Key Notes
- The S&P 500’s weekly gain reached about 3.7% at Wednesday’s intraday high.
- The index came within roughly 2.5% of its October 6 record.
- AI earnings helped stocks recover despite hotter-than-expected inflation.
The S&P 500’s weekly rebound reached about 3.7% at Wednesday’s intraday high, bringing the index within roughly 2.5% of its record less than a week after its worst session since April 2025.
The index touched 7,647.20, up from Friday’s close of 7,376.86. Its intraday record of 7,844.52 was set on October 6. By 20:16 UTC on November 11, it had eased to 7,626.49, still up 1.4% for the day and 3.4% for the week, according to CNBC’s quote.
AI Earnings Draw Buyers Back
AI shares helped drive Wednesday’s recovery. CoreWeave (Nasdaq: CRWV) rallied after stronger quarterly results and an increase in its revenue forecast, giving investors a reason to revisit a sector hit hard by concerns about infrastructure spending and borrowing costs.
The cloud provider raised its 2026 revenue outlook to $13 billion-$13.3 billion after third-quarter sales reached $3.66 billion. Its financing plans also gave shareholders more detail on how it expects to fund equipment purchases against signed customer contracts.
Today we announced our Q3 earnings:
🔹$3.7B revenue, up 168% YoY
🔹$379M adjusted operating income, well above guidance– CoreWeave (@CoreWeave) November 10, 2026
Inflation Keeps Rate Risk Alive
The rally came despite Tuesday’s inflation report. Consumer prices rose 0.4% in October, above the 0.3% increase economists expected. Core prices, which exclude food and energy, rose 0.3%.
Those figures kept the prospect of further Fed tightening in focus. Higher rates increase borrowing costs and reduce the present value of future profits, a particularly important calculation for AI businesses spending heavily before their new capacity produces cash.
Last Week’s Losses Come Back Into View
The speed of the recovery stands out against the November 5 selloff, when the S&P 500 fell 4.36% to 7,353.73. That was its steepest daily decline since April 4, 2025, as technology shares led a broad retreat.
Even Wednesday’s high left the index about 41 points below its November 4 close of 7,688.62, the level immediately before that plunge. Buyers have recovered most of the ground lost that day; the October record remains another 197 points above Wednesday’s high.
