New York stocks rebound, led by tech shares, on CoreWeave’s strong results; S&P and Nasdaq open higher

[Financial News] Major New York stock indexes opened higher, led by tech shares, buoyed by strong results from artificial intelligence (AI) cloud company CoreWeave. The market, which fell the previous day after the U.S. October consumer price index (CPI) came in above market expectations and raised the prospect of further interest rate hikes by the Federal Reserve (Fed), appeared to be seeking a rebound on recovering optimism about AI investment.
As of 9:43 a.m. on the 11th (local time), the large-cap-focused Standard & Poor’s (S&P) 500 was up 62.72 points (0.83%) from the previous session at 7,583.65 on the New York Stock Exchange (NYSE), while the tech-heavy Nasdaq was up 326.24 points (1.30%) at 25,392.11. In contrast, the blue-chip Dow Jones Industrial Average was down 15.51 points (0.03%) at 52,216.38, holding near unchanged as trading was mixed.

The rebound in the market was driven by strong third-quarter results from neocloud provider CoreWeave. The company said after the market closed the previous day that third-quarter revenue surged 168% to $3.661 billion (about 5.1254 trillion won) from $1.37 billion (about 1.918 trillion won) in the same period a year earlier. The figure topped the market forecast of $3.55 billion (about 4.97 trillion won), marking an earnings surprise.
CoreWeave also raised its revenue forecast for the full year from $12.4 billion-$13.2 billion (about 17.36 trillion-18.48 trillion won) to $13 billion-$13.3 billion (about 18.2 trillion-18.62 trillion won), easing widespread market concerns about excessive spending on AI infrastructure. After the market opened, CoreWeave shares surged more than 15%, while other AI cloud-related stocks, including Nebius (NBIS) and IREN (IREN), also rose in tandem, in the 7%-13% range.
With tech stocks broadly catching a tailwind, NVIDIA shares, which fell the previous day amid a furor over allegations that CEO Jensen Huang had an affair with a Chinese spy, rebounded 1.79% today. Marvell Technology and Micron Technology also jumped 6.04% and 6.95%, respectively.
Eric Schiffer, chairman of the Patriarch Organization, said, “Valuations have been depressed by political concerns, but we expect investment in AI infrastructure to continue, which will drive share prices higher over time.”

By sector, technology and energy stocks advanced, while healthcare and real estate shares weakened. Energy infrastructure company Talen Energy rose 3.65% on news that it had signed a large power supply contract expected to generate average annual revenue of about $100 million (about 140 billion won) over the next seven years.
Meanwhile, major European stock markets all posted gains. The EURO STOXX 50 rose 0.47%, while Germany’s DAX (0.78%), the UK’s FTSE 100 (0.47%) and France’s CAC 40 (0.36%) were all trading higher. International oil prices also advanced, with front-month December-delivery West Texas Intermediate (WTI) crude rising 1.32% from the previous session to $87.36 a barrel (about 122,300 won).
[email protected] Park Ji-hyun Reporter