U.S. Stocks Trend (Nov. 12): CoreWeave Surges 24.7%, Nasdaq Rises 1.6%, Nvidia Falls Over 8% in After-Hours Trading

Author: Chaotiang Research

U.S. stocks closed higher on Wednesday, with the Nasdaq rising 1.6%. CoreWeave surged nearly 25% after its earnings report, and Nvidia also staged a rebound during regular trading.

The mood shifted sharply after the close. Media reports indicated that Nvidia's board was preparing to remove Jensen Huang, sending the stock down over 8% in extended trading, with Nasdaq futures following suit.

Three major indices closed higher, Nasdaq up 1.6%

Below are the trading results for Wednesday, November 11, U.S. Eastern Time. Veterans Day marked a normal stock market session, while bond markets were closed.

The Dow Jones Industrial Average rose 254.60 points, or 0.49%, closing at 52,486.49, fully recovering from the previous day's losses.

The S&P 500 gained 1.31% to close at 7,619.38; the Nasdaq Composite rose 1.60% to close at 25,466.19.

IndexClosing LevelChange (%)

Dow Jones52486.49+0.49%

S&P 5007619.38+1.31%

Nasdaq25466.19+1.60%

According to the Associated Press, the S&P 500 is just 2.6% away from its all-time high set in October, having largely recovered from last week's AI-driven sell-off. The Nasdaq has reclaimed all losses incurred since the presidential election.

The CBOE Volatility Index (VIX) fell 10.17% to 17.48.

Among Dow constituents, Caterpillar rose 2.91% and Cisco gained 2.66%; McDonald's declined 2.61%, Microsoft dropped 2.26%, and Amazon fell 1.74%.

CoreWeave Surges 24.7%, Memory Stocks Lead Gains

CoreWeave closed up 24.71% at $60.77.

The company reported third-quarter revenue of $3.66 billion after Tuesday's market close, up from $1.37 billion a year earlier, beating the market expectation of $3.55 billion.

Full-year revenue guidance was raised to $13.0 billion–$13.3 billion, up from the previous range of $12.4 billion–$13.2 billion.

Memory and hardware stocks moved higher in tandem. Micron rose 11.89% to $81.30; Dell gained 11.75%, and Seagate advanced 9.99%.

Nvidia Rebounds During Regular Trading, Falls Over 8% After Hours

Nvidia closed about 2.9% higher at $173.73 during regular trading, reversing two consecutive days of losses that had seen the stock fall nearly 10%.

After the close, The New York Times reported that Huang had an extramarital affair with Kimberly Powell, the company's vice president of health and wellbeing. Minutes later, The Wall Street Journal reported that the board was preparing to oust him.

Reuters cited sources familiar with the matter saying the board met on Wednesday to decide on Huang's departure. As of press time, no final decision had been reported.

Nvidia's stock initially plunged over 8% in extended trading. According to Reuters calculations, including the after-hours drop, Nvidia lost approximately $600 billion in market capitalization this week.

In contrast, rivals saw opposite moves: AMD rose about 4% and Broadcom gained roughly 3% in after-hours trading.

Huang, 63, owns about 3.6% of Nvidia's shares, and the company currently lacks a designated successor.

Rate Hike Expectations Persist, Oil Prices Rebound

Tuesday's release of October CPI data came in hotter than expected. Sharecast noted that market expectations for the Fed to raise rates by 25 basis points at its next meeting have climbed to approximately 90%.

Data from the Mortgage Bankers Association showed that mortgage applications increased 6.2% week-over-week for the week ended November 6.

Oil prices halted their slide and rebounded. Brent crude rose 1.39% to settle at $92.76 per barrel; WTI crude gained 0.57% to close at $86.53 per barrel.

Iranian security officials stated that no enriched nuclear materials would be allowed to leave the country, reigniting supply concerns. Since November, Brent has fallen approximately 21%, and WTI has dropped roughly 17%.

As of Wednesday evening, Nasdaq 100 futures were down 1%, S&P 500 futures fell 0.4%, and Dow Jones futures were roughly flat.

Key Events Today

All times below are in Beijing Time.

Nvidia Board Decision: The outcome regarding Huang's tenure remains undecided, and developments around Thursday's market open could drive tech stock movements.

Thursday 21:30: Initial Jobless Claims. Existing home sales for October will also be released at 23:00.

Thursday After Close: Cisco and Applied Materials Report Earnings.

Friday 21:30: U.S. October PPI.

November 17: Nvidia Reports Third-Quarter Earnings.