Nasdaq-100 Futures Rise 1.9% Before the Open as CoreWeave Results Lift AI Stocks, Six Days After the Nasdaq's 5.5% Rout

Since the Nov. 5 selloff that sent the Nasdaq into correction territory, tech has had no clean footing. Today, Nov. 11, futures are pointing to a bounce before the opening bell.

As of 8:15 a.m. ET, Nasdaq-100 futures were up 1.9% and S&P 500 futures were up 0.9%. Dow futures gained 68 points, or 0.1%. These are pre-market indications, not the open. Regular trading starts at 9:30 a.m.

CoreWeave and Nvidia lead the rebound

CoreWeave shares were up about 13% in pre-market trading, near $55 against a Nov. 10 close of $48.73. The company reported record third-quarter revenue of $3.66 billion, up 168% from a year earlier, against analyst expectations of roughly $3.55 billion. It also raised its 2026 guidance. Its contracted backlog stands at $132.5 billion.

CEO Michael Intrator called it a "breakout quarter." He pointed to $9 billion in expected customer prepayments and deposits over the next three months, plus financing backed by customer contracts.

The financing strain is still on the page. CoreWeave's net loss widened to $709 million from $110 million a year ago. Net interest expense hit $846 million, against GAAP operating income of $207 million. Third-quarter capital spending was about $14.5 billion. Before the release, its 9.75% bonds due 2031 yielded around 15.5%, and five-year credit default swaps sat near 1,152 basis points.

Nvidia was up about 5% pre-market after back-to-back losing sessions. Its shares fell 5.5% on Tuesday, taking the two-day drop to nearly 10%. Its market value was down to about $4.07 trillion, the lowest since late March.

Part of that slide followed reports about CEO Jensen Huang. CNBC reported that Huang confirmed an affair with a woman alleged to be a Chinese spy. The New York Times, citing unnamed sources, reported that the woman, Alice Huang, was recruited by China's main intelligence service to spy on him, and that U.S. intelligence agencies have been conducting electronic surveillance on her for at least a year. Republican lawmakers have called for Huang to answer questions in a closed-door briefing. Fox News Digital said it had reached out to the CIA for comment.

The rally spread overseas

South Korea's Kospi closed 2.6% higher, with SK Hynix up 5.36% and Samsung Electronics up 3.57%. Japan's Nikkei 225 added 0.85%. Hong Kong's Hang Seng slipped 0.66%.

In Europe, Infineon rose 6.3%, ASMI 5.5%, STMicroelectronics 4% and ASML about 3%. The Stoxx 600 was up 0.29%.

The week so far

The Nov. 5 session was the damage. The S&P 500 fell 4.36% to 7,353.73. The Nasdaq Composite dropped 5.52% to 24,315, more than 10% under its October record close. The Dow lost 1,833 points to 51,523.06. The iShares Semiconductor ETF fell about 12%.

Tuesday added to it. The Dow fell more than 150 points, the S&P 500 lost 0.4% and the Nasdaq 0.7%. The October consumer price index rose 0.4% from September, above expectations.

According to CME Group's FedWatch tool, the odds of a quarter-point Fed hike in December rose to about 90% after the report. Fed Governor Christopher Waller had said before the print that a core reading near 0.3% or higher could warrant considering a half-point move.

"Hiking the Fed Funds policy rate in December is our and the market's base case," wrote Rick Rieder, BlackRock's CIO of global fixed income. "The question now is more of one of the extent of the hike." Ulrike Hoffmann-Burchardi, UBS's CIO of the Americas, does not expect 50 basis points. UBS's base case is 25-basis-point hikes in December and March.

The U.S. bond market is closed today for Veterans Day.

Politics still hangs over AI spending

The selloff came after Democrats won the House and Senate and key governorships on Nov. 3. Data center measures were on ballots in at least 41 jurisdictions across 10 states.

In Texas, Democrat Gina Hinojosa unseated Republican Gov. Greg Abbott after campaigning on curbing data center growth. "We need to stop what we are doing with data centers until we have those protections," Hinojosa told CNN. She said Texas can still work with Elon Musk's companies, but "on our terms." Sen. Bernie Sanders has demanded a "national data center moratorium now." Rep. Ted Lieu has promised hearings and AI guardrails.

The White House says the buildout is not in jeopardy. National Economic Council Director Kevin Hassett told CNBC that the data centers scheduled over the next couple of years "aren't affected by these ballot initiatives." He said, "There's plenty of room in the U.S. for data center growth to continue."

Wall Street is split on the damage. Dan Ives warned that the buildout will slow sharply through 2028. UBS estimated that about 30% of planned capacity could be affected. Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, said the market narrative has shifted from "AI changes everything" to "blue wave means data centers will never be built again." The Daily Wire noted that any sweeping federal crackdown would likely face a Trump veto and that Democrats are divided on how far to go.

Peter Schiff, chief economist at Euro Pacific Asset Management, tied the Nov. 5 drop to the election. President Trump blamed Democrats for it on Truth Social.

The Nov. 5 drop came during a strong earnings season in which most reporting S&P 500 companies beat estimates. CoreWeave's report shows demand is not the problem. Funding costs and policy risk are. The next test is the open at 9:30 a.m. ET, followed by the Fed's December meeting, where markets are pricing a hike.