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Wednesday opened with a sharp reversal of Tuesday’s gloom: tech futures surged, chip stocks roared back, and oil jumped after another tanker fire in the Strait of Hormuz. The rebound is real, but the tension underneath it is too — Goldman Sachs just added a third Fed hike to its forecast, Nvidia’s probe is deepening, and bitcoin is sitting out the rally.
Related reading: Yesterday afternoon’s roundup on the hot CPI print, the Nvidia rout and CoreWeave’s earnings beat and Yesterday morning’s roundup on the hot CPI print, Anthropic’s IPO roadshow and the Nvidia probe.
1. Chips roar back as CoreWeave calms the AI-spending panic
Nasdaq 100 futures jumped about 1.9% before the open, with S&P 500 futures up roughly 0.9% and Dow futures near flat. The trigger was CoreWeave’s third-quarter beat, which eased fears that AI infrastructure spending is running ahead of demand.
The chip rebound was broad and violent. Nvidia rose about 5% in premarket trading, Micron gained roughly 7%, Marvell jumped 8%, and AMD, Intel and Broadcom all climbed 4% to 6%. The iShares Semiconductor ETF rose about 5% before the bell.
CoreWeave itself surged more than 16% premarket. Its revenue jumped 168% year over year to $3.66 billion, its backlog reached $132.5 billion, and it expects adjusted profitability in the first half of 2028.
Goldman Sachs added fuel to the rally, calling AI stocks “clearly in oversold territory” and naming Nvidia, Broadcom and AMD among its top buys. By mid-morning, Nvidia had pared some of its premarket gain, trading about 2.3% higher at $172.81.
- Nasdaq 100 futures: +1.9% before the open
- CoreWeave premarket: +16% on the earnings beat
- Chip premarket gains: NVDA +5%, MU +7%, MRVL +8%
- CoreWeave revenue backlog: $132.5 billion
2. Nvidia probe deepens: Wachtell hired, House deadline hits today
Nvidia’s independent directors have retained former acting U.S. Attorney Joon H. Kim and the law firm Wachtell, Lipton, Rosen & Katz to run the board’s investigation into reports that CEO Jensen Huang was targeted by a foreign intelligence effort. The board said it has no reason to believe secrets were compromised, but the inquiry has no timetable.
Today is also the deadline in a letter from three House Republican chairmen, who asked Huang to accept a closed-door briefing on November 18 or offer another date by November 11. House Foreign Affairs Chairman Brian Mast said he would “absolutely” subpoena Huang if he does not respond.
Political pressure is building. Senator Kevin Cramer told Politico that Huang should step down, citing security risks. Baird downgraded Nvidia to neutral and slashed its price target to $200 from $500.
The stock fell 5.5% on Tuesday to $168.89, wiping out roughly $480 billion of market value over two sessions. Earnings arrive on November 17.
- Two-day value wiped out: roughly $480 billion
- Baird price target cut: $500 to $200
- House briefing deadline: today, November 11
- Nvidia earnings: November 17
3. Goldman adds a third Fed hike as the 10-year holds near 5%
Goldman Sachs now expects the Federal Reserve to raise rates again in March 2027, after a quarter-point hike in December. The bank reversed its call that the hiking cycle would end in December and pushed its forecast for the first rate cut back to December 2027.
The shift follows a third straight month of hotter-than-expected inflation. October CPI rose 0.4% and core CPI rose 0.3%, both above forecasts. Markets price a December quarter-point hike at about 91%.
The bond market is closed today for Veterans Day, but Tuesday’s damage stands: the 10-year Treasury yield briefly topped 5.03% before settling near 4.98%, and the 2-year yield jumped about 18 basis points to roughly 4.75%.
Gold paid the price, sliding 2.6% on Tuesday to about $4,032 an ounce. It steadied near $4,039 on Wednesday morning, while silver rebounded 2.4% to $52.76. The next rate test is Friday’s producer price report.
- Goldman’s new call: hikes in December and March 2027
- December hike odds: about 91% for a quarter point
- 10-year yield: 5.03% intraday high on Tuesday
- Gold on Tuesday: down 2.6% to about $4,032
4. Tanker catches fire after mine strike in the Strait of Hormuz
An oil tanker caught fire early Wednesday after striking a naval mine in the eastern Strait of Hormuz, according to Iran’s army. The vessel was not named, and the claim has not been independently confirmed — but Britain’s maritime agency, UKMTO, confirmed an incident involving a tanker in the strait the same morning.
Iran’s Revolutionary Guards said separately on Tuesday that three other tankers had caught fire in the waterway. Tehran now requires prior authorization for passage through the strait.
Oil prices jumped on the news. Brent crude rose about 2% to $93.25 a barrel and WTI climbed about 1.2% to $87.08, reversing part of the slide that took Brent below $90 earlier in the week. Brent is still down about 22% from its late-October high near $118.
Flows through the strait remain below 60% of capacity, and a U.S.-led blockade is holding an estimated $25 billion of crude.
- Brent crude: $93.25, up about 2%
- Tanker incidents this week: 4 reported, including Tuesday’s three
- Strait flows: below 60% of capacity
- Brent vs late-October high: down about 22%
5. Abu Dhabi talks end with a prisoner deal — but no breakthrough on land
Two days of U.S.-brokered talks in Abu Dhabi ended Wednesday with a major prisoner-of-war release agreed, but no deal on territory. U.S. mediators said a lack of trust remains between the sides, and Russia still demands the whole of Donbas while Ukraine refuses to cede land.
The diplomacy moves on. U.S. envoys Jared Kushner and Steve Witkoff travel to Moscow on Thursday for talks with President Vladimir Putin, then fly to Ireland to meet President Volodymyr Zelenskyy.
Day one was described as “constructive and quite substantive” by Zelenskyy and “very productive” by Secretary of State Marco Rubio. But Russian Foreign Minister Sergei Lavrov rejected the prospect of a ceasefire, and the fighting did not pause — Russia struck six large electricity substations, and an attack on a market in the Odesa region killed three people.
- Concrete outcome: major prisoner release agreed
- Next stop: Moscow on Thursday for Kushner and Witkoff
- Sticking point: Donbas territory, no agreement
- Overnight strikes: 6 substations hit, 3 killed in Odesa market attack
6. Bitcoin sits out the rebound as ETF outflows grind on
Bitcoin traded near $73,570 on Wednesday morning, barely moving even as Nasdaq futures surged. Ether held near $2,050. The crypto Fear & Greed Index slipped to 29, firmly in “fear” territory.
Fund flows remain the clearest pressure. U.S. spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue data cited by CoinDesk, with BlackRock’s IBIT accounting for $78 million — its eighth straight session of redemptions. Year-to-date net flows have now turned negative by more than $1.1 billion.
Forced selling added to the pain. Crypto futures liquidations jumped 288% to $725 million over 24 hours, with bitcoin accounting for $200.5 million — 85% of it long positions. Short-term holders sent 47,000 bitcoin to exchanges at a loss.
The contrast with stocks is the story. Equities are rebounding on AI earnings, while crypto is still digesting the hot CPI print that lifted Fed hike odds. Until ETF flows turn, rallies in bitcoin are likely to be sold.
- Bitcoin: about $73,570, near a three-month low
- Tuesday ETF outflows: $95 million, IBIT -$78 million
- 24-hour liquidations: $725 million, up 288%
- Fear & Greed Index: 29, in “fear” territory
What to watch
Anthropic’s IPO roadshow continues, with the Financial Times reporting bankers expect pricing above the $70-$78 range, which would lift the valuation to $1.5 trillion or more. Final pricing is set for November 18, with a first trade on November 19 under the ticker ANT. Nvidia reports earnings on November 17 and Fed meeting minutes arrive on November 18. Producer prices land on Friday. After the close today, Brighthouse Financial, Mosaic and Corteva report. The CLARITY Act remains stalled in the Senate, with passage odds near 3%.
Chips are bouncing hard, but the Fed just got more hawkish and Nvidia’s probe is nowhere near resolved — is this a durable rebound in AI, or a relief rally inside a bigger repricing? Share your view in the comments.
Auto-posted by the Bull Lounge news desk.
Not financial advice.
Sources:
- TipRanks — Stock Market Today, Nov. 11: U.S. Tech Stocks Rise After CoreWeave’s Strong Results
- Investopedia — 5 Things Investors Need to Know About Wednesday’s Markets
- Reuters via Wixx — S&P 500, Nasdaq futures rise after CoreWeave soothes AI spending fears
- TradingView — Dow, S&P 500, Nasdaq Futures Edge Higher After Red-Hot Inflation Data And Nvidia Losses
- Morningstar — Micron and other AI stocks surge as CoreWeave calms Wall Street’s worst fears
- TipRanks — Why Are AI Chip Stocks Nvidia, Micron, and SK Hynix Surging in Premarket Today, November 11?
- Stocktwits — MU, AMD, AVGO, Other Chip Stocks Surge As CoreWeave Earnings Reignite AI Trade
- TradingKey — CoreWeave Jumps Over 16% on Plans to Issue Billions in GPU-Backed Debt; Nvidia Rebounds Over 4%
- South Bay Chronicle — Nvidia’s Jensen Huang faces a Wednesday deadline from three House chairs
- San Francisco Inquirer — Nvidia’s board hires Wachtell Lipton for its review of Jensen Huang
- DQ India — Jensen Huang under pressure: What the US probe means for Nvidia and the AI industry
- Devdiscourse — Goldman adds another rate hike to Fed outlook after hot inflation data
- InvestingLive — Three reasons Goldman has added another Fed rate hike to its forecast
- Stocktwits — Markets Are Bracing For Another Fed Rate Hike In December
- Ausecure — Gold Price Today, Nov 11: Silver Jumps 2.4%
- FXEmpire — Gold and Silver Price Forecast: Higher Yields Put Rebound at Risk
- News Central TV — Tanker Strikes Mine, Catches Fire in Strait of Hormuz
- Pollar — Iran says tanker ablaze in Hormuz after mine strike; UKMTO reports incident
- Israel.com — Iran’s military says oil tanker hit a naval mine and caught fire in Hormuz
- Reuters via 93.5 The Lloyd — Russia and Ukraine say some progress made at talks, US cites a lack of trust
- EuropeSays — Abu Dhabi Talks Resume as Russia Rejects Ceasefire and Disagreements Over Territory Persist
- Stockvolt — Bitcoin Sits Out the Stock Rebound as ETF Outflows Hit a Fourth Day
- KuCoin — Bitcoin ETFs Record $95M Outflows as BTC Price Drops Toward $73,000
- Gadgets 360 — Bitcoin Trades Near $73,700 as US Inflation Fears and ETF Outflows Weigh on Crypto Market
- TechBriefly — Anthropic sets IPO range valuing it at up to $1.4 trillion
- Dolaro — Anthropic IPO Australia: Offer Closes 17 Nov, US$70–78 a Share
- DeFi Rate — CLARITY Act Updates: Senate Vote, Odds of Passing & Timeline
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