US stocks close Nov 11: CoreWeave beat sparks chip rally, Nasdaq up 1.60% and Micron jumps 11.9%

The US stock market closed higher on Wednesday, Nov 11 (ET), with all three major indexes up. The Nasdaq Composite rose 1.60% to 25,466.19 and the S&P 500 gained 1.31% to 7,619.38. The push came from AI cloud provider CoreWeave, whose third-quarter results and raised full-year revenue outlook, released after Tuesday's close, revived bets on AI infrastructure spending and sent memory makers Micron and Sandisk up more than 10%. Tech rebounded a day after a hotter-than-expected October consumer price index (CPI) report had lifted rate-hike fears.

Key takeaways

• The Nasdaq gained 400.31 points (1.60%), the S&P 500 98.45 points (1.31%) and the Dow Jones Industrial Average 254.60 points (0.49%). The Nasdaq has now recovered all of its losses since the midterm elections.
• CoreWeave rose 24.71% to $60.77. Third-quarter revenue was $3.66 billion, up 168% from a year earlier, and the 2026 revenue forecast was raised to $13.0 billion to $13.3 billion.
• Among S&P 500 members, Sandisk (13.69%), Micron (11.89%), Dell (11.75%), Lumentum (10.67%) and AMD (7.32%) posted large gains.
• The S&P 500 technology sector rose 3.2% and led the market. Microsoft (-2.26%), Meta (-1.97%) and Amazon (-1.74%) fell.
• The Treasury cash market was closed for Veterans Day, leaving the 10-year yield near Tuesday's 5% level. The VIX fell 10.12% to 17.49.

CoreWeave earnings brought buyers back to AI stocks

CoreWeave reported third-quarter results after Tuesday's close. Revenue came in at $3.66 billion, up 168% year over year, and the adjusted loss of $1.27 per share was narrower than the $1.55 loss analysts expected. Backlog reached about $133 billion, up 138% from a year earlier. The company raised its 2026 revenue forecast to $13.0 billion to $13.3 billion.

The company also laid out its funding plans. It expects about $9 billion in customer prepayments and deposits from signed contracts over the next three months, and said it expects to raise less than $5 billion in new parent-level capital through 2027. Chief executive Mike Intrator said demand for compute is growing faster than the capacity to deliver it, and that CoreWeave has 10 times as much qualified demand as available capacity through the end of 2027. Third-quarter capital spending was $14.5 billion, above the company's guided range.

CoreWeave shares closed up 24.71% at $60.77. Fellow AI cloud company Nebius rose 15.44% alongside it, with no company-specific news. CoreWeave is not an S&P 500 member, so it falls outside this post's chart criteria.

Memory and optical stocks led the chip rally

CoreWeave buys memory chips from Micron. After the report, investors bet that more CoreWeave capital spending means more memory sales, and memory and storage stocks rose together. This post treats an S&P 500 member that moved 5% or more on the day as a big mover, and charts the four largest by market value that are tied to the day's main story.

Micron (MU): up 11.89%

Micron rose $86.19, or 11.89%, to close at $811.30, after trading between $763.05 and $827.58. The trigger was CoreWeave's earnings beat and raised guidance: if CoreWeave builds more AI data centers, it buys more Micron memory.

On the chart, Micron is still 17.5% below its highest close of the past 20 sessions, $983.23 on Oct 28. It has bounced 23.6% from the $656.39 close on Nov 5, the day chip stocks sold off, but Wednesday's close sits below the 20-day moving average of about $850.

Sandisk (SNDK): up 13.69%

Sandisk gained $117.70, or 13.69%, to $977.69. It also supplies memory for AI data centers, and the stock rose on expectations that it will benefit from CoreWeave's spending. Sandisk joined the S&P 500 in November 2025.

Sandisk is 30.4% below its highest close of the past 20 sessions, $1,404.77 on Oct 28. It is up 21.2% from the $806.43 close on Nov 5 but remains under its 20-day moving average of about $1,168. Of the four charted stocks, it is the furthest from its recent high.

AMD: up 7.32%

AMD rose 7.32% to $552.90. The chip group rallied broadly, and the Philadelphia Semiconductor Index rose about 7% intraday. There was no AMD-specific news.

AMD has recovered fastest of the four. Wednesday's close moved above the 20-day moving average of about $518 and is 4.4% below the 20-session high close of $578.44 on Oct 28. It is up 36.7% from the $404.40 close on Nov 5.

Lumentum (LITE): up 10.67%

Optical components maker Lumentum rose 10.67% to $648.06. It moved with Coherent as part of the photonics group in the AI rally that followed CoreWeave's results. Lumentum joined the S&P 500 in March 2026.

Lumentum is 29.5% below its highest close of the past 20 sessions, $919.53 on Oct 29. It has rebounded 27.1% from the $509.70 close on Nov 5 but has not reached its 20-day moving average of about $747.

Other big movers without a chart

Dell Technologies rose 11.75% to $373.68. It moved with AI-related stocks, but no company-specific reason was reported. Bloom Energy, added to the S&P 500 in September 2026, gained about 12.5% as CoreWeave's results eased worries about funding data center build-outs. Both qualify as big movers; with charts capped at four per post, they are listed in the table below.

Stock	Close	Change	Note
SSandiskSNDK	$977.69	+13.69%	Expected to benefit from CoreWeave spending
MMicronMU	$811.30	+11.89%	CoreWeave capex outlook
DDell TechnologiesDELL	$373.68	+11.75%	No company-specific reason reported
LLumentumLITE	$648.06	+10.67%	Photonics stocks rose with AI names
AAMDAMD	$552.90	+7.32%	Broad chip rally
NNvidiaNVDA	$173.73	+2.87%	Rebound after two down days
AAppleAAPL	$355.63	+2.04%	Record close
MMicrosoftMSFT	$521.13	-2.26%	Second straight decline

Nvidia rebounds, Microsoft falls for a second day

Nvidia rose 2.87% to $173.73, ending a two-day losing streak. The stock had slid earlier in the week after reports about CEO Jensen Huang, and analysts at Trade Nation attributed Wednesday's gain to dip-buying. Separately, Baird downgraded Nvidia to Neutral.

Microsoft fell 2.26%, its second straight loss, after Anthropic unveiled AI workplace tools that could compete with Office. Meta and Amazon declined 1.97% and 1.74%. Apple rose 2.04% to $355.63, another record close.

Sectors: tech up 3.2%, energy up 1.9%

Information technology rose 3.2%, with energy (1.9%) and industrials (1.3%) also strong. Consumer discretionary, real estate and health care finished flat (0.0%). Within consumer discretionary, Airbnb (-3.09%), Lululemon (-2.65%) and McDonald's (-2.61%) were weak; no reasons for those declines were reported.

Rates and the Fed: a December hike is now the base case

Tuesday's October CPI came in above forecasts on both the headline and core measures, and Fed officials have since sharpened their language. Fed Governor Christopher Waller said he would support a December rate increase even if inflation cooled, and that policymakers should consider a 50-basis-point move if price pressures worsened. Dallas Fed President Lorie Logan said the central bank needs at least two more quarter-point increases. Chicago Fed President Austan Goolsbee called the October CPI "another distressing report."

According to CME FedWatch, the odds of a quarter-point hike at the Dec 8-9 Federal Open Market Committee (FOMC) meeting are about 90%, close to fully priced. The odds of a half-point hike are about 13%. With the bond market shut for Veterans Day, the 10-year yield stayed near Tuesday's 5% level. Our Nov 10 US market close covers the CPI day and the move in yields.

Commodities and crypto

December WTI crude rose 0.44% to $86.42 a barrel, and gold fell 0.89% to $3,994.30 an ounce. Bitcoin rose 0.90% to around $74,239. The VIX fell 10.12% to 17.49.

International news

In Europe, chip equipment and component makers rose: Infineon gained 6.3%, ASMI 5.5% and STMicroelectronics 4%. Wind turbine maker Vestas fell 9.2% in early trading after third-quarter revenue and profit missed estimates. In Japan, SoftBank fell 3% after reporting a fiscal second-quarter net loss of 1.12 trillion yen. TSMC said its board approved up to $1 billion in investments in Anthropic and OpenAI.

Chip stocks have swung hard in both directions this month. On Nov 5, a chip sell-off sent the Nasdaq down 5.52% in one session; our Nov 5 US market close has the details.

What to watch next

• Thu, Nov 12 (ET): October existing home sales at 10:00 a.m. Nebius reports before the bell.
• Fri, Nov 13: The Bureau of Labor Statistics (BLS) releases October producer prices (PPI) at 8:30 a.m.
• Tue, Nov 17: October retail sales at 8:30 a.m.
• Wed, Nov 18: Minutes of the Oct 27-28 FOMC meeting at 2:00 p.m.
• Week of Nov 16: Anthropic's planned IPO, with a price range of $70 to $78 per share.
• Dec 8-9: FOMC meeting, with a new Summary of Economic Projections.

FAQ

Why did US stocks rise on Nov 11, 2026?

AI cloud provider CoreWeave reported better-than-expected third-quarter results after Tuesday's close and raised its 2026 revenue forecast to $13.0 billion to $13.3 billion. That revived expectations for AI infrastructure spending and lifted chip stocks. The Nasdaq rose 1.60% and the S&P 500 1.31%.

How much did Micron and Sandisk gain?

Micron rose 11.89% to $811.30, and Sandisk gained 13.69% to $977.69. Both supply memory for AI data centers, and their shares rose on expectations that higher CoreWeave capital spending means more memory demand.

Is the US stock market open on Veterans Day?

Yes. The stock market traded normally on Veterans Day, Nov 11, while the Treasury cash market was closed. That is why the 10-year yield stayed near Tuesday's 5% level.

Will the Fed raise rates in December?

The decision comes at the Dec 8-9 FOMC meeting. As of Nov 11, CME FedWatch put the odds of a quarter-point hike at about 90% and a half-point hike at about 13%. Governor Waller and Dallas Fed President Logan both spoke in favor of further increases.

Sources

• Yahoo Finance: Stock market today, Wednesday, Nov. 11
• CNBC: Stock market news for Nov. 11, 2026
• CNBC: Stocks making the biggest moves Wednesday
• Investing.com: Wall Street ends higher, Nasdaq adds over 1.5% as AI trade comes back to life
• Investing.com: CoreWeave Q3 2026 earnings call transcript
• The Motley Fool: Why Micron stock popped today
• The Motley Fool: Why Sandisk stock popped today
• Seeking Alpha: Memory stocks jump as CoreWeave results lift AI sentiment
• TipRanks: Stocks close higher as AI trade is reignited
• TokenPost: Nasdaq gains as chip index rallies, CoreWeave rises over 25%
• 247 Wall St.: S&P 500 closes up 1.3% as tech pulls the market higher
• Wikipedia: List of S&P 500 companies
• Federal Reserve: FOMC meeting calendars
• BLS: Producer Price Index release schedule
• FinancialJuice: Week ahead economic indicators, Nov 9-13
• FedRateCalc: November 2026 US economic calendar