CoreWeave's results lead an AI rebound that nearly erases the November 5 sell-off

The S&P 500 rose 1.3% to 7,619.38 on Wednesday, November 11, as a 24.7% jump in CoreWeave (Nasdaq: CRWV) after its quarterly results revived buying in AI stocks, according to the Associated Press and CNBC. The index closed within 2.6% of its October record, the AP said.

Wednesday's closing board

Index	Change (points)	Change (%)	Close
S&P 500	+98.45	+1.3	7,619.38
Nasdaq composite	+400.31	+1.6	25,466.19
Dow Jones Industrial Average	+254.60	+0.5	52,486.49
Russell 2000	+24.89	+0.9	2,846.26

Source: the Associated Press closing table, 4:20 p.m. ET. CNBC reported the same closing levels for the S&P 500, the Nasdaq and the Dow.

The Nasdaq's 1.6% gain led the major indexes. Over the week so far the S&P 500 is up 3.3% and the Nasdaq 3.6%, according to the AP.

One AI cloud provider set the tone

CoreWeave, which rents out access to AI chips over the cloud, rose 24.7%, the AP reported, after showing that it lost less money in the third quarter than analysts expected. CNBC said its revenue beat analysts' expectations.

The company's results release, filed with the SEC on Tuesday evening, raised its 2026 revenue forecast to a range of $13.0 billion to $13.3 billion. "This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially," said Michael Intrator, its co-founder, chairman and chief executive. FinanceInTime reported the results and their funding on Wednesday.

Nvidia (Nasdaq: NVDA) rose 2.9% after falling nearly 10% at the start of the week, CNBC reported.

Most of the November 5 loss is back

The S&P 500 fell 4.4% to 7,353.73 on Thursday, November 5, its worst drop since April 2025, according to the AP's report for that day, and as FinanceInTime reported. Wednesday's close is 3.6% above that level (computed), and the AP said the index "got close to recovering all of its brutal sell-off" of the previous week.

A session without Treasury trading

The rally came on a day without a Treasury market signal. The US bond market was closed for Veterans Day, in line with the holiday schedule recommended by SIFMA, the securities industry's trade group, so Treasury yields did not reset after Tuesday. Stocks had fallen on Tuesday after October's consumer price report strengthened expectations of a Federal Reserve rate increase, CNBC reported. Oil prices rose on Wednesday, the AP said.

Fed officials are divided on how fast to move, as Vice Chair for Supervision Michelle Bowman's speech on Tuesday showed, as FinanceInTime reported.

One strong report does not settle the AI repricing

Our reading is that Wednesday was a relief rally built on one company's numbers, not yet evidence that the market has finished repricing AI. A single session is weak evidence, and it came with the bond market shut, so the rate side of the picture did not move. If Treasury yields climb back on Thursday as investors price a December Fed increase, the gains in long-duration tech stocks look exposed.

The opportunity we would weigh is broadening: the Russell 2000 rose 0.9% and the Dow 0.5%, so the gain was not confined to a few large stocks. The threat is that the recovery rests on a stock that rose 24.7% in a day, the kind of move that can reverse quickly. We would change our view if the S&P 500 regains its record while yields hold near current levels, which would show the market absorbing higher rates rather than ignoring them.

The view in this final section is FinanceInTime's editorial opinion, for information only. It is not investment, tax, legal or other advice, and it does not take your circumstances into account. Forecasts are uncertain and past results do not guarantee future ones.