AI stocks carried Wall Street higher on Wednesday, November 11, as a single earnings report from CoreWeave reversed much of Tuesday's hot-inflation selloff and gave technology shares their best day in months.
The S&P 500 rose 1.31% to close at 7,619.38, the Nasdaq Composite gained 1.60% to 25,466.19, and the Dow Jones Industrial Average added 0.49% to 52,486.49. The S&P 500 now sits just 2.6% below its record high set in October, the Associated Press reported, and all three indexes are up for the week — the Dow by 2.3%, the S&P by 3.3% and the Nasdaq by 3.6% through Wednesday's close.
The spark was CoreWeave. The AI cloud company closed up 24.7% at $60.77 — its best day since April 2025, according to CNBC — after reporting third-quarter revenue of $3.66 billion, above its own $3.45–$3.60 billion forecast and the roughly $3.55 billion analysts expected, and raising its 2026 revenue outlook to $13.0–$13.3 billion. Its net loss for the quarter was $709 million.
The gain spread across the chip sector. The Philadelphia Semiconductor Index rose 5.66% to 10,564.11, with all 30 of its stocks advancing: Micron jumped 11.89%, Arm 12.05%, Intel about 7.5% and AMD 7.32%. Nvidia, which had fallen nearly 10% over the first two days of the week amid its board's probe of CEO Jensen Huang, rebounded 2.9% to $173.73.
Microsoft went the other way for a second day, falling 2.3% to $521.13 after Anthropic unveiled new workplace AI tools that could compete with Office.
Traders still fully price in a Federal Reserve rate hike of at least a quarter point in December after Tuesday's hotter-than-expected October inflation report, with a roughly 13% chance of a half-point move, according to CME FedWatch data cited by Reuters — so Wednesday's rally was about AI earnings, not rates. The bond market was closed for Veterans Day.
Thursday brings the other half back: Treasury trading resumes, initial jobless claims are due at 8:30 a.m. ET, and Cisco and Applied Materials report after the close.
Sources: Associated Press close report (Nov 11, 2026); Reuters (Nov 11, 2026); CNBC / Yahoo Finance closing data (Nov 11, 2026).
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