2026-11-12 09:10

Lead: CoreWeave surges nearly 25%, Nasdaq closes up 1.6%; post-market reports reveal NVIDIA board preparing to oust Huang Renxun, shares plunge over 8% after hours.

U.S. stocks closed higher on Wednesday, with the Nasdaq gaining 1.6%, while CoreWeave surged nearly 25% following its earnings release, and NVIDIA rebounded intraday.

Market sentiment shifted abruptly after the close. Reports surfaced that the NVIDIA board was preparing to oust Huang Renxun, causing shares to drop more than 8% after hours, dragging down Nasdaq futures.

Major Indices Close Higher, Nasdaq Up 1.6%

The following are the trading results for U.S. markets on Wednesday, November 11, Eastern Time. The day marked Veterans Day, with equities open and fixed income markets closed.

The Dow Jones Industrial Average rose 254.60 points, or 0.49%, closing at 52,486.49, recouping all losses from the previous session.

The S&P 500 gained 1.31%, finishing at 7,619.38; the Nasdaq Composite climbed 1.60%, ending at 25,466.19.

According to the Associated Press, the S&P 500 is now just 2.6% below its October all-time high, having largely recovered from last week’s AI-driven sell-off. The Nasdaq has fully reclaimed all post-election losses.

The VIX volatility index declined 10.17%, closing at 17.48.

Among Dow components, Caterpillar rose 2.91%, Cisco gained 2.66%; McDonald’s fell 2.61%, Microsoft dropped 2.26%, Amazon declined 1.74%.

CoreWeave Rises 24.7%, Storage Stocks Lead Gains

CoreWeave closed up 24.71%, settling at $60.77.

The company reported third-quarter revenue of $3.66 billion after market close on Tuesday, compared to $1.37 billion in the same period last year, surpassing the consensus estimate of $3.55 billion.

Full-year revenue guidance was raised to $13.0–13.3 billion, up from the prior range of $12.4–13.2 billion.

Storage and hardware stocks rallied in tandem. Micron surged 11.89%, closing at $811.30; Dell jumped 11.75%, Seagate rose 9.99%.

NVIDIA Rebounds Intraday, Plunges Over 8% After Hours

NVIDIA closed up approximately 2.9% during regular trading, at $173.73. The stock had fallen nearly 10% cumulatively over the prior two sessions.

After the close, The New York Times reported that Huang Renxun had an extramarital relationship with Kimberly Powell, a senior executive in the company’s healthcare division. Minutes later, The Wall Street Journal reported that the board was preparing to remove Huang from leadership.

Reuters cited sources stating that the board convened on Wednesday to decide whether to let Huang Renxun step down. As of this report, no final decision has been announced.

NVIDIA shares plunged over 8% after hours. According to Reuters calculations, including after-hours losses, NVIDIA’s market cap has evaporated by approximately $600 billion this week.

Competitors posted opposite moves: AMD rose about 4% after hours, Broadcom advanced roughly 3%.

Huang Renxun, aged 63, holds approximately 3.6% of NVIDIA’s shares, and the company lacks a clearly designated successor.

Hawkish Rate Expectations Persist, Oil Prices Rebound

October CPI data released Tuesday exceeded expectations. Sharecast noted that market pricing now reflects a near 90% probability of a 25-basis-point rate hike at the Federal Reserve’s next meeting.

Data from the Mortgage Bankers Association showed that mortgage applications increased 6.2% week-over-week as of the week ending November 6.

Oil prices reversed course and rebounded. Brent crude rose 1.39%, settling at $92.76 per barrel; WTI crude gained 0.57%, closing at $86.53 per barrel.

Iranian security officials stated they would not allow any enriched nuclear material to leave the country, reigniting supply concerns. Since the start of November, Brent crude has declined around 21%, while WTI has dropped approximately 17%.

As of late Wednesday, Nasdaq 100 futures fell 1%, S&P 500 futures dipped 0.4%, and Dow futures remained essentially flat.

Today's Focus

All times are Beijing time.

NVIDIA board decision: Huang Renxun’s future remains unresolved; news before or after Thursday’s open could dominate tech sector sentiment.

Thursday 21:30: Initial jobless claims. At 23:00, October existing home sales data will be released.

Thursday after hours: Cisco and Applied Materials report earnings.

Friday 21:30: U.S. October PPI.

November 17: NVIDIA reports Q3 earnings.

Source: TechFlow Column