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Tracking Market Trends

TradingKey - On November 11, the three major U.S. stock indices rose across the board as CoreWeave (CRWV)'s strong earnings and raised revenue guidance boosted the AI infrastructure sector, with semiconductor stocks leading gains and the Nasdaq outperforming the broader market. Coinciding with U.S. Veterans Day, U.S. stock markets traded normally while the U.S. bond market was closed, temporarily keeping interest rate concerns sparked by the previous day's inflation data from escalating further in the bond market.

The Dow Jones Industrial Average rose 0.49% to 52,491.24 points; the S&P 500 Index gained 1.31% to 7,619.38 points; and the Nasdaq Composite Index climbed 1.60% to 25,466.19 points.

In terms of sectors and individual stocks, the AI industry chain staged a rebound. CoreWeave surged 24.71%, Micron Technology (MU) rose 11.89%, AMD (AMD) gained 7.32%, and Broadcom (AVGO) climbed 3.99%; Nvidia (NVDA) rebounded 2.87%, snapping a two-day losing streak.

In commodities, Brent crude (UKOIL) rose 0.2% to settle at $92.01; WTI crude (USOIL) fell 0.02% to settle at $86.41 per barrel.

In precious metals, gold (XAUUSD) fell 1.12% to $3,987.5. The U.S. Dollar Index rose 0.68%, putting pressure on gold prices.

In cryptocurrencies, Bitcoin (BTC) rose 0.3% to $74,015; Ethereum (ETH) gained 0.15% to $2,056.

Market News

CoreWeave reported third-quarter revenue of $3.661 billion and raised its full-year revenue guidance. The company's revenue backlog stood at approximately $132.5 billion, and its full-year revenue guidance was raised to $13 billion to $13.3 billion; meanwhile, it expects to receive about $9 billion in customer prepayments and security deposits over the next three months. The company posted a net loss of $709 million for the quarter.

Anthropic's IPO is reportedly several times oversubscribed. According to Bloomberg, investor orders have reached multiple times the shares available; the company is seeking to raise up to approximately $90.4 billion in total through its IPO and private placement, with the final offering size and pricing yet to be determined.

Nvidia's board is reportedly preparing to discuss Jensen Huang's future. According to The Wall Street Journal, Nvidia's board is preparing to oust CEO Jensen Huang, who may be forced to leave the company; the report has not been officially confirmed by Nvidia. The company previously stated only that the board had launched an independent investigation and that Huang would continue in his role during the inquiry. Following the news, Nvidia's shares fell more than 8% in after-hours trading.

Nvidia-related chip export controls on China draw renewed attention. According to Axios, citing people familiar with the matter, officials within the U.S. government are divided over whether to add Nvidia customer Megaspeed to an export restriction list; uncertainties remain regarding the investigation and policy direction.

Fossil Group (FOSL) raised its full-year revenue forecast. The company's latest quarterly profit beat market expectations and it raised its full-year revenue outlook, sending its shares up 26.7%.

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