CoreWeave earnings boost AI trading, US stock futures rise collectively on Wednesday

On Nov. 11, US stock index futures rose on Wednesday as CoreWeave Inc.'s results beat expectations, growing anticipation for Anthropic PBC's initial public offering (IPO), and OpenAI's strong third-quarter performance collectively drove a resurgence in artificial intelligence trading interest. Despite oil prices ending a two-day decline streak and inflation concerns resurfacing, the market still staged a rebound. US consumer price data came in higher than expected, pushing US Treasury yields up sharply on Tuesday, which intensified bets on further Federal Reserve rate hikes.

The US Treasury market was closed on Wednesday for Veterans Day. As of 8:24 a.m. New York time, S&P 500 index futures were up 1%, while Nasdaq 100 index futures, driven mainly by tech stocks, rose 2%. CoreWeave shares initially climbed up to 19% in premarket trading after the company reported revenue that beat expectations and provided full-year guidance that outpaced Wall Street forecasts. For investors, these results helped ease concerns about the long-term sustainability of growth in artificial intelligence infrastructure. Brian Mulberry, chief market strategy officer at Zacks Investment Management, noted in a report that if CoreWeave maintains similar execution performance over consecutive quarters, related market worries will gradually subside. (Jin10)