Stock Market Today, Nov. 11: CoreWeave shares rise 17% premarket after raising full-year revenue forecast
CoreWeave shares rose 17.12% premarket after a raised revenue forecast, as the S&P 500 ETF (SPY) gained +0.90% before the open.
Key takeaways
- Stock index ETFs were higher before the open, with the S&P 500 ETF up +0.90%. CoreWeave shares rose 17.12% premarket after the company raised its full-year revenue forecast.
Update, 8:35 a.m. ET
Stock index ETFs are higher in pre-market trading as of 8:35 a.m. ET on Nov. 11. The Nasdaq-100 ETF (QQQ) leads with a pre-market gain of +1.90%, after falling -0.68% yesterday. The S&P 500 ETF (SPY) is up +0.92% pre-market following a -0.37% decline, while the Dow ETF (DIA) gained +0.25% and the Russell 2000 ETF (IWM) rose +0.93%.
Markets at 8:35 a.m.
| ETF | Yesterday | Pre-market |
|---|---|---|
| S&P 500 (SPY) | −0.37% | +0.92% |
| Nasdaq-100 (QQQ) | −0.68% | +1.90% |
| Dow Jones Industrial Average (DIA) | −0.31% | +0.25% |
| Russell 2000 (IWM) | −0.68% | +0.93% |
| 7-10 year Treasuries (IEF) | −0.86% | −0.05% |
| US dollar (UUP) | +0.62% | +0.38% |
| VIX futures (VIXY) | −0.27% | −2.83% |
| Oil (DBO) | −1.25% | +0.81% |
| Gold (GLD) | −2.68% | +0.17% |
| Silver (SLV) | −3.45% | +2.44% |
| Bitcoin (IBIT) | −1.51% | +0.04% |
Stock index ETFs were higher before the open, with the S&P 500 ETF (SPY) up +0.90% pre-market after a -0.37% move yesterday, and the Nasdaq-100 ETF (QQQ) up +1.93%. The biggest stories are CoreWeave's shares rising 17% premarket after it raised its full-year revenue forecast, and hot October inflation data that lifted Fed hike bets, with Goldman Sachs now pencilling in additional Fed tightening.
Markets
The S&P 500 ETF (SPY) is up +0.90% pre-market, the Nasdaq-100 ETF (QQQ) is up +1.93%, and the Dow Jones Industrial Average ETF (DIA) is up +0.15%. The VIX futures ETF (VIXY) is down -2.73% pre-market. The Technology ETF (XLK) leads pre-market at +2.82%, while the Consumer staples ETF (XLP) lags at -0.77%.
| ETF | Yesterday | Pre-market |
|---|---|---|
| S&P 500 (SPY) | −0.37% | +0.90% |
| Nasdaq-100 (QQQ) | −0.68% | +1.93% |
| Dow Jones Industrial Average (DIA) | −0.31% | +0.15% |
| Russell 2000 (IWM) | −0.68% | +0.79% |
| 7-10 year Treasuries (IEF) | −0.86% | −0.06% |
| US dollar (UUP) | +0.62% | +0.27% |
| VIX futures (VIXY) | −0.27% | −2.73% |
| Oil (DBO) | −1.25% | n/a |
| Gold (GLD) | −2.68% | +0.34% |
| Silver (SLV) | −3.45% | +2.64% |
| Bitcoin (IBIT) | −1.51% | +0.29% |
Top stories
Anthropic IPO valuation may rise above $1.4 trillion, FT reports
Bloomberg reported Anthropic is seeking a valuation of about $1.4 trillion in its initial public offering, with pricing targeted for Nov. 18 and up to $90.4 billion to be raised. The FT reported bankers are preparing to raise the valuation to $1.5 trillion or more after strong investor demand. Bloomberg reported Anthropic is seeking $3 billion to $3.5 billion from Japanese investors, and Australian retail investors can now apply for shares. Fortune reported shares would be offered at $70 to $78, implying a $1.3 trillion valuation.
Source: Bloomberg, FT, CNBC, Fortune
CoreWeave shares rise 17% premarket after raising full-year revenue forecast
CoreWeave shares were up 17.12% in premarket trading as of 7:29 a.m. ET, after closing down 0.51% the previous session. Third-quarter revenue was $3.661 billion, up from $1.365 billion a year earlier, while net loss widened to $709 million from $110 million. Adjusted operating income reached $379 million versus $217 million. The company raised full-year 2026 revenue guidance to $13.0 billion to $13.3 billion and adjusted operating income guidance to $1.275 billion to $1.375 billion, and now expects capital expenditures of $37 billion to $39 billion. Revenue backlog stood at about $132.5 billion as of Sept. 30.
Source: CRWV 8-K exhibit
Qatar signals progress on Iran deal as Gulf fears persist
Fortune reported Qatar signaled progress on an Iran deal, while Gulf fears persist. Bloomberg reported oil gained after a two-day decline as traders weighed the outlook for an end to the US-Iran war. Bloomberg also reported President Donald Trump said further strikes on Iran would not be necessary, but regional flareups have persisted and talks have shown little progress.
Source: Fortune, Bloomberg
Hot October inflation data lifts Fed hike bets, Goldman sees more tightening
Bloomberg reported Federal Reserve Bank of Chicago President Austan Goolsbee called the October consumer price report disturbing and said officials must address elevated inflation. Bloomberg also reported derivatives suggest the retreat in US Treasuries will continue, as faster-than-expected inflation cemented prospects for more aggressive Fed rate hikes. MarketWatch reported Goldman Sachs is now pencilling in additional Fed tightening following the hot CPI data.
Source: Bloomberg, MarketWatch
ITV plans £30m cost cuts as ad revenue slides
The FT reported ITV will make £30 million in temporary savings as advertising demand weakens, and cut its content budget. The Guardian reported ITV plans to cut costs by £30 million this year and reduce content spending by £25 million, ahead of an inquiry into its agreed sale of its television and streaming business to Sky.
Source: FT, Guardian
Stock stories
Applied Digital shares rise 9.9% premarket
APLD rose 9.92% in premarket trading as of 7:29 a.m. ET on Nov. 11, after a 0.24% decline in the prior session. The gain was measured at the cutoff, before the regular session opened. Applied Digital is listed on the Nasdaq Global Select Market under the ticker APLD.
Source: APLD 8-K
Today ahead
Tetra Tech (TTEK) and Corteva (CTVA) report after the close.
- Reporting after the close: Tetra Tech (TTEK), Corteva (CTVA)
Prices are ETF and stock prices as of 7:30 a.m. ET, Nov. 11.