade: Stock Market Today — Kiplinger
• Futures Rise As CoreWeave Calms Debt Jitters, Sparking AI Rebound; Oil Jumps On Hormuz Mines — ZeroHedge
• CoreWeave Reports Strong Third Quarter 2026 Results — CoreWeave
• Why Micron Stock Popped Today — The Motley Fool
• Why Oracle Stock Is Up Today — The Motley Fool
• Nvidia, Alphabet, and Micron Just Agreed to Buy $26 Billion of Stock in One of Their Biggest Customers — The Motley Fool
• Baird downgrades Nvidia on CEO Huang worries, AI uncertainty — CNBC
• Nvidia Gets a Rare Downgrade as Baird Cuts Its Target to $200 From $500 on Huang Uncertainty, but the Stock Rebounds 3% — The Private Banker
• Is the stock market open on Veterans Day 2026? — inkl
• Space Exploration Technologies Corp. (SPCX) Stock Price, News, Quote & History — Yahoo Finance
• Fear and Greed Index — Fear & Greed Meter