Update: US Equity Indexes Jump as CoreWeave's Strong Q3 Results Trigger Rally in Chipmakers

04:57 PM EST, 11/11/2026 (MT Newswires) -- (Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.) US equity indexes advanced as CoreWeave's (CRWV) Q3 earnings bolstered the demand outlook from the artificial intelligence infrastructure buildout, sparking a rally in semiconductors and related industries. The Nasdaq Composite surged 1.6% to 25,466.19, the S&P 500 climbed 1.3% to 7,619.38, and the Dow Jones Industrial Average rose 0.5% to 52,486.49 on Wednesday. Technology, energy, and industrials topped the outperformers, with all but two sectors rising. Consumer discretionary declined. CoreWeave soared 25%, the Nasdaq's biggest outperformer, after the firm outlined plans to finance its expansion through loans tied to customer contracts and prepayments, reducing its reliance on unsecured borrowing. CoreWeave's Q3 results beat expectations for sales and adjusted operating income, and a strong full-year outlook and management's comments on 2027 funding sources reassured investors about the firm's financing plans, Morgan Stanley said in a note. The S&P 500 "rebounded after strong results from cloud computing firm CoreWeave helped ease concerns over excessive AI spending, lifting investor sentiment," a D.A. Davidson research note said. Of the 20 top-performing stocks intraday with market capitalization exceeding $200 billion each, all but two were technology firms, according to Finviz-compiled data. Micron Technology (MU) and Arm (ARM), up about 12% each, led mega-caps as CoreWeave's results reinforced the strong-demand thesis surrounding the AI plays. Of the tech giants in this category, more than half were either chipmakers or providers of semiconductor equipment and materials. The iShares PHLX Semiconductor Exchange Traded Fund, with about $43.67 billion in assets under management, surged 6%, reflecting the bullish sentiment in the so-called AI trade. The main investment opportunities following the US midterm elections include hyperscalers, select data center supply chain companies, software enablers, and AI adopters, according to a Morgan Stanley note. The investment bank has maintained its forecasts for hyperscaler capital spending of $1.6 trillion in 2028 and $1.8 trillion in 2029, per the research note. "Financing could become more selective, with increasing importance given to tenant quality, access to power and contractual protections." Iran's security chief Mohsen Rezaei said Tehran is waiting for a US response on the seven conditions for peace talks, while dismissing speculation about holding any negotiations with Washington, Al Jazeera, a Middle Eastern broadcaster, said. The head of Iran's Supreme National Security Council vowed Wednesday that Tehran would not allow the removal of "even a single particle of enriched nuclear material" from the country, casting doubt on diplomatic efforts as the US has long sought a peace deal that would see Iran give up its enriched uranium, CBS reported. The front-month West Texas Intermediate crude oil contract edged up 0.4% to $86.40 per barrel, and global benchmark Brent marched 1.1% higher to $92.53 per barrel. Gold futures retreated 1% to $3,991.2, while silver futures rose 1% to $51.71. Mortgage applications jumped 6.2% in the week ended Nov. 6 amid a fourth-straight weekly decline in 30-year fixed mortgage rates, according to the Mortgage Bankers Association. This follows a 1.2% decrease in overall activity in the week ended Oct. 30.