Preview of US Stock Market | All three major stock index futures rise together; CoreWeave surges after earnings; chip stocks and optical communication stocks climb in premarket trading.

Premarket Market Moves 1. On Wednesday, November 11, in the U.S. premarket, all three major U.S. stock index futures rose together. As of press time, Dow futures were up 0.13%, S&P 500 futures were up 0.87%, and Nasdaq futures were up 1.93%. 2. As of press time, Germany's DAX index was up 0.45%, the UK's FTSE 100 was up 0.33%, France's CAC 40 was up 0.25%, and the Euro Stoxx 50 was up 0.58%. 3. As of press time, WTI crude oil was up 0.80% at $86.73 per barrel. Brent crude oil was up 1.46% at $92.83 per barrel. Market News U.S. inflation "still running hot"! Goldman Sachs Group, Inc. is the first to change its tune: the Federal Reserve's rate-hike cycle is not over yet, and another 25 basis points may come in March next year. Tuesday's higher-than-expected U.S. October CPI data prompted Goldman Sachs Group, Inc. to adjust its previous forecast that the Fed's current rate-hike cycle would end in December. The Wall Street financial giant now expects the Fed to raise rates by another 25 basis points in March next year. Goldman Sachs Group, Inc. is the first among its peers to revise its forecast. Goldman Sachs Group, Inc. believes the Fed is more likely to raise rates again in March next year than in January. The bank expects inflation to ease somewhat by the end of this year, but as seasonal price pressures reappear in early next year and costs remain elevated, inflation may rise again. David Mericle, chief U.S. economist at Goldman Sachs Group, Inc., said: "By the March meeting next year, and possibly even by the January meeting, the energy shock may have largely passed. But we suspect that recent inflation data will prompt most Federal Open Market Committee (FOMC) members to signal in the December dot plot that a third rate hike is coming." As tech stocks swing sharply, a hedge fund veteran warns: crowded "dispersion trades" may become a "amplifier" of market volatility. As global tech stocks fluctuate sharply, a popular Wall Street trade that profits from individual stock divergence is facing the risk of the market re-synchronizing. Will Bartlett, chief executive of Parallax Volatility Advisers, warned that the equity dispersion trade has become a "time bomb." He said: "The dispersion trade is a time bomb that is counting down. It is only a matter of time before it really explodes." The top Wall Street hedge fund manager said investors enjoying the golden age of equity dispersion trades should prepare for potential losses when the market suddenly turns. Bank of America pours cold water: don't count on the S&P 500 in 2027; it is the world's most crowded trade. BofA analysts believe that in 2027, the S&P 500 may struggle to be the anchor for market longs. Savita Subramanian, head of U.S. equity and quantitative strategy at BofA, said on a program: "We are not particularly bullish on this index. I think the index itself carries some risk. Another issue that worries me is that over the past three or four decades, the S&P index has recorded net inflows every year, and we have never experienced a market environment with net outflows from index funds. So I have some concerns about that, because investors are now quite saturated with equities across asset classes. Look at individual investors, look at asset ownerswhat is the world's most crowded ticker? It is the S&P 500 index." Core CPI once again beats expectations, and Fed hawks are speaking out! A 2027 FOMC voter says inflation is hot. U.S. October core CPI inflation data once again exceeded market consensus, and Fed officials appear to be losing patience with the view that "price pressures will fade on their own." Austan Goolsbee, a 2027 FOMC voter and president of the Chicago Fed, said in an interview on November 10 that the latest inflation report was "concerningalmost fair to say that overheating inflation is very unsettling." His biggest concern is that tariff and energy shocks have yet to fully fade and services inflation remains persistently high. However, he did not explicitly support a 50-basis-point rate hike in December, instead emphasizing that no policy option should be ruled out in advance. Rebuffing Waller's view on faster tightening? Philadelphia Fed president: core inflation is still high, but gradual hikes can give markets and policymakers time. Philadelphia Fed President Anna Paulson said she supports raising rates at a gradual pace. She also noted that upward pressure on wages remains limited and inflation expectations remain consistent with the central bank's 2% inflation target. "For now, continuing to tighten policy gradually is appropriate," Paulson said Tuesday at an event organized by the Philadelphia Fed. "If inflation expectations rise, wage pressures intensify, or core inflation moves further higher, I would want to act faster," she added. "But right now, I do not observe such signs." "Skipping one rate hike is only adjusting the pace of hikes, not a pivot. There will likely still be room for tightening afterward. But when conditions allow, I prefer gradual tightening," Paulson further explained that slowing the pace of hikes can give households, businesses, and the financial sector time to adjust and buffer, and also makes it easier for policymakers to continue assessing economic data. Individual Stock News Chip stocks and optical communication stocks rose broadly in premarket trading. On Wednesday's U.S. premarket, as of press time, SK Hynix (SKHY.US) and SanDisk (SNDK.US) rose more than 8%, Seagate Technology Holdings PLC (STX.US) and Western Digital Corporation (WDC.US) rose more than 7%, Micron Technology, Inc. (MU.US) rose nearly 7%, AMD (AMD.US) and Intel Corporation (INTC.US) rose more than 6%, NVIDIA Corporation (NVDA.US) and Broadcom Inc. (AVGO.US) rose more than 4%, and Qualcomm (QCOM.US) rose more than 3%; Lumentum (LITE.US), Credo Technology (CRDO.US), and Coherent (COHR.US) rose nearly 9%, Marvell Technology, Inc. (MRVL.US) rose more than 8%, Astera Labs (ALAB.US) and Corning Inc (GLW.US) rose more than 7%, and Nokia Oyj Sponsored ADR (NOK.US) rose nearly 4%. NVIDIA Corporation rebounds in premarket! "Big Short" Burry sees a short-term trading opportunity but warns that long-term competitive advantage may inevitably decline. Concerns over the personal controversy surrounding Jensen Huang have sent NVIDIA Corporation down more than 9% so far this week, but it rose nearly 5% in Wednesday's premarket, recovering some losses. NVIDIA Corporation's recent pullback has drawn Michael Burry's attention, although he remains cautious about long-term investment in NVIDIA Corporation. The investor, known for accurately predicting the 2008 subprime crisis, believes there may be a short-term trading opportunity in NVIDIA Corporation and called the U.S. chip giant "a great trade," but he also expects NVIDIA Corporation's competitive advantage to gradually weaken over the next five years. Burry said: "At the current price, I do not intend to hold it as a long-term position. But I think the broader market will soon view this as a great trade." He expects the controversy surrounding CEO Jensen Huang will not cause much damage to NVIDIA Corporation's business. His bigger concern is how long the chipmaker can maintain its competitive advantage. CoreWeave (CRWV.US) Q3 revenue surged 168% year over year, and it raised full-year revenue guidance. The earnings report showed that, benefiting from continued growth in AI computing demand, CoreWeave's third-quarter revenue was $3.661 billion, up 168% year over year and 42% quarter over quarter, beating market expectations of $3.56 billion. Under GAAP, the third-quarter net loss was $709 million, compared with a net loss of $110 million in the same period last year and a net loss of $626 million in the previous quarter. Diluted loss per share was $1.27, which, although higher than $0.22 in the same period last year, was better than market expectations of a loss of $1.46 per share. CoreWeave disclosed that as of the end of the third quarter, its total revenue backlog reached $132.5 billion, up 138% from $55.6 billion in the same period last year. Of that, about 36% of the revenue backlog is expected to be recognized within the next 24 months, 38% is expected to be recognized in months 25 to 48, and the remaining 26% is expected to be recognized after 48 months. Looking ahead to the full year, CoreWeave expects 2026 revenue to reach $13 billion to $13.3 billion, above its previous revenue forecast of up to $13.2 billion. The company's raise of full-year revenue guidance shows that despite challenges such as rising financing costs and project delays in AI data center construction, market demand for AI computing power remains strong. As of press time, CoreWeave surged more than 12% in Wednesday's U.S. premarket, while peer Nebius (NBIS.US) rose more than 11% and Iren (IREN.US) rose nearly 7%. Firefly Aerospace (FLY.US) third-quarter revenue surged 259%, backlog hit a record $1.7 billion, but adjusted EBITDA loss widened in tandem. Space and defense technology company Firefly Aerospace reported third-quarter revenue of $110.7 million, up 259% year over year; gross profit was $25.3 million, with a gross margin of about 22.9%. But spending expanded faster: R&D expenses were $76 million and selling and administrative expenses were $50.9 million, together far exceeding gross profit, resulting in an operating loss of $101.6 million for the quarter. Non-GAAP net loss was $75.4 million (loss per share of $0.45, better than market expectations of $0.60); adjusted EBITDA was a loss of $69.5 million, wider than the $46.3 million loss in the same period last year. At the end of the third quarter, the company's backlog reached $1.7 billion, a record high ($1.5 billion at the end of the previous quarter). The market is increasingly strict in pricing its "high-growth, high-cash-burn" model. Petrobras (PBR.US) Q3 oil and gas output hit a record, adjusted net profit rose 78% year over year, and it raised full-year production and capital expenditure guidance. The earnings report showed that Petrobras' quarterly sales revenue was $32.962 billion, up 40.4% year over year; net profit attributable to shareholders was $7.740 billion, up 28.4% year over year; net profit excluding one-off items was $9.316 billion, up 78.0% year over year. Adjusted EBITDA (excluding one-off items) reached $18.394 billion, up 53.9% year over year. Operating cash flow was $12.026 billion and free cash flow was $6.618 billion, up 22% and 33.2% year over year, respectively. The core support for results came from record production. The company significantly raised its full-year guidance: production guidance was raised from 3.1 million barrels of oil equivalent per day at the beginning of the year to 3.33.4 million barrels; capital expenditure (on a portfolio of assets under construction basis) was raised from $19.4 billion to $2425.5 billion (on a cash basis, from $16.9 billion to $2122 billion); operating cash flow was raised from $35 billion to $4550 billion; and lease payments were raised from $10 billion to $1111.5 billion. Earnings Preview Thursday premarket: Nebius (NBIS.US)