One-week high for NASDAQ 100 as AI stocks bounce back

• Highest since November 4: NASDAQ advances alongside SPX and DJIA.
• 2.9% rebound for Nvidia as Anthropic lines up an IPO valued at up to $1.4 trillion.
• Six Fed speakers on Thursday precede Friday's October producer price release.

The NASDAQ 100 reached just below 28,600. That put it above its opening level on November 5, when the sell-off began; it now trades near 28,400. Across US indices, greater exposure to artificial intelligence (AI) has corresponded to a larger recovery of that decline. The S&P 500 trades just above 7,600 after recouping about four fifths of the losses. Near 52,500, the Dow Jones Industrial Average has recovered about three fifths.

A third-quarter revenue beat and higher 2026 revenue and operating income guidance have lifted CoreWeave (CRWV) nearly 25%. Speaking to CNBC, CoreWeave Chief Executive Intrator said its data centre construction plans face no delays, addressing the concern that triggered the November 5 sell-off. Demand for the AI shares carrying the largest weights in the NASDAQ 100 is also being supported by Anthropic's initial public offering (IPO). The offering could value the company at up to $1.4 trillion and is reportedly several times oversubscribed.

After shedding nearly 10% across Monday and Tuesday, Nvidia (NVDA) has gained 2.9%. The advance came despite Morgan Stanley removing its top-pick status on Wednesday and the House China panel setting an end-of-business-day deadline for Nvidia Chief Executive Huang to respond. Traders continue to assign a probability near 90% to a quarter-point Fed rate rise in December. With the Treasury market closed for Veterans Day, however, rising yields did not counter the equity rally.

Six Fed speakers ahead of PPI

Thursday's six Fed speakers range from Cleveland Fed President Hammack at 14:00 GMT to New York Fed President Williams at 23:30 GMT. Having voted for a rate increase in October, Hammack speaks as markets price a quarter-point move on December 9 as almost certain. The remarks will help inform expectations over whether the increase could instead be a half-point.

At 13:30 GMT on Thursday, initial jobless claims are forecast at 195K, compared with the previous 189K. Friday brings October's Producer Price Index (PPI) at 13:30 GMT. Forecasts put the monthly rise at 0.4%, following 1.3%, and the annual increase at 6.6%, following 6.3%.

NASDAQ 100 recoups over a third

From its October 6 high near 31,350 to its November 5 low near 26,600, the NASDAQ 100 has now retraced more than a third of the decline. The S&P 500 has regained more than half of its losses from just below 7,850. By contrast, the Dow Jones Industrial Average rose during October rather than declining alongside them. It advanced from near 50,500 on October 1 to just below 53,800 on November 5 and now stands about 1,300 points below that peak.

Nasdaq 100 index: daily chart