Wednesday, November 11, 2026 · 5:00 PM ET · Shahryar Rahmani, MTC Desk
A chip stocks rally led by CoreWeave lifted the market a day after the hot CPI scare. The S&P 500 rose 1.31% to 7,619.38, the Nasdaq Composite 1.60% to 25,466.19 and the Nasdaq 100 2.28%. The Dow added only 0.49%.
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Hey, I’m Shah, your host, and this is MTC Radio.
Okay, so yesterday the inflation number scared everybody, and today the chips just took it all back. The S&P 500 finished up about one point three percent, the Nasdaq a hundred up about two and a quarter, and the Dow, only about half a percent. So really a tech day.
And it was basically CoreWeave. They reported last night, about three point seven billion in revenue, and they raised the outlook for the year. But the bigger thing, at least for how the stock moved, was the debt. A lot of people were worried they’re stretched. The CEO said they won’t use the unsecured debt market to fund the business, and they’ll lean on loans backed by customer contracts plus their own cash flow. So the stock closed up almost twenty five percent.
Now, once that happened, the whole group moved. Micron up almost twelve percent, Marvell about nine, AMD and Intel about seven. Semis as a group were up close to five percent. Even Nvidia was up about three percent, and that’s even after a downgrade from Baird. On the other side, Microsoft, Meta and Amazon all closed lower. So the Nasdaq a hundred had a massive day with three of the big names red.
The bond market was closed for Veterans Day, so no new yield numbers today. The fear gauge, the VIX, dropped about ten percent. After the bell, Tetra Tech grew its backlog thirteen percent and the stock was up around seven and a half percent at about four thirty. Franco-Nevada and Corteva also reported after the close, and both were pretty much flat early on, so I’ll go through those in the morning.
This morning on Spy, we had the seven fifty two to seven fifty five and a half zone. Price dipped to about seven fifty five and change at nine forty six, right into the top of it, and buyers stepped in. Higher lows, back above the open by about eleven. Pretty clear reaction. Then it ran all the way to seven sixty two and a half, right under our upper zone, and it rejected from there.
Q Q Q is a different story. It poked above the six eighty eight to six ninety two zone around eleven, slipped back, then held above it for a while and ran to about six ninety five and a half. But in the last hour or so it came right back inside, and it closed around six ninety. So the break didn’t hold. That’s why I always want to see it hold, not just poke through.
For tomorrow, on Spy I’m watching the seven sixty two, seven sixty three area up top, that’s today’s high, and seven fifty five, seven fifty six below, today’s morning low. On Q Q Q, six ninety five, six ninety six above, and six eighty four, six eighty five and a half below. We’ll see how price reacts to these zones. We get jobless claims at eight thirty, the bond market opens back up, and Applied Materials and Cisco report after the close. Then the producer price numbers on Friday.
So yeah, that’s what I’m watching. If you want to trade it with us, we’re live Monday, Tuesday, Thursday and Friday in the community. See you there.
The why: CoreWeave jumped 24.7%, its biggest one-day gain since June 3, 2025 (Kiplinger), after third-quarter revenue of $3.66 billion and a raised 2026 guide. CEO Michael Intrator said it will not use the unsecured debt market to fund the business, which eased worries about its debt load (Kiplinger; investingLive).
Semiconductors (SMH) gained 4.82% and technology rose 3.23%, the best sector. Not every giant joined in: Microsoft, Meta and Amazon fell. The bond market was closed for Veterans Day, so there were no new Treasury yields, and the VIX fell 10.1% to 17.49 (Yahoo Finance).
The Closing Bell
Index levels are from Yahoo Finance, investingLive and Kiplinger; ETF closes are official 4:00 PM ET prints from Nasdaq.com, checked against Finviz. On Tuesday the S&P 500 had lost 0.38% after a hot October CPI report.
| Index | Close | Change | ETF |
|---|---|---|---|
| S&P 500 | 7,619.38 | +1.31% (+98 points) | SPY $759.84 (+1.32%) |
| Nasdaq Composite | 25,466.19 | +1.60% (+400 points) | QQQ $690.38 (+2.31%) |
| Nasdaq 100 | 28,374.25 | +2.28% | |
| Dow Jones | 52,486.49 | +0.49% (+255 points) | DIA $524.39 (+0.51%) |
| Russell 2000 | 2,846.26 | +0.88% | IWM $283.06 (+0.88%) |
Chip Stocks Rally: What Drove the Day
CoreWeave. The stock closed at $60.77, up 24.71%. It came into the day down nearly 32% for the year on worries that it is financially stretched (Kiplinger). Besides the raised guide, the CEO said it will lean on delayed-draw term loans backed by customer contracts, plus cash flow. investingLive noted that longer-term financing and profitability questions remain.
Memory and chips. Micron rose 11.89% and Sandisk 13.69%, while Arm gained 12.05% and Bloom Energy 12.97% (investingLive). Marvell added 9.33%, Intel 7.46%, AMD 7.32% and Applied Materials 6.05% ahead of its report on Thursday. Oracle rose 8.83% with the AI infrastructure group. Our premarket brief this morning had flagged the chip bounce before the open.
Nvidia rose 2.87% to $173.73 even after Baird cut it to Neutral and Morgan Stanley took it off its Top Pick list while keeping an Overweight rating (Kiplinger). It had fallen 9.5% for the week coming in, after its board opened an investigation into allegations about CEO Jensen Huang.
The laggards. Microsoft fell 2.26%, Meta 1.97% and Amazon 1.74% (investingLive; Nasdaq.com). So the Nasdaq 100 rose 2.28% with three of the Magnificent Seven lower. Breadth still leaned positive: 311 S&P 500 stocks rose and 174 fell (investingLive). Our guide to bull vs bear markets explains how to read breadth like this.
Other movers. Hims & Hers gained 8.78% after adding Eli Lilly’s branded GLP-1 drugs to its platform and agreeing to stop offering compounded copies of Lilly’s drugs (24/7 Wall St; TIKR). Costco rose 2.01% after its $30 special dividend and $4 billion buyback (Kiplinger). Rumble rose 16.63% after reporting before the open, and GoPro fell 18.34% with no company news attached (24/7 Wall St).
Sectors: Technology Leads, None Fall
Technology led with +3.23%, followed by Energy (+1.85%), Industrials (+1.33%), Communication Services (+0.81%), Financials (+0.55%), Consumer Staples (+0.44%), Materials (+0.28%) and Utilities (+0.25%). Health Care, Real Estate and Consumer Discretionary were flat, within 0.1%. No sector fell, but the gains were biggest in chips: SMH rose 4.82%.
Rates, Commodities and Crypto
| Asset | Level | One line |
|---|---|---|
| 10-year Treasury yield | 4.98% (Tuesday) | Bond market closed for Veterans Day; no new official yield (U.S. Treasury) |
| WTI crude (Dec) | about $86.36 (about +0.4%) | Yahoo Finance, at the close |
| Gold | about $3,992 (about −0.9%) | Yahoo Finance; GLD −1.14% (Nasdaq.com) |
| Bitcoin | about $74,600 (about +1.2%) | Yahoo Finance |
| VIX | 17.49 (−10.1%) | Yahoo Finance |
Economic Data Today
| Time (ET) | Release | Consensus | Prior | Actual |
|---|---|---|---|---|
| All day | Veterans Day: bond market closed, stocks open | — | — | — |
| — | No US economic reports scheduled | — | — | — |
With no data and no bond trading, stocks traded mostly on company news. EIA oil inventories move to Thursday at noon for the holiday (Kiplinger). The next inflation read is October PPI on Friday at 8:30 AM ET (CappNotes).
After the Bell: Tetra Tech
Tetra Tech reported fourth-quarter revenue of $1.34 billion, EPS of $0.51 (adjusted $0.49, up 9%) and a backlog of $4.67 billion, up 13%. It guided fiscal 2027 EPS to $1.65–$1.80 and net revenue to $4.425–$4.625 billion, and raised its quarterly dividend 11% (company release). The stock fell 7.48% to $37.61 during the day and traded about 7.4% to 7.9% higher at about 4:24 to 4:35 PM ET (Nasdaq.com; Finviz).
Franco-Nevada and Corteva also reported after the close; both were little changed in early after-hours trading at about 4:30 PM ET (Nasdaq.com; Finviz). We cover them in the morning once the releases are checked.
Setup Review and What to Watch Next
How our morning Zones did. SPY dipped to 755.30 at 9:46 AM, just inside the top of our Lower Zone (752–755.5), and buyers stepped in: higher lows, then back above the 757.07 open by about 11 AM. It climbed to 762.48 at 1:46 PM, two cents under our Upper Zone (762.5–766), and turned lower there. QQQ poked above its Upper Zone (688–692) at 10:59 AM, slipped back, held above it from about 11:40 AM and ran to 695.53 at 1:46 PM, but slid back into the Zone and closed at 690.38, inside it. A break only counts if it holds, and this one didn’t hold into the close. There was no live session today.
Thursday’s Zones to watch for a reaction: SPY 762–763 (today’s high) and 755–756 (today’s morning low), and QQQ 695–696 and 684–685.5. Our guide to using premarket data to prepare for the day shows how we build these Zones, and Tuesday’s close recap covers the CPI drop this bounce came from.
Calendar: weekly jobless claims Thursday at 8:30 AM ET, EIA oil inventories at noon, then Applied Materials and Cisco after the close; October PPI Friday at 8:30 AM ET (CappNotes). Risks: how yields react when the bond market reopens after Tuesday’s CPI jump, and whether the chip rally holds without big software joining in. No alignment, no trade.
FAQ
CoreWeave’s third-quarter report revived the AI trade. CoreWeave rose 24.7% after reporting $3.66 billion in revenue and raising its 2026 guide, and its CEO said it will not use the unsecured debt market to fund the business (Kiplinger). Chip and memory stocks followed: semiconductors (SMH) gained 4.82%, the Nasdaq 100 2.28% and the S&P 500 1.31%.
Yes. U.S. stocks traded normally on Wednesday, November 11, 2026, but the bond market was closed for Veterans Day, so there was no Treasury cash trading and no new official yields. The last official 10-year Treasury yield was 4.98%, from Tuesday.
Nvidia gained 2.9% on November 11, 2026, even after Baird cut it to Neutral and Morgan Stanley removed it from its Top Pick list while keeping an Overweight rating (Kiplinger). The whole chip group was rising after CoreWeave’s results, and Nvidia had fallen 9.5% for the week coming into the session.
Tetra Tech reported fourth-quarter revenue of $1.34 billion, EPS of $0.51 and a backlog of $4.67 billion, up 13% from a year earlier. It guided fiscal 2027 EPS to $1.65 to $1.80. The stock fell 7.48% in the regular session and traded about 7.4% to 7.9% higher after hours at about 4:24 to 4:35 PM ET.
Sources: Nasdaq.com official closes and 1-minute prices; Finviz quotes; Yahoo Finance; investingLive; Kiplinger; 24/7 Wall St; TIKR; Tetra Tech Q4 FY2026 release (Business Wire); U.S. Treasury (Tuesday yields); CappNotes (calendar). After-hours and commodity levels are approximate and carry their time. Featured image: AI-edited from a photo of Micron’s fab in Taichung by Thingreenline4546 (CC BY-SA 4.0, Wikimedia Commons).
Education only. Not financial advice.
