Market Summary

U.S. equities finished higher on Veterans Day, with the Nasdaq Composite up 1.60% (+400.31) to 25,486.57, the S&P 500 up 1.31% (+98.45) to 7,619.45, and the Dow up 0.49% (+254.60) to 52,486.70. The Russell 2000 gained 0.9%. The Treasury market was closed for the holiday. The catalyst was a relief rally in the AI trade after CoreWeave’s better-than-feared results and outlook eased concerns about financing its AI buildout. Ten of the 11 S&P 500 sectors ended higher.

Leadership was concentrated in technology and semiconductors. The Philadelphia Semiconductor Index jumped 5.7% after being up as much as 7.9%. Information technology led sectors at +2.7%, followed by energy (+1.8%), industrials (+1.3%) and communication services (+0.9%). Consumer discretionary was the lone decliner at -0.4%, weighed down by Amazon (-1.7%). Participation broadened into the close, with advancers ahead on both the NYSE and Nasdaq, though the Nasdaq’s outperformance showed buying remained concentrated in AI-linked names.

Context matters: the S&P 500 closed Tuesday at 7,520.93, roughly where it closed on May 27, so today’s gain only returns the index to early-June levels. Morning commentary described a market “stuck in the mud,” with the Fed expected to raise rates in December. Futures this morning pointed to a stronger open (S&P +1.0% above fair value, Nasdaq 100 +1.9%, Dow +0.3%).

Market Snapshot

Dow: 52,486.70, +254.60 (+0.49%)
Nasdaq: 25,486.57, +400.31 (+1.60%)
S&P 500: 7,619.45, +98.45 (+1.31%)
Russell 2000: +0.9%
NYSE: Advancers 1,430, decliners 1,278, volume 1.09 bln
Nasdaq: Advancers 3,018, decliners 1,719, volume 11.2 bln
Intraday: The Nasdaq peaked near +1.8% at 15:00 ET (25,545.93) and the S&P near 7,626.58, before easing into the close.

WaveFinder breadth:

Primary sentiment: Bearish (1,036 bulls vs. 1,326 bears)
4% sentiment: Very Bullish (341 bulls vs. 117 bears)
40 SMA sentiment: Bullish
Above 20 SMA: 61.4%
Above 40 SMA: 59.99%
9M bulls 30 vs. bears 7; bull follow-through 52.94%

Takeaway: Price action was strong, but the primary breadth gauge remains bearish, so the rebound is not yet broadly confirmed.

Sector Performance

Ranked by Briefing.com closing performance where available. WaveFinder ATR is shown with percentile.

1. Information Technology: +2.7%. ATR -1.28% (flat, P79)
2. Energy: +1.8%. ATR -0.81% (falling, P26)
3. Industrials: +1.3%. ATR 0.29% (falling, P84)
4. Communication Services: +0.9%. ATR 1.33% (rising, P100)
5. Financials, Materials, Utilities, Consumer Staples, Health Care, Real Estate: Closed higher per Briefing.com, but individual percentage gains were not provided. Of these, health care and real estate were slightly negative at 15:25 ET (-0.1% and -0.02%) and had recovered by the close.
- Financials: ATR 0.73% (rising, P89)
- Materials: ATR 1.21% (falling, P47)
- Utilities: ATR 3.14% (falling, P74)
- Consumer Staples: ATR 3.12% (flat, P89)
- Health Care: ATR 2.54% (flat, P58)
- Real Estate: ATR 1.47% (rising, P84)
11. Consumer Discretionary: -0.4%. ATR 1.85% (flat, P84)

Note: Exact closing performance for the six middle sectors was not in the data, so their ordering cannot be determined.

Key Earnings & Movers

AI infrastructure rally

CoreWeave (CRWV): $60.77, +$12.04 (+24.7%). Revenue beat, raised FY26 revenue and adjusted operating income outlooks, operating margin up to 10% from 5%, $132.5 bln backlog.
Dell (DELL): $373.72, +$39.34 (+11.8%). Server and storage exposure.
Micron (MU): $811.30, +$86.19 (+11.9%). Memory exposure.
Oracle (ORCL): $128.40, +$10.42 (+8.8%). Cloud-capacity confidence.
Corning (GLW): $120.38, +$8.25 (+7.4%). Data-center connectivity.
Applied Materials (AMAT): $395.08, +$22.55 (+6.1%). Semiconductor equipment.
Intel (INTC): $62.47, +$4.34 (+7.5%)
AMD: $552.90, +$37.69 (+7.3%)
Broadcom (AVGO): $345.22, +$13.24 (+4.0%)
NVIDIA (NVDA): $173.73, +$4.84 (+2.9%). Lagged other chip names.
Nebius (NBIS): $157.22, +$23.22 (+17.33%) at 15:00 ET. Reports before Thursday’s open.

Decliner

Amazon (AMZN): $266.17, -$4.70 (-1.7%). Sat out the AI advance.

Other stories

Alcon (ALC): Lower after a mixed Q3 and a narrowed FY26 outlook.
Mercury (MRCY): Higher after a Q1 beat and raise.

After hours

AEVEX (AVEX): +10.0%. Revenue beat, raised FY26 revenue and adjusted EBITDA guidance.
Tetra Tech (TTEK): +9.8%. Beat on EPS (by $0.02) and revenue, in-line guidance.
Enersys (ENS): +1.2%. Missed on EPS and revenue, in-line Q3 guidance.
Corteva (CTVA): -6.2%. EPS beat by $0.04, revenue miss, FY26 EPS guidance above consensus.
Digi International (DGII): -12.5%. Beat on EPS (by $0.02) and revenue.
Guardant Health (GH): +0.1%. Proposed $500 mln convertible notes due 2032.
Flat: CAE, Pfizer (up to $1.5 bln obesity-program funding deal with Blackstone Life Sciences) and Vylor.

Stock Spotlight

CoreWeave was the session’s central story, surging 24.7% to $60.77. The stock had fallen as much as 70% from its early-May high, and it had been a primary source of the downside pressure in the AI trade over debt-financing worries. Q3 revenue exceeded expectations, management raised FY26 revenue and adjusted operating income guidance, and adjusted operating margin improved sequentially to 10% from 5%. A $132.5 bln backlog, plus added detail on customer prepayments and financing plans, eased concerns about the capital needs of its expansion.

The impact spread well beyond CoreWeave. Peers Nebius and Iren rallied (NBIS +13% and IREN +8% pre-market), and the move lifted servers, memory, cloud, connectivity and semiconductor equipment names. The stock peaked near +24.7% at the close, a bit above the +23.9% seen at 15:00 ET. The next test comes with Nebius’s results before Thursday’s open, which will show whether the demand, spending and financing narrative holds.

Bond Market & Treasuries

The Treasury market was closed Wednesday for Veterans Day, so the latest data are from Tuesday, Nov. 10.

2-yr: 4.74%, +18 bps
3-yr: 4.77%, +17 bps
5-yr: 4.81%, +15 bps
10-yr: 4.98%, +12 bps (4.983%; briefly above 5.000% at 13:06 ET; 50-day moving average 5.041%)
30-yr: 5.35%, +9 bps

Drivers on Tuesday:

Fed Governor Waller backed a 25 bp December hike and left the door open to a larger move.
Boston Fed President Logan said two 25 bp hikes are needed, followed by a pause.
October CPI came in hot, with total CPI +0.4% m/m (consensus 0.3%) and core +0.3% (consensus 0.2%).
The $42 bln 10-yr auction drew weak demand: high yield 5.020% (vs. 4.425% average), bid-to-cover 2.46 (vs. 2.53), indirect bid 61.2% (vs. 71.4%).
The Dollar Index rose 0.6% to 102.22. USD/JPY was 158.81 and EUR/USD 1.1162.

The market sees at least a 25 bp hike in December to 4.00-4.25%, with a possible follow-up in January.

Commodities

Crude Oil: $86.40, +0.29
Natural Gas: $3.21, -0.08
Gold: $3,999.90, -30.90
Silver: $52.00, +0.78
Copper: $6.29, +0.06

Gold slipped below $4,000, and energy was a strong sector with crude holding in the mid-$80s.

Overseas Markets

Europe: DAX +1.2%, FTSE +0.8%, CAC +0.7%.

Asia: Nikkei +1.3%, Hang Seng -1.0%, Shanghai +0.5%.

Drivers (from Tuesday’s overnight data):

Japan’s September household spending fell 2.8% m/m and 6.8% y/y, and its current account came in below expectations.
The BOJ’s October meeting summary showed diverging views on a December hike.
China’s October trade surplus was $105.28 bln (expected $126.50 bln), with exports +35.2% y/y and imports +41.6% y/y.
The RBNZ’s chief economist said domestic inflation remains too high.
The Bank of France expects moderate Q4 growth, avoiding a recession.

Economic Data

MBA Mortgage Applications (week ended 11/07): +6.2%, prior -1.2%.
Treasury market: Closed, so there was no bond market reaction.

Tuesday’s data still shape the outlook. October CPI was hotter than expected, and the NFIB Small Business Optimism Index slipped to 97.8 (consensus 97.9). The Big Picture commentary noted September CPI at 3.7% total and 2.6% core, PCE at 3.6% overall and 3.1% core, and a personal savings rate of 3.8%, near a 15-year low.

Looking Ahead

Thursday economic calendar (ET):

8:30 AM: Initial Claims (11/07), consensus 195K, prior 189K
8:30 AM: Continuing Claims (10/31), prior 1,718K
10:00 AM: October Existing Home Sales, consensus 3.94M, prior 3.99M
12:00 PM: EIA Crude Oil Inventories, prior -0.865M
2:00 PM: October Treasury Budget, consensus -$300.0B, prior -$26.9B

Other events:

Nebius reports before the open.
The Treasury holds a $25 bln 30-yr bond auction Thursday.
Fed commentary and the December FOMC meeting remain in focus, with a hike to 4.00-4.25% expected.
Earnings reported after Wednesday’s close include Alcon, Amprius, Astronics, B&G Foods, BrightView, CGI and Core & Main. Their next-day reactions will be worth watching alongside the after-hours moves in AVEX, TTEK, CTVA and DGII.

Key question: Can the AI relief rally hold and broaden, given a bearish primary breadth reading and rate-hike pressure?