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What happened today
The S&P 500 closed up 1.31% at 7,619.38, the Nasdaq Composite up 1.60% at 25,466.19 and the Dow up 0.49% at 52,486.49 (Yahoo Finance data, 3:08 PM CT). CoreWeave closed up 24.71% at $60.77, and Nvidia closed up 2.92% at $173.73 (Yahoo Finance data).
Our read
Here's what jumps out: one company's report card changed the mood for a whole corner of the market. Rate expectations didn't drive this move. Traders still fully price in a December hike. What changed is that a beaten-up AI name showed a path to profit, and that was enough to send chip and AI stocks sharply higher. This market is swinging day to day between "AI is fine" and "AI is in trouble," and today the swing went up.
The news, then the reaction
CoreWeave's results
- Before: CoreWeave reported quarterly revenue of $3.66 billion after Tuesday's close, above the $3.56 billion consensus in Bloomberg data, and raised its full-year outlook, Yahoo Finance reported.
- The news: The company said it would become profitable on an adjusted basis in the first half of 2028, Reuters reported, seeking to reassure investors that demand and customer commitments could support its debt-fueled expansion.
- After: CoreWeave closed up 24.71% (Yahoo Finance data). Reuters said it was on track for its biggest daily percentage gain in more than three months, and that Nebius Group and Applied Digital each jumped at least 10%.
The AI trade, all day
- The S&P 500 technology index was up nearly 4% in the afternoon and on track for its biggest daily percentage gain since Aug. 4, the best of the 11 major sectors, Reuters reported.
- Nvidia closed up 2.92% after two straight days of sharp losses (Yahoo Finance data; Reuters).
"What we've seen is that you've gone back and forth, back and forth, back and forth between AI is good, AI is not so good." (Reuters)Thomas Martin, Globalt
Why it moved
- Traders now fully price in a Fed hike of at least a quarter point in December, with a 10.4% chance of a half point, according to CME FedWatch, Reuters reported in its closing story. So the rally wasn't about rates. It was about AI.
Update (Nov 11, 5:00 PM CT): An earlier version gave the chance of a half-point hike as 13.2%, from Reuters' afternoon story. Reuters' closing story put it at 10.4%.
- The CBOE Volatility Index, Wall Street's fear gauge, fell for a fourth straight session and was at 17.63 in the afternoon, after a more than seven-month high of 28.36 last week, Reuters reported.
- Brent crude settled up 1.39% at $92.76 and US crude up 0.57% at $86.53 after an Iranian official said no enriched nuclear material would leave the country, Reuters reported.
- Gold futures were down 0.93% at $3,992.70 at 2:55 PM CT (Yahoo Finance data).
- The US bond market was closed for Veterans Day, so there was no cash Treasury trading today.
Tonight in Asia
| Time CT | Market or event | Why it matters |
|---|---|---|
| 6:00 PM | Tokyo and Seoul open | Chip-heavy markets react to the US chip rally (the Philadelphia chip index was up about 7% in the afternoon, Reuters) |
| 7:30 PM | Hong Kong and Shanghai open | First full session after the US AI rebound |
Tomorrow
| Time CT | Event | Consensus |
|---|---|---|
| All day | US bond market reopens after Veterans Day | — |
| Thu | Weekly US crude inventories (official data), delayed a day by the holiday, Reuters said | — |
| Fri 7:30 AM | US October PPI | — |
What we're watching
- Bonds reopen tomorrow after a hot-CPI week. Do yields pick up where they left off on Tuesday?
- CoreWeave jumped 25%. Does the AI bounce hold a second day?
- Friday's PPI is the next inflation check. Does it back up Tuesday's hot CPI?
What it means for your money
The S&P 500 rose 1.31% today (Yahoo Finance data). If you own an S&P 500 index fund or a 401(k) heavy in large US stocks, today was a strong day, mostly thanks to tech. It doesn't change the bigger picture on rates: a December hike is still expected, which matters for anyone shopping for a loan.
The short version (the what and the result)
- S&P 500 +1.31%, Nasdaq +1.60%, Dow +0.49% (Yahoo Finance data).
- CoreWeave +24.71% (Yahoo Finance data) after its results eased AI spending worries, Reuters reported; Nvidia +2.92% after two rough days.
- Oil up about 1%; gold futures down 0.93%; bonds closed for Veterans Day. PPI is Friday.
Sources
- Reuters (Devdiscourse): Stocks end higher as CoreWeave results ease AI spending worries
- Reuters (Yahoo Finance): Stocks climb as CoreWeave results ease AI spending concerns
- Reuters (Yahoo Finance): Oil up 1% as Iran official says country will keep enriched nuclear material
- Yahoo Finance: CoreWeave stock pops as Q3 revenue beats estimates, company raises full-year outlook
- Yahoo Finance: S&P 500 (^GSPC)
- Yahoo Finance: Nasdaq Composite (^IXIC)
- Yahoo Finance: Dow Jones Industrial Average (^DJI)
- Yahoo Finance: CoreWeave (CRWV)
- Yahoo Finance: NVIDIA (NVDA)
- Yahoo Finance: Gold futures (GC=F)
- The Retest: Morning Brief, Nov. 11