Index closes
Stocks rose, led by tech. The Nasdaq 100 gained 2.28% to 28,374. The S&P 500 rose 1.31% to 7,619. The Russell 2000 added 0.88% to 2,846. The Dow was the laggard, up 0.49% at 52,486.
Macro & after the close
Upbeat CoreWeave earnings eased investors' fears about the AI trade. That lifted tech stocks, data-center names and chip shares.
Oil prices rose again after two sessions of declines. Those declines came on signs of a restrained US approach to Iran.
US bond markets were closed for Veterans Day. That gave Treasury investors a breather after a selloff driven by hotter-than-expected inflation data. The dollar hit a new 19-month high. After the October CPI report on Tuesday, expectations for a quarter-point Fed rate increase next month rose to about 90%, per CME FedWatch.
Themes
Semiconductors ▲ median +6.39%: ARM +12.05%, MRVL +9.33%, MPWR +8.92%, INTC +7.52%, AMD +7.32%, ALAB +6.81%, and 6 more
AI infrastructure & data centers ▲ median +10.63%: CRWV +24.71%, NBIS +15.44%, DELL +11.75%, SMCI +9.50%, VRT +6.33%, HPE +4.84%
Memory & storage ▲ median +9.16%: SNDK +13.69%, MU +11.89%, STX +9.99%, WDC +8.34%, P +4.43%, NTAP +4.05%
Semiconductors rose together, with a median gain of 6.39%. Arm (ARM) jumped 12.05% and Marvell (MRVL) rose 9.33%. Intel (INTC) added 7.52% and AMD gained 7.32%.
AI infrastructure & data centers gained a median 10.63%. CoreWeave (CRWV) rose 24.71% after it beat third-quarter revenue estimates and raised its full-year outlook. Nebius (NBIS) rose 15.44% and Dell (DELL) gained 11.75%. Super Micro (SMCI) added 9.5%.
Memory & storage rose a median 9.16%. Sandisk (SNDK) gained 13.69% and Micron (MU) rose 11.89%. Seagate (STX) added 9.99%.
