Market Summary

U.S. equities advanced at midday on Wednesday, November 11, with the Nasdaq leading and the Dow lagging. As of 12:00 ET, the Nasdaq Composite was 25,583.87 (+497.61, +1.98%), the S&P 500 was 7,620.35 (+99.35, +1.32%), and the Dow was 52,296.26 (+64.16, +0.12%). All three indices were at session highs. The primary catalyst was CoreWeave (CRWV), whose better-than-feared Q3 results and reassuring outlook eased debt-financing concerns around AI buildouts and sparked a relief rally across the AI complex. The Philadelphia Semiconductor Index was up 6.6% and the S&P 500 information technology sector was up 3.1% as of the 11:00 ET update.

The rally was narrow beneath the surface. The equal-weighted S&P 500 was up 0.5% against 1.3% for the cap-weighted S&P 500, and the Vanguard Mega Cap Growth ETF (MGK) was up 2.1%. NYSE decliners (1,347) slightly outnumbered advancers (1,297), while Nasdaq advancers led 2,699 to 1,738. The Russell 2000 was up 0.8%. Risk appetite shifted: the High Beta ETF (SPHB) outperformed the Low Volatility ETF (SPLV) at 10:25 ET, reversing Tuesday’s trade. Defensive sectors, including health care, staples, utilities, and real estate, lagged.

The broader context remains difficult. The S&P 500 closed Tuesday at 7,520.93, roughly where it closed on May 27, and a gain of about 1% would only return it to early-June levels. Briefing.com describes the market as “stuck in the mud.” Hot October CPI and a Fed expected to hike again in December remain overhangs, though the Treasury market is closed today for Veterans Day while the NYSE trades a regular session.

Market Snapshot

Dow: 52,296.26, +64.16 (+0.12%)
Nasdaq Composite: 25,583.87, +497.61 (+1.98%)
S&P 500: 7,620.35, +99.35 (+1.32%)
Russell 2000: +0.8%
Equal-weighted S&P 500: +0.5%
NYSE: Advancers 1,297, decliners 1,347, volume 215 million
Nasdaq: Advancers 2,699, decliners 1,738, volume 6.47 billion

Prior session (Nov. 10): S&P 500 -0.4% (close 7,520.93), Nasdaq -0.7%, Russell 2000 -0.6%. Year-to-date: Russell 2000 +13.8%, S&P Mid Cap 400 +12.0%, S&P 500 +9.9%, DJIA +8.7%, Nasdaq +7.8%.

WaveFinder breadth (Nov. 11):

Primary sentiment: Bearish (888 bulls vs. 1,101 bears)
4% sentiment: Bullish (261 bulls vs. 89 bears)
40 SMA sentiment: Neutral
Above 20 SMA: 62.16%
Above 40 SMA: 60.64%
9M bulls 29 vs. bears 7; bull follow-through 47.06%

Sector Performance

The data provide percentage moves for only some sectors, so the ranking below combines the Briefing.com figures with qualitative groupings. WaveFinder provides ATR volatility readings, not performance.

Strong (Briefing.com Industry Watch): Information Technology, Energy, Industrials, Communication Services
1. Information Technology: +3.1% as of 11:00 ET. WaveFinder ATR -1.22% (flat, P79).
2. Energy: +1.53% as of 10:25 ET, with WTI up 1.7% to $87.49. ATR -0.85% (falling, P26).
3. Industrials: Strong, no percentage given. ATR 0.38% (falling, P84).
4. Communication Services: Strong, no percentage given. ATR 0.93% (rising, P100).

Not named in either group: Financials (ATR 0.66%, rising, P89) and Materials (ATR 0.87%, falling, P42). No midday performance was provided for either.

Weak (as of 11:30 ET):

Consumer Discretionary: -0.5%, weighed by Amazon (AMZN 267.16, -1.37%). ATR 1.73% (flat, P79).
Consumer Staples: -0.5%. ATR 2.76% (flat, P68).
Real Estate: -0.4%. ATR 1.31% (rising, P79).
Health Care: -0.7%. ATR 2.49% (flat, P53).
Utilities: -0.1%. ATR 2.83% (falling, P53).

Ranking among the weak sectors, from weakest: Health Care, then Consumer Discretionary and Consumer Staples tied, then Real Estate, then Utilities. Consumer Discretionary is listed as down and was not named in the weak group.

Key Earnings & Movers

AI complex (as of 11:00 ET):

CoreWeave (CRWV): 59.89, +11.16 (+22.90%), after a beat-and-raise. It had been up 15% pre-market and had fallen as much as 70% from its early-May high.
Micron (MU): 815.35, +90.24 (+12.44%)
Dell (DELL): 374.31, +39.93 (+11.94%)
Seagate (STX): 556.12, +54.50 (+10.86%)
Super Micro (SMCI): 30.66, +2.86 (+10.31%)
Corning (GLW): 121.40, +9.28 (+8.27%)
Oracle (ORCL): 127.00, +9.02 (+7.64%)
Applied Materials (AMAT): 396.60, +24.06 (+6.46%)
Peers Nebius (NBIS) and Iren (IREN) were up 13% and 8% pre-market.

Other movers:

Apple (AAPL): 353.13, +4.62 (+1.33%), upgraded to Buy from Hold at China Renaissance.
Amazon (AMZN): 267.16, -3.72 (-1.37%).
Mercury (MRCY): higher after a Q1 beat and raise.
Alcon (ALC): lower after a mixed Q3 report.

Tuesday’s close: NVIDIA (NVDA) 168.80, -5.53%, amid fallout from reports about CEO Jensen Huang. Microsoft (MSFT) 533.16, -2.20%, on Anthropic’s launch of Claude Whiteboards and Claude Sheets.

After-hours movers (Nov. 10):

BrightView (BV) -18.6%
B&G Foods (BGS) +8.8%
Amprius (AMPX) -8.4%
Rigetti (RGTI) -7.8%
Grocery Outlet (GO) -7.7%
Resideo (REZI) -2.9%
Costco (COST) +1.8%, with a $30/share special dividend and $4 billion buyback reauthorization
Firefly Aerospace (FLY) -0.5%
Sonos (SONO) flat after a beat and a buyback

Stock Spotlight

CoreWeave (CRWV) was the session’s central story. At 59.89, it was up 22.90% as of 11:00 ET, after reporting Q3 results that beat on revenue, raising FY26 revenue guidance above consensus, and raising CapEx guidance. The shares had fallen as much as 70% from their early-May peak on debt-financing concerns tied to the AI buildout, so the report worked as a relief catalyst. The stock had gained only 1.6% after hours Tuesday and 15% pre-market before extending gains in the regular session.

The move fed through the AI supply chain, lifting servers (Dell, Super Micro), memory and storage (Micron, Seagate), optical connectivity (Corning), cloud (Oracle), and semiconductor equipment (Applied Materials). Briefing.com cautioned that it remains to be seen whether the gains hold or draw selling into strength, especially with a Fed expected to tighten further.

Bond Market & Treasuries

The Treasury market is closed today for Veterans Day, so the data below are from Tuesday, Nov. 10 and reflect closing yields at November highs.

2-year: 4.74%, +18 bps
3-year: 4.77%, +17 bps
5-year: 4.81%, +15 bps
10-year: 4.98%, +12 bps (it traded as high as 5.013% mid-session; the 50-day moving average is 5.041%)
30-year: 5.35%, +9 bps

Drivers:

Hotter-than-expected October CPI.
Fed Governor Waller backed a 25 bp hike in December and left open a larger move.
Boston Fed’s Logan called for two 25 bp hikes followed by a pause.
A weak $42 billion 10-year auction: high yield 5.020% vs. a 4.425% average, bid-to-cover 2.46 vs. 2.53, indirect bid 61.2% vs. 71.4%.
The U.S. Dollar Index rose 0.6% to 102.22.

Rate expectations: A 25 bp hike to 4.00-4.25% in December is fully priced in per CME FedWatch, with a 65% probability of at least another 25 bp in January to 4.25-4.50%.

Currencies (Nov. 10): USD/JPY 158.81 (+0.6%), EUR/USD 1.1162 (-0.5%), GBP/USD 1.3344 (-0.7%), USD/CNH 6.6773 (+0.1%).

Commodities

Midday Nov. 11: WTI crude was up 1.7% to $87.49 per barrel, a bounce from oversold levels. Uncertainty persists over whether diplomatic efforts with Iran can fully reopen the Strait of Hormuz.

Nov. 10 settlements:

Crude oil: $86.11, -0.79 (-0.9%). It fell as low as $83.88 before recovering after Iran’s top security official said no talks with the U.S. were under way.
Natural gas: $3.29, +0.07
Gold: $4,030.80, -84.20 (-2.1%)
Silver: $51.22, -1.52
Copper: $6.23, -0.12 (-1.9%)

No midday updates were provided for gold, silver, copper, or natural gas.

Overseas Markets

Data are from Tuesday’s sessions; no Wednesday overseas results were provided.

Europe: DAX +0.3%, FTSE -0.3%, CAC +0.6%
Asia: Nikkei +2.9%, Hang Seng +0.4%, Shanghai +0.1%

Key drivers and data:

The Bank of Japan’s October meeting summary showed diverging views, adding uncertainty over a December hike.
Japan: September household spending -2.8% m/m (expected +0.3%) and -6.8% y/y. September current account JPY2.372 trillion (expected JPY3.354 trillion). Economy Watchers Current Index 46.1 (expected 47.1).
China: October trade balance $105.28 billion (expected $126.50 billion). Exports +35.2% y/y, imports +41.6% y/y.
RBNZ’s Conway said domestic inflation remains too high.
Bank of France expects moderate Q4 growth and avoids a recession call.
Australia’s October NAB Business Confidence -15 (prior -14).
France’s Q3 unemployment rate 8.2% (expected 8.4%).

Economic Data

Tuesday, Nov. 10 (previous session):

October CPI: +0.4% m/m vs. 0.3% consensus (prior 0.6%). The BLS provided no y/y reading because of last year’s shutdown data gap.
October core CPI: +0.3% m/m vs. 0.2% consensus (prior 0.3%).
October NFIB Small Business Optimism: 97.8 vs. 98.0 consensus (Briefing.com’s Bond Market Update cites 97.9); prior 97.9.
The CPI surprise drove the Treasury selloff and cemented the December hike expectation.

Today (Nov. 11):

7:00 ET: MBA Mortgage Applications Index (prior -1.2%). No result was provided.
New York Fed: Q3 household credit card debt hit a record $1.29 trillion.

Macro backdrop (as of Nov. 6): September CPI ran 3.7% y/y total and 2.6% core. PCE inflation is 3.6% overall and 3.1% excluding food and energy, versus the Fed’s 2.0% target. The personal savings rate is 3.8%, near a 15-year low, and real wages have turned negative.

Looking Ahead

Thursday, Nov. 12: The Treasury will hold a $25 billion 30-year bond auction, completing this week’s auction slate after the 3-year and 10-year sales drew weak demand. Treasuries resume trading after today’s closure. The 10-year’s proximity to 5.00% and its 50-day moving average at 5.041% are levels to watch.
Fed: The December FOMC meeting is expected to deliver a 25 bp hike to 4.00-4.25%, with a 65% probability of another in January.
AI trade: Watch whether the CoreWeave-driven rebound holds or draws selling into strength.
Anthropic IPO: Anthropic plans to offer 825 million shares at $70-$78, targeting a roughly $1.33 trillion valuation, with pricing expected before Thanksgiving.
Oil: Developments in Iran diplomacy and the Strait of Hormuz remain the key swing factor.
Earnings: No next-session earnings calendar was provided in the data.