US EQUITY OPEN: Tech extends on its recent rebound as CRWV earnings provide impetus in spite of hawkish Fed re-pricing

OPEN: US indices opened largely in the green, with the tech-heavy Nasdaq 100 outperforming as AI and tech names continue their rebound from the recent sell-off. Gains were helped by a strong CoreWeave report and raised guidance, which also provided a tailwind for neocloud names. Nvidia is paring some of its recent losses, despite Baird downgrading the stock and slashing its PT, and Morgan Stanley removing it as a Top Pick. Technology is the clear sectoral outperformer, with all other sectors rangebound within +/- 0.5% of unchanged. With US cash bonds closed for Veterans Day and no scheduled Fed speak or data, the Dollar continues to extend recent gains following Tuesday’s hawkish Fed repricing. Overnight, Paulson (2026 voter) said the Fed will move more aggressively if the inflation landscape worsens, that further gradual rate hikes are appropriate given high inflation, and that the exact path of policy depends on how the economy evolves. G10 FX continues to see selling pressure against the Buck, with the Swissy the laggard and the Aussie the relative outperformer, albeit still notably lower. WTI and Brent are up c. USD 1.50/bbl, with the main move coming after Iran’s Rezaei said, via Al Mayadeen, that any new US attack would be met with the targeting of “distant” US military bases as well, and that Iran will not remove any enriched nuclear material from the country. Precious metals are mixed, with spot gold lower and silver firmer. Treasury futures are slightly lower across the curve. Looking ahead, the calendar is empty, so attention will be on any geopolitical updates.

• CoreWeave (CRWV) reported stronger-than-expected quarterly revenue and profits, alongside upgraded FY guidance and a growing order backlog; the release highlighted robust AI infrastructure demand.
• Anthropic IPO reportedly multiple times oversubscribed, according to reports.
• Nvidia (NVDA) chips reportedly reach blacklisted Chinese entities. On the sell-side, Baird downgraded shares & cut PT to USD 200/shr (prev. USD 500/shr), while MS removed it as a 'Top Pick'.
• Nissan Motor (NSANY) cut FY vehicle sales forecast to 2.97-3.0mln units (prev. 3.15mln) amid weak Chinese demand and intensifying EV competition.