The Wall Street Wrap: November 11, 2026

CoreWeave's strong report eases AI worries and Nvidia rebounds, lifting tech and the broader market while bond traders take a holiday

Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

MARKETS TODAY

US stocks rallied on Wednesday as CoreWeave's results calmed fears about the AI trade and Nvidia bounced back after two sharp losing sessions. The S&P 500 gained 1.31% to 7,619.38, the Dow Jones Industrial Average rose 0.49% to 52,486.49, a gain of about 255 points, and the Nasdaq Composite climbed 1.6% to 25,466.189. The Nasdaq 100 jumped 2.28% to 28,374.252, the Russell 2000 added 0.88% to 2,846.263, and the VIX fell 10.12% to 17.49. Information technology led the 11 S&P 500 sectors with a 2.71% gain, followed by energy at 1.83% and industrials at 1.32%, while consumer discretionary was the only sector to decline, falling 0.36%. CoreWeave surged 24.708%, Nebius jumped 15.44%, and SanDisk gained 13.686%, while Airbnb fell 3.087%.

ANALYTICAL VIEW

CoreWeave set the tone. Third-quarter revenue jumped 168% to about $3.7 billion, the company raised its 2026 outlook, said it expects to turn profitable on an adjusted basis in the first half of 2028, and said it will not tap unsecured debt markets after a recent spike in borrowing costs. Its chief executive said demand for computing capacity remains overwhelming. The relief spread across AI infrastructure, with Nebius, Applied Digital, and Iren all rallying, and the Philadelphia semiconductor index hit a one-week high as every component advanced. Nvidia rose 2.87% to 173.73 after losing nearly 10% over the first two sessions of the week, with its earnings due on November 17. Apple was on track for a second record close this week, putting its market value near $5.1 trillion.

The backdrop is still tricky. Traders fully price a Fed rate hike of at least a quarter point in December, with the odds of a half-point move put at roughly 13% to 15%, and Goldman Sachs now expects a second hike in March. The US bond market was closed for Veterans Day, so Treasury yields did not trade. Brent settled at $92.76, up 1.39%, as Iran's security chief said enriched nuclear material will not leave the country, while gold fell 1.13%. One Goldman strategist noted that the market can keep climbing even when tech pulls back, since energy is the only sector to have lagged technology in November, and the S&P 500 is up about 0.6% for the month so far.

What could change the picture: Thursday's earnings from Nebius before the open and Cisco and Applied Materials after the close, jobless claims and existing home sales, a busy slate of Fed speakers, Nvidia's earnings on November 17, Anthropic's IPO pricing on November 18, the Fed's December 8 to 9 meeting, and any shift in US-Iran talks or shipping through the Strait of Hormuz.

SECTOR PERFORMANCE

WINNERS & LOSERS

Top 5 Gainers (across S&P, Nasdaq, Dow):

• CoreWeave, Inc. (NASDAQ:CRWV): +24.708%
• Nebius Group N.V. (NASDAQ:NBIS): +15.44%
• SanDisk Corporation (NASDAQ:SNDK): +13.686%
• Bloom Energy Corporation (NYSE:BE): +12.971%
• Arm Holdings plc (NASDAQ:ARM): +12.05%

Top 5 Decliners:

• Airbnb, Inc. (NASDAQ:ABNB): -3.087%
• lululemon athletica inc. (NASDAQ:LULU): -2.646%
• McDonald's Corporation (NYSE:MCD): -2.612%
• Leidos Holdings, Inc. (NYSE:LDOS): -2.441%
• NVR, Inc. (NYSE:NVR): -2.336%
• Brown-Forman Corporation (NYSE:BF.B): -2.336%

Note: CoreWeave surged after reporting a 168% jump in quarterly revenue, a higher 2026 outlook, and a target of adjusted profitability in the first half of 2028, and Nebius rallied alongside it as fears about AI cloud spending eased.

AFTER-HOURS MOVERS

Gainers:

• EZCORP, Inc. (NASDAQ:EZPW), +11.31% after hours: Shares rose to $31.50 after fiscal fourth-quarter adjusted earnings of $0.43 a share beat the $0.42 expected and revenue of $447.06 million, up 33%, topped the $427.57 million estimate. Net income attributable to the company grew 28% to $34.3 million, pawn loans outstanding rose 31% to $402.8 million, and full-year revenue reached $1.69 billion. The stock had closed 1.63% lower at $28.30.
• Tetra Tech, Inc. (NASDAQ:TTEK), +7.76% after hours: Shares rose to $40.53 after fiscal fourth-quarter adjusted earnings of $0.49 a share beat the $0.47 expected and net revenue of $1.15 billion was in line with the estimate. Backlog rose 13% to $4.67 billion, the company guided fiscal 2027 earnings to $1.65 to $1.80 a share and first-quarter earnings to $0.36 to $0.38, and it raised its quarterly dividend 11% to $0.072. The stock had closed 7.48% lower at $37.61.

Decliners:

• Digi International Inc. (NASDAQ:DGII), -12.26% after hours: Shares fell to $58.75 even though fiscal fourth-quarter adjusted earnings of $0.78 a share beat the $0.76 expected and revenue of $143.32 million, up about 25%, topped the $140.27 million estimate. Annual recurring revenue neared $200 million, but first-quarter guidance of $0.71 to $0.75 in adjusted earnings and $140 million to $144 million in revenue was roughly in line with consensus, and fiscal 2027 guidance calls for 10% to 15% revenue growth. The stock had closed 2.94% higher at $66.96.
• Alvotech (NASDAQ:ALVO), -2.64% after hours: Shares fell to $4.79 after a third-quarter loss of $0.05 a share, wider than the $0.04 loss expected, and revenue of $111.6 million, below the $125.2 million estimate. Nine-month adjusted revenue was $323.4 million, down from $420.0 million a year earlier, cash fell to $61.5 million from $172.4 million at the end of 2025, and the company expects 2026 results toward the lower end of its guidance range. The stock had closed 0.82% higher at $4.92.
• EnerSys (NYSE:ENS), -1.79% after hours: Shares fell to $145.00 after fiscal second-quarter adjusted earnings of $3.22 a share beat the $3.19 expected, but revenue of $949.9 million missed the $968.76 million estimate. Third-quarter guidance calls for revenue of $935 million to $975 million and adjusted earnings of $3.05 to $3.15 a share. The stock had closed 2.43% lower at $147.65.

COMMODITIES & RATES

US TREASURY YIELDS

Note: The US bond market was closed Wednesday for Veterans Day, so yields and changes are from Tuesday's close.

TOP STORIES: US

CoreWeave soars as its results and funding plan ease fears about the AI trade. Shares jumped 24.708% to close at $60.77 after the company reported third-quarter revenue of $3.7 billion, up 168%, raised its 2026 outlook, and said it expects to be profitable on an adjusted basis in the first half of 2028. It also said it will not return to unsecured debt markets, that cash flow from existing contracts will cover current and future repayments, and that it plans another asset-level debt deal rated high investment grade within a couple of weeks. Its chief executive said the company is about 10 times oversubscribed on its remaining 2027 capacity, and the company cited around $9 billion of customer prepayments and deposits. One brokerage called it about the best quarter the company could have delivered, though it warned CoreWeave will be among the first and hardest hit when the crunch in AI computing capacity eases. Nebius, Applied Digital, and Iren also rallied, and Nebius is due to report on Thursday.

Nvidia bounces back ahead of earnings as the board probe continues. The stock rose 2.87% to close at 173.73 after falling for two days on the scandal around CEO Jensen Huang's relationship with a businesswoman alleged to be a Chinese spy. The board has hired a prominent law firm to investigate whether company secrets or national security were compromised, and Huang was back in the office Tuesday ahead of the company's quarterly earnings on November 17. One bank laid out three scenarios, from a contained probe to one that brings adverse findings or leadership disruption and forces a rethink of earnings. Nvidia also benefited from the CoreWeave results, as it is a key backer of the neocloud.

Fed officials sound the alarm on inflation as hike bets build. Chicago Fed President Austan Goolsbee called Tuesday's consumer price report distressing and borderline disturbing, the third straight month of outsized price gains, and said tariffs and sticky services inflation have not faded as he hoped. Philadelphia Fed President Anna Paulson was more measured, saying gradual tightening still seems appropriate, while Governor Christopher Waller opened the door to a half-point hike in December and Dallas Fed President Lorie Logan said she sees a need for two more quarter-point moves. Markets fully price a December hike, with the odds of a half-point move at roughly 13% to 15%, and Goldman Sachs now expects a further quarter-point hike in March. Mortgage rates reflected the shift, with the average 30-year fixed rate jumping 12 basis points on Tuesday to 7.30%, the biggest one-day rise in more than a month.

Anthropic's IPO opens to Australian retail investors as US demand builds. Applications opened Wednesday and run until November 17 through a participating broker, as the company seeks up to $64.4 billion in the offering at $70 to $78 a share, plus a separate $26 billion private placement, for a combined total of up to $90.4 billion. A research firm estimates the debut could draw about $250 million of net retail buying in the US, roughly double the $118 million record set by SpaceX's listing, based on pre-IPO trading in perpetual futures. The company plans to price on November 18 and begin trading on November 19.

Treasury Secretary Scott Bessent moves to a military base amid Iranian threats. A person familiar with the matter said Bessent relocated from his Washington home after security concerns grew, with a Treasury spokesperson saying he will not be deterred by the Iranian regime's threats. The Justice Department said late Tuesday that three Iranian nationals were indicted on terrorism-related charges tied to nearly 20 attacks and attempted attacks across Europe and the United States, including a September plot against a British air base that houses US personnel. The development comes as the US war with Iran remains in an uneasy stalemate, and Iranian officials deny that negotiations are under way.

Also today: Canada's ambassador to the US warned that tariff uncertainty is raising the cost of capital and discouraging business expansion, while New York Fed research found nearly 90% of tariff costs were passed on to US importers, with more consumer price pressure expected in 2027; US ports handled a record 2,674,808 containers' worth of imports in October, up 16% from a year earlier, with imports from China up 22.9%; Meta's head of infrastructure will leave in 2027 and be succeeded by a former Amazon Web Services executive, as the company guides to $135 billion to $145 billion of capital spending this year; the CFTC is investigating whether Kalshi properly notified it of proposed weather-related event contracts, which the company called a minor filing issue; two Democratic senators asked the health secretary what is being done about prediction markets tied to clinical trials and drug approvals; JetBlue unveiled its BlueFirst domestic first-class product, central to a plan to return to operating profit in 2027, as its third-quarter loss widened to $257 million; United Airlines moved to block AI agents from its platform over security concerns.

TOP STORIES: GLOBAL

Asian markets close higher as AI worries ease. Japan's Nikkei gained 1.31% to 61,248.59 and the Topix rose 0.92% to 3,929.39, while South Korea's Kospi jumped 2.6% to 5,375.36 and the small-cap Kosdaq surged 5.62% to 705.1. Australia's ASX 200 added 0.27% to 9,153.2, and China's CSI 300 edged up 0.4% to 4,075.71.

Oil rises as Iran says enriched nuclear material will stay in the country. Brent settled at $92.76, up 1.39%, and US crude gained 0.57% to $86.53 after Iran's security chief said no enriched material would be allowed to leave, adding to supply worries after prices touched two-month lows on Tuesday. Both benchmarks are down roughly 21% and 17% since the start of the month on hopes of an end to the war, but there is little sign of easing in the Strait of Hormuz, where 37 ships were attacked in October, the highest monthly total since the war began. Industry data pointed to a 9 million barrel rise in US crude stocks, with official data due Thursday, a day late because of the holiday. In Europe, Russia and Ukraine reported some progress after two days of talks in Abu Dhabi, though differences remain on territory, and a Ukrainian drone strike set fire to part of a Russian Baltic oil port.

Spain's first general strike in 14 years disrupts transport and business. Millions of workers were expected to join the 24-hour walkout called by the country's two largest unions over soaring rents and living costs, with clashes between demonstrators and police at a Madrid wholesale market. The strike comes less than three weeks before the November 29 election, where polls suggest the Popular Party and the far-right Vox could win a parliamentary majority. The opposition calls it an election strike, while the left hopes it will put housing at the center of the campaign.

SoftBank takes a $3.7 billion writedown on US data center equipment. The Japanese investor booked the charge on non-refundable payments for equipment to power its US data centers, pushing it to a second-quarter net loss of $7 billion, its first in nearly two years. It was a reminder of the risk of mistiming AI investments, the concern that CoreWeave's results helped ease on Wednesday.

MANAGEMENT & FED SPEAK

Austan Goolsbee, President, Federal Reserve Bank of Chicago, on inflation:

"We've got a real inflation issue on our hands that has been developing."

Anna Paulson, President, Federal Reserve Bank of Philadelphia, on policy:

"For now, further gradual tightening seems appropriate."

Michael Intrator, Chief Executive Officer, CoreWeave, on AI demand:

"Demand for the infrastructure is and remains overwhelming."

Donald Trump, President, United States, on Iran:

"We are seeing positive momentum toward an end to this Conflict."

Santosh Janardhan, Head of Infrastructure, Meta Platforms, on his successor:

"Dave has spent his career building and operating dependable infrastructure."

CORPORATE ACTIONS & EARNINGS CALENDAR

Top Ex-Dividend Companies for Thursday, November 12:

Earnings Reported After the Close (Wednesday, November 11):

Upcoming Earnings (Thursday, November 12):

Economic Calendar (Thursday, November 12)

That's the wrap for today! Thursday brings Nebius before the open, Cisco and Applied Materials after the close, and a busy slate of Fed speakers.