Stocks rose on Wednesday, November 11, 2026. The Nasdaq Composite gained 1.60 percent to close at 25,466.19, the S&P 500 added 1.31 percent to 7,619.38 and the Dow Jones Industrial Average rose 254.60 points, or 0.49 percent, to 52,486.49, according to CNBC's closing figures. A jump of nearly 25 percent in CoreWeave after its third quarter results, and a rebound in Nvidia after two losing sessions, did most of the work. The bond market was closed for Veterans Day, so the Treasury yields that drove Tuesday's selloff did not trade at all.

What moved the market on November 11

The session was a reversal of the day before. On Tuesday, a hotter-than-expected October consumer price index pushed the 2-year Treasury yield up 17 basis points to 4.73 percent and the 10-year to 4.98 percent, according to the Treasury's daily par yield curve, and the major indexes closed lower. We covered that session in the November 10 selloff.

On Wednesday the rate story went quiet because the bond market was shut, and the market traded on earnings instead. Technology led. CNBC reported that CoreWeave's results, plus demand for the Anthropic initial public offering, lifted the companies tied to AI infrastructure that had been sold hardest over the previous week.

"The sentiment bump coming from CoreWeave results and Anthropic IPO demand is helping the broader ecosystem," Ross Mayfield, an investment strategist at Baird Private Wealth Management, told CNBC. "Markets are continuing to unwind last week's overshoot to the downside with cleaner positioning now a tailwind and an attractive near-term valuation/earnings story in a lot of the AI stocks."

CoreWeave: the number behind the move

CoreWeave, the AI cloud provider that rents out Nvidia chips, reported after Tuesday's close that third quarter revenue was $3.66 billion, up 168 percent from $1.37 billion a year earlier, according to the earnings release it filed with the Securities and Exchange Commission on November 10. It raised its full-year 2026 revenue guidance to a range of $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion in August, and lifted its adjusted operating income guidance to $1.275 billion to $1.375 billion.

The company still lost $709 million on a GAAP basis, against a $110 million loss a year earlier, because net interest expense rose to $846 million. CNBC reported that the stock had lost more than 40 percent of its value in the month before the report as investors rotated out of AI infrastructure names and some CoreWeave bond yields topped 16 percent. Wednesday's gain of nearly 25 percent recovered part of that. The full breakdown is in our CoreWeave earnings report.

Nvidia: a rebound, then an after-hours drop

Nvidia rose 2.9 percent on Wednesday, CNBC reported, after dropping nearly 10 percent across Monday and Tuesday once CEO Jensen Huang confirmed an affair with an alleged Chinese spy, a story we covered in the Nvidia board investigation. The rebound did not survive the close. Saxo Bank's morning note for November 12 said Nvidia shares sank almost 9 percent in after-hours trading as the board met to discuss Huang's future, citing reports in the New York Times and the Wall Street Journal. Saxo said the turmoil unsettled U.S. futures and Asian markets overnight, and that Nvidia reports earnings on November 17.

That is the one open question hanging over Thursday's session. A 2.9 percent gain in the regular session followed by an almost 9 percent after-hours fall means the Wednesday close for the Nasdaq overstated where the AI trade stood by the time U.S. markets reopened.

The Anthropic IPO and the AI trade

CNBC reported that Anthropic said in an updated SEC filing on Tuesday that it will offer 825 million shares in an initial public offering planned for next week, a deal that could value the company at as much as $1.4 trillion. Demand for that listing was one of the two reasons Mayfield gave for the bounce. Goldman Sachs, in a client note cited by CNBC, said November's trading shows the broader market can rise even when technology lags, noting that energy was the only sector to underperform information technology in the S&P 500 so far this month, and that the index was up 0.6 percent month to date.

The rate backdrop has not changed

Nothing in Wednesday's session altered the Federal Reserve picture. CNBC reported that expectations for a quarter-point rate increase at the December 8 to 9 meeting rose to about 90 percent after the CPI release, according to CME Group's FedWatch tool. Rick Rieder, chief investment officer of global fixed income at BlackRock, wrote that a December hike "is our and the market's base case," and that "the question now is more of one of the extent of the hike."

The Treasury's data for November 10 shows the 30-year par yield at 5.35 percent and the 20-year at 5.39 percent, and a $42 billion 10-year note auction that day cleared at a 5.02 percent high yield with a 5 percent coupon. Those borrowing costs carry straight into mortgages and corporate debt, and they return to the market on Thursday when bonds reopen, with a $25 billion 30-year auction on the calendar. Read why the Fed may raise rates in December for the policy path.

What to watch

Three things decide whether Wednesday's gain holds. First, Nvidia's board: the after-hours drop reported by Saxo means Thursday opens with the index's largest AI name under pressure. Second, the bond market's return: Tuesday's 30-year par yield was 5.35 percent, and Thursday's 30-year auction tests demand at that level. Third, the October producer price index, due Friday, November 13 at 8:30 a.m. Eastern from the Bureau of Labor Statistics, which either confirms or softens the inflation signal that set the December hike odds. None of this is a forecast. It is the list of inputs that will set prices, and each of them has a date.