CoreWeave Earnings Boost AI Trade; U.S. Stock Futures Rise Broadly on Wednesday

TechFlow news, Nov. 11: U.S. stock index futures rose on Wednesday as CoreWeave Inc.'s better-than-expected earnings, market anticipation for Anthropic PBC's initial public offering (IPO), and OpenAI's strong third-quarter results jointly revived enthusiasm for the AI trade. Despite oil prices ending a two-day decline and inflation concerns flaring up again, the market rebounded. U.S. consumer price data came in above expectations, driving U.S. Treasury yields sharply higher on Tuesday and increasing bets on further rate hikes by the Federal Reserve.

The U.S. Treasury market was closed on Wednesday for Veterans Day. As of 8:24 a.m. New York time, S&P 500 index futures rose 1%, while tech-heavy Nasdaq 100 index futures gained 2%. CoreWeave shares were up as much as 19% in premarket trading after the company reported better-than-expected revenue and a full-year outlook stronger than Wall Street expectations. For investors, these results helped ease concerns about the long-term sustainability of AI infrastructure growth. Brian Mulberry, Chief Market Strategist at Zacks Investment Management, said in a report that if CoreWeave can maintain similar execution for several consecutive quarters, such market concerns will gradually fade. (Jin10)

Source: TechFlow