Wall Street rebounded on Wednesday, November 11, as optimism around artificial intelligence (AI) drove a strong recovery in technology stocks following the previous day's inflation-driven sell-off. The Nasdaq Composite led the charge, climbing 1.60% to 25,466, while the S&P 500 gained 1.29% to 7,618. The Dow Jones Industrial Average advanced 0.49% to 52,486. Gold prices fell 0.98% to $3,990.70 as investors shifted toward equities.
CoreWeave shares surged 24.71% after reporting record quarterly results and raising its revenue outlook. Micron Technology gained 11.89%, Oracle advanced 8.83%, and Apple rose 2.04% to a fresh record high. Utilities and technology sectors led the gains, while consumer cyclical stocks lagged.
The rally offered a positive sign for investors, but underlying economic concerns remain. CoreWeave's strong earnings reinforced confidence in AI infrastructure spending, suggesting robust demand for computing capacity despite high valuations and expansion costs.
However, the recovery was strongest in technology and semiconductor stocks, raising questions about the breadth and sustainability of the rally. Continued gains will depend on corporate earnings justifying elevated valuations, especially as higher interest rates increase financing costs and reduce the appeal of future earnings relative to fixed-income investments.