Market Review: November 11, 2026

Closing Recap

Wednesday, November 11, 2026

Strong returns on Wall Street as the tech heavy Nasdaq outperforms behind a strong rally in AI, semis and data center plays following better CoreWeave (CRWV) results last night and an improved valuation outlook for Anthropic (ANT) ahead of its highly anticipated IPO next week. The rollercoaster action continued with U.S. futures bouncing back overnight on the S&P 500 and Nasdaq while the Dow lagged. Moves in both directions have been fairly narrow apart from Monday’s bounce so worth watching breadth today which was in favor of advancers. In sentiment today, the daily Fear & Greed Index registered Fear at 37/100 versus last week’s 35 (also Fear), and a bit below last month’s 53 (Neutral) reading.

Early breadth favored advancers by 7:5 as small caps underperformed but still gained with IWM (+0.46%) versus SPY (+0.77%) and QQQ (+1.68%). SPY breadth favored decliners by 5:4 while QQQ breadth favored advancers by 8:5 so the rally certainly is more broad than recent moves but clearly not showing overwhelming participation. Sector performance was tilted negative but again nothing dramatic with 5 sectors gaining versus 6 declining. Technology (+2.65%), Energy (+1.45%) and Industrials (+0.64%) were early outperformers among S&P sector ETFs, while Real Estate (-0.37%), Consumer Staples (-0.59%) and Health Care (-0.80%) paced the underperformers.

Heading into the final hour of trading, markets continued to enjoy a nice bounce with breadth expanding and in favor of advancers broadly and for SPY and QQQ individually. QQQ led at almost 4:1 as it crossed back above its 200dma around $681.70 after faltering the last two days. Sector performance also had improved with nearly all of 11 in the green. Only Consumer Discretionary, Real Estate and Health Care underperformed, with all three near the flat line, while Tech (XLK) jumped around 3.5%. Meanwhile, earnings continue to wind down, so should be somewhat less impactful though a few big names remain including Nebius (NBIS) in neoclouds tomorrow AM and Applied Materials (AMAT) in semis tomorrow night.

• WTI crude futures bounced back a bit overnight after yesterday’s decline as Iran once again began listing what/where it may attack if the US launches further military action. The uncertainty around talks to end wars in both Ukraine and Iran contributed to the rise, as did some potential technical buying off the recent slide. December WTI crude settled +$0.49/bbl, or +0.57%, at $86.53.
• OPEC+ crude oil production jumped in October, led by a sharp increase in output from Saudi Arabia despite continued disruption to shipments through the Strait of Hormuz caused by the Iran war. OPEC+ pumped 41.23 million barrels per day in October, OPEC said in a monthly report on Wednesday, up about 2.04 million bpd from September. Saudi Arabia told OPEC it pumped 10.563 million bpd in October, the report said, up from 8.372 million bpd in September. That was its highest output since February, when it reported production of 10.882 million bpd.

• US 10-year Treasury yields will trade close to 5% in coming months, according to bond strategists polled by Reuters this week who mostly stuck to long-held views yields will drift downwards in the midst of market turmoil. Hot inflation data on Tuesday and concurrent warnings from Federal Reserve officials about rates needing to rise in coming months whipsawed bond markets and put inflation worries back at front and centre for investors and households.
• Since peaking at 5.36% in early October, the benchmark yield fell nearly 50 basis points with the tumble in crude oil prices, the root of inflation concerns since the US-Israeli war with Iran began in late February. But on Tuesday the 10-year yield climbed back to around 5%. The rate-sensitive 2-year yield jumped about 20 basis points on Tuesday to 4.75%, completely reversing the sharp decline since the last monthly poll was published in October.

• Food sector: BGS reported a surprise 3Q beat and raised guidance, citing volume momentum continuing in 4Q as the beat largely came from utilizing slack manufacturing capacity for "thoughtful" opportunities in the institutional, private label, and club channels; said sees fiscal 2026 revenue $1.76B-$1.80B, vs. consensus $1.74B. GO shares fell as Q3 results topped estimates on EPS/revs narrowly, but the co lowers the upper-end of its annual adj. EBITDA forecast to $225M-$229M from the previous range of $225-$235M.

• Solar & Renewables: GEVO shares jumped after record Q3 as adj EPS $0.12 tops est. $0.02 and revs $82.95M vs. est. $54.5M saying Q3 revenue included $29.4M from sales of Canadian Clean Fuel Regulation credits while raises FY26 adjusted EBITDA view to greater than $90M from $60M.

• Fintech sector: TOST was downgraded to Market Perform at Bernstein while cuts its price tgt to $38 from $45 saying that one of its biggest thesis points behind its February upgrade – Toast being an AI winner, not a loser – has already played out, and Bernstein is incrementally watching competition and cost of growth. The departure of the CFO is also not ideal as well.
• Financial Services: WU announced that it has delivered a notice of termination of its agreement to acquire IMXI after the companies failed to secure the approvals needed to complete the deal. Western Union said final conditions of approval for the merger from California’s Department of Financial Protection & Innovation were "unacceptable.”
• Consumer Finance: Goldman Sachs reviews renewed regulatory risk for COF, AXP, SYF, and BFH around potential credit-card interest-rate caps and lower late fees. A 10%-18% APR cap would create significant earnings pressure and likely force issuers to tighten credit, while a 36% cap appears more manageable at roughly 2%-3% EPS downside, with BFH most exposed and AXP least exposed. On late fees, a hypothetical 35% reduction would imply roughly 9% average EPS downside across the major issuers, again with BFH carrying the greatest sensitivity.

• KURA Q3 EPS ($0.78) vs. est. ($0.82) (beat); KOMZIFTI net product revenue $13.9Mm, up 53% Q/Q; collaboration revenue $8.9Mm vs. $20.8Mm Y/Y; new patient starts approximately 150, up 30% Q/Q, and total prescriptions above 420, up 65%.
• PRME 35.7M share Spot Secondary priced at $3.50.
• STIM 18.75M share Spot Secondary priced at $1.60

• Electrical Equipment: JP Morgan resumed coverage on VRT, ETN and JCI all with Neutral ratings in the space saying they are not "brimming with enthusiasm" on the electrical equipment and multi-industry sector. However, they do expect a bounce in the AI-linked stocks given the magnitude and longevity of the recent selloff.
• Aerospace & Satellite sector: SPIR reported Q3 revenue of ~$18M and adj. EBITDA of -$8.6M, both coming in below consensus and FY26 guidance was modestly reduced as sees FY26 revs $75M-$80M vs. est. $80M and adj. EBITDA loss $27.4M-$32.4M vs est loss $24.21M. SATL shares jumped on results after record Q3 revenue of $16M, rising 342% y/y and topping consensus $12.57M while Q3 adj. EBITDA of $1.17M compared with a loss of -$4.93M y/y. FLY Q3 revs beat and raised bottom end 2026 revenue guidance $20M, +175-180% y/y.
• Defense sector: MRCY was upgraded to Overweight at JP Morgan as views the Q3 report as a proof point for Mercury, saying the company delivered on its adjusted EBITDA margin target. Mercury’s strong bookings increased its backlog, providing visibility into double-digit sales growth.

• Underwriters led by Goldman Sachs and Morgan Stanley are considering raising Anthropic’s (ANT) proposed IPO price range following strong investor demand, the Financial Times reported. The initial $70-$78 range implied a fully diluted valuation of $1.26T-$1.41T, but revised pricing could push the target valuation to $1.5T or higher. https://tinyurl.com/444utux8  
• OpenAI’s quarterly revenue rose about 50% to $10 billion in the third quarter, but the ChatGPT maker continued to post steep operating losses, the Wall Street Journal reported. OpenAI told investors its adjusted operating margin improved to -109% from -150% in the prior quarter. The company’s operating losses widened to $10.9 billion from $10.1 billion, the WSJ report said

• Semi equipment sector: Jefferies initiated FORM a Buy and $102 tgt saying Texas probe-card capacity expansion, volume GPU qualification and HBM4/4E test intensity underpin a 2027 revenue forecast near $1.36B, approximately 5% ahead of consensus; also initiated TER at Buy and $284 tgt saying AI compute testing expands the automated-test-equipment opportunity; greater dual sourcing and custom-ASIC demand could lift SoC test share from roughly 27% toward 34% by 2030.
• IT Services: GLOB was downgraded to Neutral at Guggenheim saying while remains constructive on the shift to Ai Pods, which it views as the right model for the business going forward, incremental softness in the Middle East, soft bookings, concerns around a potential ramp-down at a large Gaming client, and a Q4exit rate roughly flat Y/y leave the growth debate unanswered.