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Chip Stocks Jump 6.5%, CoreWeave Soars 24%; S&P 500 Up 1.2%

Chips — Up 6.5% as CoreWeave Soars 24% and Micron 13%; S&P 500 Back Above Its Pre-Sell-Off Level

The S&P 500 gains 1.2% and has regained all of the loss of the week to 6 November; the Dow is flat. Nvidia rises 3.8% and lags again, and Microsoft falls 2.4% for a second day after Anthropic launched a spreadsheet tool. The dollar climbs, with the yen near 160; the US bond market is closed.

In this edition

SPY QQQ DIA IWM RSP SOXX SMH MU

The Midday 10 Wed, Nov 11, 2026 ~60 seconds 11:30 ET

Chips lead a narrow but strong rally. The chip index SOX is up 6.5% at 10,644.74 after CoreWeave beat on revenue and raised its outlook on Tuesday night. CoreWeave itself soars 23.5%, Dell 12.8% and Micron 12.7%. The S&P 500 gains 1.2% to 7,609.97 and the Nasdaq 1.8%.

With that the S&P 500 stands above its close of 30 October, the last one before the sell-off, and above its election-day close. The rally is concentrated: the Dow is flat, the equal-weight S&P 500 fund rises 0.4%, and health care, staples and homebuilders fall. Microsoft loses 2.4% for a second day. The US bond market is closed for Veterans Day, so the 10-year yield, which closed at 4.98% on Tuesday, is not being tested today.

US midday, quotes as of 11:23 ET

  1. The indices — S&P 500 up 1.2% and above its pre-sell-off close
  2. Chips — index up 6.5%, memory leads: Sandisk 15%, Micron 13%
  3. CoreWeave — up 24% after raising its outlook; Nebius 17%, Oracle 9%
  4. Servers, optics and power — Dell up 13%, Lumentum 14%, GE Vernova 3%
  5. Nvidia — up 3.8%, less than every other large chip stock
  6. Microsoft — down 2.4% for a second day after Anthropic’s spreadsheet launch
  7. ETF board — technology up 3.7%, health care and staples fall
  8. Dollar — yen near 160, euro at a two-week low; bonds closed
  9. Earnings record — four Tuesday closes over the paid line
  10. Thursday — bonds reopen, jobless claims, Cisco and Applied Materials

The ten lines

  1. 1

    LEVEL The indices — S&P 500 up 1.2% and above its pre-sell-off close

    SPYQQQDIAIWMRSP

    The S&P 500 rises 1.2% to 7,609.97 and the Nasdaq Composite 1.8% to 25,518.09; the Nasdaq-100 gains 2.5%. The Dow is flat at 52,247.43, and the Russell 2000 of smaller companies is up 0.8% at 2,842.96. The VIX, Wall Street’s fear gauge, falls from 19.46 to 17.79. The S&P 500 is now 0.4% above its close of 30 October (7,580.07), the last before the sell-off, and 0.5% above its election-day close; the Nasdaq-100 is back at its 30 October level. The S&P 500 fund SPY at 758.68 is still under its 50-day average of 765.00. The Russell 2000 fund IWM at 282.90 is back above its own, 281.58.

  2. 2

    UP Chips — index up 6.5%, memory leads: Sandisk 15%, Micron 13%

    SOXXSMHMUSNDKSTXARMMRVLAMD

    The chip index SOX gains 6.5% to 10,644.74 and the chip fund SOXX 6.7% to 156.40. Memory and storage, last week’s weakest group, lead: Sandisk rises 15.5%, Micron 12.7% to 817.51, Seagate 11.6% and Western Digital 8.9%. Arm gains 11.8%, Marvell 11.0%, Intel 8.5%, AMD 7.0% to 551.12 and Broadcom 6.3%; the equipment makers Lam Research and Applied Materials rise about 7%. Micron’s move is tied to CoreWeave, a large buyer of its memory chips (Investing.com). The chip index has 97% of the loss of the week to 6 November back and is 0.4% under its close of 30 October. SOXX is still 9.5% under its 50-day average of 172.73.

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  4. 3

    UP CoreWeave — up 24% after raising its outlook; Nebius 17%, Oracle 9%

    CRWVNBISORCLIREN

    CoreWeave soars 23.5% to 60.19 from Tuesday’s close of 48.73. It reported third-quarter revenue of $3.66 billion, up about 168% from a year ago and above its own guidance, an order backlog of $132.5 billion against $104 billion at the end of June, and a higher revenue outlook for 2026 of $13.0–13.3 billion (CNBC, company). Nebius, which is listed to report on Thursday (vendor calendar), gains 16.6% to 156.29, Oracle 9.0% to 128.63 and IREN 8.3%. CoreWeave is still 19% under its 50-day average of 74.13.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.