AI-led rebound lifts Wall Street as Treasuries sit out the session

Market Recap

U.S. stocks snapped back with tech and AI out front, as the Nasdaq led and the S&P 500 and Dow followed higher; the cash Treasury market was closed for the holiday, while oil firmed and risk appetite improved. The S&P 500 and Nasdaq finished solidly higher and the Dow added modestly, with the move helped by upbeat results from CoreWeave that steadied the broader AI complex.

Key Headlines & Market Movers

CoreWeave rekindles the AI trade: Fresh numbers from CoreWeave—showing a smaller-than-expected loss—sparked a sharp rebound across AI-linked shares and helped reset sentiment after last week’s wobble. The tone spilled into the major averages, with the S&P 500 closing up and edging back toward last month’s highs as investors leaned into growth again. Seeking Alpha noted the upbeat guidance also supported a broader bid in tech, reinforcing the idea that AI spend remains intact despite recent volatility.

Bonds on pause, equities set the tone: With the U.S. cash bond market closed for Veterans Day, stocks traded without the usual intraday crosscurrents from Treasury price moves. Treasury futures still traded, but cash pricing was offline—leaving equities to carry the macro narrative on the day. Oil prices ticked higher alongside the equity rebound, adding a mild cyclical undertone to the session.

Chips lead; gains broaden but remain top‑heavy: Semiconductor and AI‑hardware names outperformed, powering the tech‑heavy indices and anchoring the session’s advance. Outside AI, participation was positive but more restrained earlier in the day, underscoring that leadership remained concentrated. Small caps finished higher as well, but lagged the Nasdaq’s momentum, a pattern consistent with a growth‑led bounce rather than a full‑throated, all‑weather rally.

What to Watch

Attention turns to tomorrow’s initial jobless claims and crude inventory data for a quick read on labor and energy demand, alongside the reopening of the cash Treasury market; the question is whether today’s AI‑led risk bid broadens to cyclicals and defensives or remains concentrated in chips.