Stock Market Close, Nov. 11: Nvidia shares fall after hours as Huang affair draws new downgrade
Nvidia shares fell 3.02% after hours as the Jensen Huang affair drew a Baird downgrade, while the S&P 500 ETF rose 1.27% today.
Key takeaways
- Nvidia shares fell after hours as the Jensen Huang affair drew a Baird downgrade, while the S&P 500 ETF rose 1.27% on Nov. 11.
The S&P 500 ETF rose 1.27% and the Nasdaq-100 ETF gained 2.29% as of the 5:00 p.m. ET cutoff on Nov. 11, with the Dow Jones Industrial Average ETF up 0.49% and the Russell 2000 ETF up 0.86%. The lead stories are Nvidia shares falling after hours as the Jensen Huang affair draws a new downgrade from Baird, and the Anthropic IPO, which is said to be multiple times oversubscribed ahead of its Nov. 18 pricing.
Markets
The S&P 500 ETF rose 1.27% and the Nasdaq-100 ETF gained 2.29%, while the Dow Jones Industrial Average ETF rose 0.49% and the Russell 2000 ETF gained 0.86%. The US dollar ETF rose 0.70%, and the Treasury ETF moved opposite to yields with a -0.09% move. The Technology ETF led at +3.19%, while the Real estate ETF was weakest at -0.02%.
| ETF | Today | After hours |
|---|---|---|
| S&P 500 (SPY) | +1.27% | +0.03% |
| Nasdaq-100 (QQQ) | +2.29% | −0.12% |
| Dow Jones Industrial Average (DIA) | +0.49% | +0.11% |
| Russell 2000 (IWM) | +0.86% | +0.06% |
| 7-10 year Treasuries (IEF) | −0.09% | +0.12% |
| US dollar (UUP) | +0.70% | −0.02% |
| VIX futures (VIXY) | −6.40% | +0.18% |
| Oil (DBO) | +0.32% | n/a |
| Gold (GLD) | −1.13% | +0.06% |
| Silver (SLV) | +0.40% | −0.03% |
| Bitcoin (IBIT) | +1.30% | −0.41% |
Top stories
Nvidia shares fall after hours as Huang affair draws new downgrade
Nvidia shares rose 2.86% today but fell 3.02% after hours, as of 4:59 p.m. ET. Bloomberg reported that a key House Republican said Congress is prepared to subpoena CEO Jensen Huang over his alleged affair with a suspected Chinese spy. Fox Business reported that Baird downgraded Nvidia to neutral, a rare move, as the affair clouds the AI company's outlook. The New York Times reported that Huang is said to have had a relationship with a Nvidia executive who reports to him.
Source: Bloomberg, Fox Business, New York Times
Anthropic IPO said to be multiple times oversubscribed before Nov. 18 pricing
Bloomberg reported, citing people familiar with the matter, that Anthropic's IPO has drawn multiple times the orders for the shares available. Bloomberg also reported the offering could raise up to $90.4 billion when it prices on Nov. 18, including a $26 billion private placement, which would top SpaceX's record. MarketWatch reported that demand is very strong despite nagging concerns over the AI trade.
Source: Bloomberg, MarketWatch
CoreWeave stock jumps 24.73% after third-quarter revenue more than doubles
CoreWeave shares rose 24.73% today and were up 0.40% after hours, as of 4:59 p.m. ET. Third-quarter revenue was $3,661 million, up from $1,365 million a year earlier, while operating income reached $207 million versus $52 million. Net loss widened to $709 million from $110 million, and net interest expense was $846 million. CoreWeave raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion and now expects capital expenditures of $37 billion to $39 billion. Revenue backlog was approximately $132.5 billion as of Sept. 30.
Source: CRWV 8-K exhibit
Poundland avoids collapse for now as US owner keeps talks with buyers
The BBC reported that Poundland has filed a notice of intention to appoint administrators, which protects it from creditors until Thursday. The Financial Times reported that US owner Gordon Brothers supports extending the moratorium on creditor claims while talks with buyers continue. The Guardian reported that MPs accuse the owner of extracting millions of pounds when the chain was on a knife-edge, and that management will seek a two-week extension of legal protection in the High Court. The retailer employs 12,000 people and operates 600 stores in the UK and Ireland.
Source: BBC, Financial Times, Guardian
Lutnick stalled curbs on Nvidia chip sales to China again, Axios reports
Axios reported that Treasury Secretary Scott Bessent confronted Commerce Secretary Howard Lutnick over the failure to place Nvidia customer Megaspeed on a list of companies posing national security concerns. A second Axios report said Lutnick has repeatedly stood in the way of a crackdown on companies suspected of diverting Nvidia's advanced AI chips to China, even as President Trump authorized one for the third time this year. MarketWatch reported that Nvidia is spending more than ever on Washington lobbying, and quoted a former US ambassador to Beijing saying Congress is going to push for a complete ban on advanced semiconductor sales into China.
Source: Axios, MarketWatch
Stock stories
JetBlue creditors form majority group restricting side deals with airline
Bloomberg reported that a majority of JetBlue creditors have executed a cooperation agreement that would stop the airline from striking side deals with lenders who signed on, according to people familiar with the matter. Bloomberg's headline says the airline is downplaying financial peril. CNBC reported that JetBlue's CEO has pushed back on creditor fears and is betting that premium seats will return the airline to profitability. JBLU was up 0.70% today and down 0.57% after hours.
Source: Bloomberg, CNBC
Meta infrastructure chief Santosh Janardhan to step down in 2027
Bloomberg reported that Meta's longtime head of infrastructure and engineering will leave the company in early 2027, as it keeps investing hundreds of billions of dollars in artificial intelligence and data centers. CNBC said Santosh Janardhan, Meta's co-head of engineering, will leave in 2027 and be succeeded by former AWS senior vice president David Brown. META was down 2.03% today and up 0.26% after hours.
Source: Bloomberg, CNBC
United Airlines blocks third-party AI agents from booking flights
Bloomberg reported that United Airlines is moving to block third-party artificial intelligence agents from booking flights and accessing customer accounts ahead of the holiday travel season. The move raises privacy concerns as AI use grows in the airline industry. CNBC said United is blocking AI agents from its platform over security concerns, while companies across industries take divergent approaches to AI agents that carry out tasks for users. UAL was down 1.83% today and up 0.13% after hours.
Source: Bloomberg, CNBC
Movers
CoreWeave, Inc. Class A Common Stock led regular-session gainers at +24.73%, followed by Fermi Inc. Common Stock at +18.51%. Tetra Tech Inc fell -7.52% and KBR, Inc. dropped -6.72%, leading the losers.
| Company | Today | Volume |
|---|---|---|
| CoreWeave, Inc. Class A Common Stock (CRWV) | +24.73% | 147,145,497 |
| Fermi Inc. Common Stock (FRMI) | +18.51% | 27,990,747 |
| Applied Optoelectronics, Inc. (AAOI) | +15.52% | 14,049,619 |
| Forgent Power Solutions, Inc. (FPS) | +14.38% | 10,250,473 |
| Sandisk Corporation Common Stock (SNDK) | +13.66% | 14,822,378 |
| Tetra Tech Inc (TTEK) | −7.52% | 10,063,889 |
| KBR, Inc. (KBR) | −6.72% | 3,074,206 |
| Summit Therapeutics Inc. Common Stock (SMMT) | −6.71% | 3,474,274 |
| Revolution Medicines, Inc. Common Stock (RVMD) | −6.34% | 3,013,595 |
| QuantumScape Corporation Class A Common Stock (QS) | −5.06% | 24,707,917 |
What's next
Weekly jobless claims come out at 8:30 AM ET from the Labor Department. Tetra Tech and Corteva report after the close, and Forgent Power Solutions, Fermi and Ascendis Pharma report before the next open.
- 8:30 AM ET: Weekly jobless claims (Labor Department)
- Reported after the close: Tetra Tech (TTEK), Corteva (CTVA)
- Reporting before the next open: Ascendis Pharma (ASND), Figure Technology Solutions (FIGR), Forgent Power Solutions (FPS), SOLV Energy (MWH), NIQ Global Intelligence (NIQ), X-Energy (XE), YETI (YETI), Fermi (FRMI)
Prices are ETF and stock prices as of 5:00 p.m. ET, Nov. 11.