Stocks Close Higher as CoreWeave Surges 25 Percent in Tech-Led Rally

Wall Street closed higher on Wednesday, November 11, 2026, reversing Tuesday's losses, as a surge in CoreWeave shares revived the artificial intelligence trade and lifted technology stocks across the board. The S and P 500 rose 1.31 percent to 7,619.38, the Nasdaq Composite rose 1.60 percent to 25,466.19, a gain of 400.31 points, and the Dow Jones Industrial Average rose 0.49 percent to 52,486.49. The Russell 2000 index of smaller companies added about 0.8 percent.

CoreWeave leads the rally

CoreWeave did the heaviest lifting. The AI cloud company closed up 24.7 percent at 60.77 dollars, its biggest one day gain in 17 months, MarketWatch reported. The company reported third quarter revenue of 3.66 billion dollars on Tuesday, up 168 percent from a year earlier and ahead of estimates, with a backlog of orders of about 132.5 billion dollars at the end of September. It raised its full year 2026 revenue forecast to between 13.0 billion and 13.3 billion dollars, and it told investors it expects to become profitable on an adjusted basis in the first half of 2028, Reuters reported.

The results eased a worry that has hung over the AI trade for weeks: whether companies spending heavily on data centers, and borrowing to do it, can show the revenue to match. CoreWeave had been at the center of that worry because of its heavy debt load, and its stock had more than halved since August.

Chip stocks follow CoreWeave higher

Nvidia rose 2.9 percent to close at 173.73 dollars, recovering part of a slide that cost the stock nearly 10 percent over Monday and Tuesday. The chipmaker's board is investigating its chief executive, Jensen Huang, and Baird downgraded the stock to Neutral on Wednesday, Barron's reported. The selling in Nvidia did not spread. The PHLX Semiconductor Index jumped 5.7 percent, and MarketWatch said the index has now posted its best four day performance in more than six years. The S and P 500 technology sector rose nearly 4 percent, the best of the 11 major sectors, Reuters reported.

Fellow AI cloud company Nebius gained more than 15 percent ahead of its own earnings report on Thursday. Teradyne climbed 8.3 percent to 265.78 dollars, and fraud prevention company Riskified surged 22 percent after it reported third quarter revenue of 115.2 million dollars, up 41 percent from a year earlier. Rigetti Computing fell 8.6 percent and missed the rally.

Rates still hang over the market

The rally came a day after a hotter than expected inflation report. Consumer prices rose 0.4 percent in October, and traders now fully price in a Federal Reserve rate increase of at least a quarter point in December, with a 13.2 percent chance of a half point move, according to the CME FedWatch tool cited by Reuters. The CBOE Volatility Index, the market's main fear gauge, fell for a fourth straight session to 17.63 during the afternoon.

The bond market was closed on Wednesday for the Veterans Day holiday, so there was no cash Treasury trading to test the rate view. The next test comes on Friday, when the government publishes producer prices for October.