What moved
- US: Futures are the only live read before the open. S&P 500 futures are up 0.93% and Nasdaq 100 futures 1.87%. On Tuesday the S&P 500 closed 0.38% lower at 7,520.93, the Nasdaq Composite fell 0.74% and the Dow 0.3%.
- Europe (mid-session): The DAX is up 0.7% at 26,533, within 1% of its 52-week high. The Euro Stoxx 50 is up 0.6%, the FTSE 100 0.42% and the CAC 40 0.26%.
- Asia (closed): Chip-heavy markets did best. Taiwan ended 3.62% higher, the Kospi 2.6% and the Nikkei 1.31%. The Hang Seng lost 0.98% and Shanghai gained 0.46%.
Why
The rebound started with CoreWeave, which rents out AI computing capacity. Its third-quarter revenue of $3.66bn beat the $3.55bn consensus. It raised its 2026 revenue forecast to $13–13.3bn and said it expects to be profitable on an adjusted basis in the first half of 2028. That eased the market's main worry of recent sessions: that AI spending is financed by debt and will not pay off. Memory makers, storage names and AI-infrastructure stocks are rising with it before the open. Nvidia is recovering too, although Baird downgraded it to neutral and the board's investigation into chief executive Jensen Huang is still under way.
The rally does nothing to change Tuesday's inflation report. October core CPI rose 0.3% on the month, above estimates for the third month in a row. Markets now price more than a full quarter-point Fed rate rise at the 9 December meeting, and Governor Waller has said a half-point move could be considered. That outlook is lifting the dollar. The euro is down 0.99% at $1.1111. Sterling has fallen 1.14% to $1.3289, but it is barely changed against the euro, so this is dollar strength rather than a UK story. USD/JPY is up 1.01% at 159.57. Higher US rates make dollar assets more attractive to hold.
Oil is the other source of pressure. Brent is up 1.49% at $92.85 after Iran said enriched uranium would not leave the country, rejecting a US proposal. Dearer energy makes the inflation problem harder for the Fed.
Sentiment & risk appetite
Equity investors are calmer than bond investors. The VIX has fallen 1.0 point to 18.46. The MOVE index, which tracks expected volatility in Treasuries, rose 7.5% to 92.4 on Tuesday, a sign that rate risk is now what worries the market. Tuesday's US session was narrow and defensive. Our breadth count across PrimerIQ's listed universe had 2,171 US stocks rising against 3,935 falling. The technology ETF lost 1.15% while financials gained 0.52%. Asia's rally was concentrated in tech, where our median technology stock rose 2.08%. The dollar index, at 102.70, is within 0.25% of its 52-week high. Gold is up only 0.27% at $4,041, so investors are not rushing into havens.
Economic calendar
No 08:30 ET print today. It is Veterans Day, so the US cash Treasury market is closed while stocks trade normally. Treat Treasury yield quotes as thin: the 10-year is shown at 4.998%, up 1.5bp. The main data point remains Tuesday's October CPI. A private CNBC/NRF retail monitor shows October retail spending up 0.2% on the month, a soft reading on consumer demand. ECB speakers, including President Lagarde, are scheduled during the European day. No Fed speakers are scheduled. The next US data test is October PPI on Friday at 08:30 ET, followed by Nvidia's results on 17 November.
Earnings
Siemens Energy beat on fourth-quarter revenue (€12.83bn against €12.69bn expected) and EPS (€1.49 against €1.34). It proposed a dividend of €2.30, up from €0.70, and added up to €9bn of buybacks. The shares jumped despite fiscal 2027 net income guidance of about €5bn, below the €5.5bn consensus. Vestas fell after missing third-quarter estimates.