Wall Street Rallies as CoreWeave Jumps 25% and Chips Surge, but Futures Slip Thursday on Nvidia Report
The S&P 500 closed at 7,619.38 and the Nasdaq rose 1.6% on Wednesday as CoreWeave's results eased AI spending fears. Thursday futures point lower after a report on Nvidia's board.
Thursday, November 12, 2026/3 min read
Wall Street found its footing on Wednesday, and it was a single earnings report that did the lifting. The S&P 500 gained 1.3 percent to 7,619.38, the Nasdaq composite rose 1.6 percent to 25,466.19 and the Dow added 254.60 points to 52,486.49, with the neocloud company CoreWeave jumping almost 25 percent and dragging the chip sector along with it.
It came a day after October inflation came in hotter than forecast, which is why the Dow lagged. Investors still expect the Federal Reserve to raise rates next month; the question on Wednesday was whether the AI trade could be trusted again. This is how the session ended, and how Thursday looked at about 09:50 UTC, before the New York open. Futures are indications, not results.
How did the major US indexes close on Wednesday?
The Associated Press table has the S&P 500 up 98.45 points to 7,619.38, a gain of 3.3 percent on the week, the Dow up 254.60 points to 52,486.49 and the Nasdaq composite up 400.31 points to 25,466.19, up 3.6 percent on the week. The Russell 2000 index of smaller companies rose 24.89 points, or 0.9 percent, to 2,846.26. That follows Monday's rally and Tuesday's pullback, when the S&P 500 closed at 7,520.93.
The Dow's smaller gain reflected the mix underneath it. Reuters-based reporting in The Star said the Dow's consumer and healthcare components lagged the technology rally. The Philadelphia semiconductor index jumped 5.7 percent, its highest close since 3 November, with every component advancing, and the S&P 500 technology sector rose 2.7 percent, the best of the eleven sectors. Advancing stocks outnumbered decliners 1.48 to 1 on the New York Stock Exchange and 1.77 to 1 on the Nasdaq. The Cboe Volatility Index fell for a fourth straight session to 17.49, a one-week low, after reaching its highest in more than seven months last week.
Why did CoreWeave jump almost 25 percent?
CoreWeave reported third-quarter revenue of $3.661 billion, up 168 percent from a year earlier and above the $3.55 billion that analysts forecast, according to the same Reuters-based report. The shares rose 24.7 percent, their biggest one-day gain in more than three months, to the highest close in two weeks. The company also said it expects to be profitable on an adjusted basis in the first half of 2028. Nebius gained 15.4 percent and Applied Digital 7.4 percent in sympathy.
The relief was about spending. Investors have worried for weeks that the companies building AI data centers cannot earn back what they pour into them; a revenue beat with raised guidance eased that fear for a day. Nvidia rose during the session after losing about $430 billion of market value over the previous two days, the report said, though the gain did not hold after the close (see the final section).
Is the Fed still expected to raise rates in December?
Yes. The bond market was closed for Veterans Day, so Treasuries did not trade, but the futures market did its own pricing. According to the CME FedWatch tool cited in The Star's report, traders fully priced in a rate rise of at least 25 basis points next month, with a 10.4 percent chance of 50 basis points.
What are futures saying on Thursday morning?
A weaker start. CNBC's live blog, last updated at 04:18 Eastern time (09:18 UTC), had Nasdaq 100 futures down 0.92 percent, S&P 500 futures down 0.45 percent and Dow futures up 12 points. The cause was after-hours selling in Nvidia, which fell more than 8 percent on a Wall Street Journal report that its board is preparing to remove chief executive Jensen Huang; the company has not confirmed a decision, and CNBC showed the stock down about 7 percent in premarket trading. AMD was up 3 percent and Broadcom about 2.5 percent in premarket trading.
Thursday's calendar is heavy. CNBC's preview of the day lists Nebius reporting before the bell and Cisco and Applied Materials after it. Whether Wednesday's chip rebound survives the Nvidia headlines is the first test; the second is how a bond market back from its holiday prices Tuesday's inflation data.
Published in The Outspoken Digest
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