The Nasdaq 100 led a Wednesday rebound in US stocks, rising 1.7% by the mid-afternoon print, while the Nasdaq Composite added 1.3% and the S&P 500 gained 0.85%, per ForexLive. The driver sat in one name: CoreWeave jumped 23% after its third-quarter report, with the quote box on CNBC showing a gain of $11.20, or 22.97%, to $59.93 by 11:17 AM EST. The MarketRadar snapshot at 16:13 UTC put the S&P 500 at 7,604, up 1.11% on the session, the Nasdaq Composite at 25,494, up 1.71%, and the Dow at 52,192, down 0.08%.
The bounce arrived one session after a bruising Tuesday. Hot October CPI data — headline prices up 0.4% on the month against a 0.3% forecast, core up 0.3% for a third straight month against a 0.2% forecast — had pushed the S&P 500 down 0.4%, the Nasdaq Composite down 0.7% and the Dow down more than 150 points.
Wednesday flipped the script. The same inflation print that lifted December hike pricing to a full 25 basis points, with a 14% chance of a 50-point move, did not stop buyers from bidding AI names back up.
CoreWeave gave them the excuse. Third-quarter revenue reached $3.66 billion, up 168% from $1.37 billion a year earlier and above the $3.55 billion analysts expected, per LSEG data carried by Reuters. The revenue backlog hit $132.5 billion at the end of September, up from $104.2 billion at the end of June, and the company raised full-year 2026 revenue guidance to $13.0 billion to $13.3 billion from $12.4 billion to $13.2 billion.
Chief executive Michael Intrator told CNBC's Squawk on the Street that "demand for the infrastructure is and remains overwhelming," adding that CoreWeave is 10 times oversubscribed on the capacity it has left for 2027 and sold out of the 2028 capacity it has brought to market.
The other side of the ledger stayed in view. CoreWeave posted a net loss of $709 million, wider than the $110 million loss a year earlier, and carried about $46.9 billion in debt at the end of September. The stock had fallen more than 40% in the past month before Wednesday, per Reuters, as traders questioned whether debt-funded data-centre building could pay for itself. The Q3 numbers answered the demand half of that question; the debt half is still open. Breadth backed the move: Nvidia rose about 5% in early trading after falling 5.5% on Tuesday, Nebius climbed about 17%, Applied Digital about 9% and IREN about 8%, per CNBC, while OpenAI posted quarterly revenue above $10 billion for the first time, per Barchart. Cash Treasury trading was shut for Veterans Day, so the bond market offered no counterweight to the equity move, and the Dow, with less AI exposure, sat out the party at 52,192, down 0.08% in the snapshot.
Why it matters
The AI trade has spent the past month under interrogation, and CoreWeave became the focal point: a company with a $132.5 billion backlog and $46.9 billion of debt, its shares down more than 40% in a month while the 10-year yield pushed toward 5%. A revenue beat alone would not have moved the Nasdaq 100 by 1.7%. What moved it was the backlog number and the guidance raise — evidence that customers are still signing contracts faster than CoreWeave can build capacity.
Levels to watch
| Index | Support | Resistance |
|---|---|---|
| S&P 500 | 7,577 | 7,605 (100-hour average), 7,621.28 (100-day average) |
| Nasdaq Composite | 25,036.33–25,122.14 | 25,626.70, 25,831.74, 26,174.44 |
| Nasdaq 100 | 28,016.88–28,108.03 | 28,511.99, 28,822.67–28,953.26, 29,388.44 |
The levels come from ForexLive's technical read. The S&P 500 spent Wednesday testing the 7,577–7,621 swing area, with its session high at 7,603.52, just short of the 100-hour average near 7,605. The Nasdaq Composite climbed back over its 200-day average at 25,122.14, and the Nasdaq 100 took back its 200-day average at 28,016.88 and the 38.2% retracement at 28,108.03. Holding those reclaimed levels keeps buyers in charge; a drop back below them turns Wednesday into a failed break.
What to watch
- The S&P 500 needs acceptance above 7,621.28, its 100-day average; a close back below 7,577 hands control to sellers.
- The Nasdaq 100 faces its falling 100-hour average at 28,511.99 first, then the 28,822.67–28,953.26 swing area.
- Fed minutes from the October 27–28 meeting land on November 18, and the next rate decision comes December 8–9, with a 25-point hike fully priced.
- CoreWeave's promised $9 billion of customer prepayments over the next three months is the next dated test of the demand story.
Key points
- Nasdaq 100 up 1.7%, Nasdaq Composite up 1.3%, S&P 500 up 0.85% by the mid-afternoon print; Dow down 0.08% at 52,192.
- CoreWeave jumped 22.97% to $59.93 after Q3 revenue of $3.66 billion, up 168% year on year, beat the $3.55 billion estimate.
- Revenue backlog reached $132.5 billion, up from $104.2 billion in June; full-year revenue guidance raised to $13.0–$13.3 billion.
- CEO Michael Intrator: demand "is and remains overwhelming"; 2027 capacity 10 times oversubscribed, 2028 capacity sold out.
- Net loss widened to $709 million and debt stood near $46.9 billion, so the balance-sheet question is unresolved.
- Tuesday's hot October CPI (headline 0.4%, core 0.3%) had cut the S&P 500 by 0.4% and the Nasdaq Composite by 0.7%.
MarketRadar take
Wednesday's tape reads as a demand verdict, not a rate verdict. The Nasdaq 100 took back its 200-day average and its 38.2% retracement in one session, and the S&P 500 pushed into the 7,577–7,621 swing area, while a December hike sat fully priced in futures. Hold the reclaimed support and the recovery has room toward the 100-hour averages overhead; lose it and Wednesday becomes a one-day bounce inside a downtrend. The Dow's flat print is the tell that this is a tech-led move, not a broad one.
