Market Briefing, Nov 11 2026: Hot CPI Puts December Rate Hike in Play as AI Stocks Bounce

Market Briefing, Wednesday, November 11, 2026

Buyers went back into AI stocks overnight. Traders lifted US stock futures following strong results from beaten-down neocloud firm CoreWeave Inc. and robust demand for Anthropic PBC's initial public offering. The bounce comes after a hot inflation print on Tuesday: both gauges had fallen in Tuesday's cash session after US core CPI rose 0.3%, more than forecast, fueling expectations the Federal Reserve will increase borrowing costs . Tech was the worst sector yesterday and financials led. With no major US economic data due, today comes down to whether the AI rally holds after the open now that markets fully expect a quarter-point Fed rate hike in December .

Market setup

S&P 500 futures (as of 6:27 AM)	+0.9%
Nasdaq 100 futures (as of 6:27 AM), led by AI infrastructure names	+1.9%
Dow futures (about 52,443, early morning)	+0.24%
Russell 2000 futures (latest overnight reading)	+0.40%
10-year Treasury yield, back near 5% after the hot CPI print	5.015%
WTI crude, last quoted (second straight down session)	$86.28 (-0.66%)
Bitcoin, which briefly touched approximately $72,700 overnight	$73,697 (-1.5%)
Gold (spot), bouncing after falling nearly 3% to $4,017.21 on Tuesday	$4,057 (+0.6%)

Key levels (dealer gamma)

SPY (spot ~748)	Call wall 750 · Put wall 745
QQQ (spot ~672)	Call wall 680 · Put wall 650

Call walls mark where dealer positioning may slow a rally. Put walls mark where dealer hedging may cushion a dip. Second-tier levels weren't available this morning. Net gamma in both ETFs was last estimated as negative, which tends to make moves bigger rather than smaller ( SPY net GEX -$13.55B; QQQ net GEX -$3.58B ). Futures are pointing to an open near or above both call walls. These are positioning estimates, not guarantees.

Today's market calendar (ET)

Veterans Day. Stocks trade normally, but Treasury trading will be thin or closed. No major US economic releases are scheduled today.	All day
CGI (GIB) earnings call: management will host a conference call to discuss results and answer questions at 9:00 a.m.	9:00 AM
Opening bell	9:30 AM
After-close earnings: Franco Nev Corp (FNV) - Estimated EPS: $1.87, Estimated Revenue: $611.43M ; Corteva (CTVA), quarterly earnings of $0.09 per share expected	4:00 PM+
Tomorrow: weekly jobless claims (no consensus in our data), then existing home sales at 10:00 AM (prior 4.00M) and PPI on Friday	Thu 8:30 AM

Notable earnings

Already reported: CoreWeave (CRWV) reported Tuesday night, and shares surged nearly 17% in the overnight session after it delivered better-than-expected quarterly results and boosted its annual forecasts . For CGI (GIB), Q4 revenue rose 3.3% to C$4.15 billion and diluted earnings per share rose 30.2% to C$2.24 . ICL reported sales up 3% year over year to $1.91 billion , with adjusted EBITDA increasing 1% to $402 million .

Still ahead before the open: RUM, SGML, INVZ, RSKD, AEBI, BGSI, EDRY are on the pre-market schedule. Consensus for Rumble is RUM · -0.11 per share.

After the close: Franco-Nevada (FNV) and Corteva (CTVA) headline the list. FNV goes in after analysts slashed Q3 earnings estimates from $2.04 to $1.73 per share . CTVA's report is its first since the Vylor split , and it is expected to give a standalone outlook to replace the pre-split operating EPS guidance of $3.60 to $3.80 . We couldn't get reliable options-implied expected moves for FNV or CTVA this morning, so we're not printing them. For reference, FNV's average realized move (1D) after past reports is 1.82%. AVEX, ECO, EZPW, ITRG, PLGO also report.

Congress corner

• Josh Gottheimer (D-NJ): buy, AMAT, $1,001 to $15,000, traded October 26, 2026
• Maria Elvira Salazar (R-FL): buy, NVDA, $1K–$15K, traded Oct 23, 2026
• Maria Elvira Salazar (R-FL): sell, CSCO, $1K–$15K, traded Oct 23, 2026
• Sen. Shelley Moore Capito (R-WV): sell, AAPL, $1,001–$15,000, traded Oct 21, 2026
• Sen. Sheldon Whitehouse (D-RI): sell, AMGN, $15,001–$50,000, traded Oct 15, 2026
• John J. McGuire III (R-VA): buy, MU, $1,001–$15,000, traded Oct 1, 2026

These are delayed disclosures, not real-time trades. Members of Congress and certain federal officials must file what are known as Periodic Transaction Reports (PTRs) within 45 days of making a qualifying transaction.

Social-media trends

Retail traders are piling into the AI rebound. CRWV, NVDA and RUM are at the top of the trending lists before the open. NVDA, which saw about $161.6M of net bearish options premium yesterday, has been a focus amid mounting market concerns over leadership and governance following CEO Huang's letter over the weekend . It is now bouncing, up around 3.5% in early premarket trading . Netlist is also getting attention: it signaled plans to pursue memory technology licensing deals with SK Hynix (SKHY) and other suppliers, drawing a positive response from retail investors . Nebius was on the retail radar ahead of its Q3 results expected before the bell on Thursday.

What matters today

1. December Hike Now Fully Priced. The consumer price index rose a seasonally adjusted 0.4% in October, more than expected , and core inflation rose 0.3%, same as September and also higher than expected. The two-year Treasury yield jumped 17 basis points to 4.73 percent, a December rate hike is now fully priced , and the key 10-year Treasury yield jumped 10 basis points to 4.98% and briefly rose above 5% during trading. Fed Governor Waller backed a 25bp hike in December and said a 50bp move could be considered, while Dallas Fed President Logan called for at least two more hikes. Trading impact: the U.S. bond market will be closed on Wednesday for Veterans Day , so equities trade without a live Treasury market to confirm or fade Tuesday's rate shock.
2. Nvidia Bounces After Two-Day Rout. Nvidia (NVDA) fell 5.47% to $168.89 on November 10, 2026, its second straight decline, on volume of 429.3 million shares , after the independent members of the board said they had retained Kim, a former acting US Attorney for the Southern District of New York, and Wachtell Lipton to investigate the CEO controversy. NVDA was also the biggest drag on yesterday's options flow at -$161.6M in net premium. Shares of Nvidia jumped 4% premarket after shedding about $480 billion of their value over the last two sessions . Trading impact: with earnings due Nov. 17 and no timeline for results from the probe, any new headline could swing NVDA either way.
3. CoreWeave Revives the AI Trade. Revenue: $3.66 billion vs. $3.55 billion expected , and CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion, from $12.4 billion to $13.2 billion previously. Its backlog rose to $132.5 billion, up from $104 billion as of June. Dow futures were up 0.17%, while S&P 500 futures gained 0.7%. Similarly, Nasdaq-100 futures advanced around 1.6%. Trading impact: the rebound has to hold up against higher rates, because debt at the end of the third quarter reached nearly $47 billion and AI infrastructure names are highly sensitive to borrowing costs.
4. Rotation Out of Tech, and Within Chips. Financials (XLF +0.52%) and energy (XLE +0.44%) led yesterday while tech (XLK -1.15%) was the worst sector, and overall options flow leaned bearish at -$141.4M in net call premium. The selling was concentrated in a few chip names rather than the whole group: NVDA and MU (-$42.9M) saw net outflows, while SMH (+$17.2M) and AVGO (+$10.6M) drew net buying. Price action matched the flow, with Broadcom gained 3.9% and AMD advanced 1.3% , and dealer positioning data is unavailable today. Trading impact: chip moves look tied to individual companies rather than the whole sector, so single-stock spreads may matter more than broad semiconductor direction today.
5. Holiday-Thin Tape Before Friday's PPI. Liquidity is also expected to be thinner than usual, with holidays in France, the US and Canada reducing activity across several major financial centres. Tomorrow brings jobless claims at 8:30 AM ET and existing home sales at 10:00 AM ET, with Fed speakers Hammack and Williams also on the schedule. Friday's 8:30 AM PPI follows a prior 1.3% monthly headline reading and 0.7% monthly core reading, and options price about 0.65% for today and 1.21% into Friday's PPI . Trading impact: thin volume can make premarket moves overshoot, so how firmly the opening gap holds may matter more than the size of the gap.

Options flow

Strike, expiry and fill-side data for individual contracts isn't available today. Each row shows a ticker's net options premium from the prior session.	Net premium
NVDA: the biggest driver of the market's put-leaning tide, on a day when tech was the weakest sector	-$161.6M net
SPY: the largest positive net premium of the session, even though the index closed lower	+$78.4M net
QQQ: net premium leaned negative as the Nasdaq trailed the other major indexes	-$47.5M net
MU: memory names saw negative flow even as SMH drew positive net premium	-$42.9M net
SPCX: one of the five largest negative net-premium totals among tickers driving the tide	-$24.0M net
AMZN: the largest positive net premium among single stocks while big tech was mixed	+$21.7M net

Alertsify is copy trading software for options and stocks, not an RIA or broker-dealer. This post is for information only and is not investment advice.