Nasdaq climbs 1.6% as CoreWeave's 24.7% rip reignites the AI trade

Wall Street bounced back Wednesday, Nov. 11, one day after an inflation-driven sell-off knocked tech stocks down. The Nasdaq Composite climbed 1.60% to 25,466, the S&P 500 added 1.29% to 7,618, and the Dow Jones Industrial Average rose 0.49% to 52,486.

CoreWeave did the heavy lifting, ripping 24.71% higher after reporting record quarterly results and raising its revenue outlook. Micron Technology jumped 11.89% as chip names clawed back earlier weekly losses. Oracle gained 8.83% on news of record energy-saving milestones for its utility customers, and Apple climbed 2.04% to a fresh record high during the session.

Gold slipped 0.98% to $3,990.70 as investors rotated back into equities. Utilities led sector gains, technology followed, and consumer cyclical stocks lagged the pack.

CoreWeave's blowout quarter reinforced confidence in AI infrastructure spending, a signal that demand for computing capacity is holding up despite worries about stretched valuations and the steep cost of expansion. The bounce was concentrated in tech and semiconductors, leaving open the question of how broad and durable the rally really is. Further gains likely depend on whether corporate earnings can justify those valuations, especially with higher interest rates pushing up financing costs and making future earnings less attractive next to fixed income.

Next up: whether the S&P 500 can hold its recovery as bond trading resumes after Veterans Day. The 10-year Treasury yield was approaching 5% before the holiday, and renewed upward pressure there could challenge the advance. Nvidia's upcoming earnings will serve as a key test of AI demand heading into 2027.