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Nasdaq Futures Up 1.55% as Chips Rebound; Bonds Shut for Veterans Day: Desk Notes for Wednesday

· Desk Notes 0DTE

Desk Notes card, Nov 11, 2026: Chips bounce, bonds take a holiday. Tiles: Nasdaq 100 futures up 1.55% at 9:50 a.m. ET, VIX 18.28, down 1.18 points, WTI crude $87.46, up 1.65%.

Wednesday, November 11, 2026: chip stocks are leading a rebound after two hard sessions. At 9:50 a.m. ET, Nasdaq 100 futures were at 28,267.50, up 432.25 points or 1.55%; S&P 500 futures at 7,605.75, up 61.50 or 0.82%; and Dow futures at 52,272, down 43 or 0.08% (CNBC). It is Veterans Day: the stock market keeps its normal 9:30 a.m. to 4:00 p.m. ET hours, but the bond market is closed (Yahoo Finance), and the economic calendar is nearly empty. Tuesday's hot-CPI session is covered in Closing Notes for Tuesday.

Futures and the open

  • Futures. The CNBC readings above were taken at 9:50 a.m. ET, measured against the prior settle. The split is wide: tech-heavy Nasdaq futures are up more than 1.5% while Dow futures are slightly lower.
  • Chips lead. CoreWeave shares jumped about 13% after the Nvidia-backed cloud provider gave a better-than-expected revenue outlook on strong AI compute demand, and chip stocks rallied with it (Yahoo Finance). Trading Economics noted that CoreWeave's quarterly loss of $1.27 a share came in below expectations, so the outlook, not the quarter, is doing the work.
  • Nvidia. Nvidia shares jumped more than 3% at the open after two days of steep losses (Yahoo Finance). Baird cut its rating to Neutral this morning, citing pending US government investigations and uncertainty around CEO tenure (Yahoo Finance).
  • The Fed backdrop. Rate-hike bets remain in focus after Tuesday's CPI. Fed Governor Michelle Bowman said inflation is broadening and that rate increases may be needed (Yahoo Finance).
  • VIX. 18.28, down 1.18 points or 6.06%, at 10:01 a.m. ET (CNBC).
  • Oil higher. WTI crude for December was $87.46 a barrel, up $1.42 or 1.65%, at 9:50 a.m. ET (CNBC). That comes despite an API report on Tuesday evening showing a 9.0 million barrel build in crude inventories (Trading Economics).
  • Mortgages. The MBA 30-year mortgage rate eased to 7.21% from 7.3%, and mortgage applications rose 6.2% in the week (Trading Economics).

Last session in one line: the S&P 500 fell 0.38% to 7,520.93 and the 10-year Treasury yield closed at 5.00% after the hot CPI report (see Closing Notes).

On today’s calendar

  • Bonds: the Treasury cash market is closed for Veterans Day, so there are no fresh yield quotes today (Yahoo Finance).
  • Data: the weekly MBA mortgage figures at 7:00 a.m. ET were the only US release on the Trading Economics calendar for today.
  • Earnings: Yahoo Finance's list for today includes Franco-Nevada, CGI, Tetra Tech, CAE, Corteva and OR Royalties.
  • Thursday: jobless claims at 8:30 a.m. ET (consensus 195K, after 189K), existing home sales at 10:00 a.m., EIA crude inventories at noon, and the 30-year bond auction at 1:00 p.m. (the last one came at 5.618%). Fed speakers include Hammack, Barr, Goolsbee, Daly and Williams (Trading Economics).
  • Friday: October PPI at 8:30 a.m. ET, with consensus at 0.4% on the month after 1.3%, and core PPI at 0.3% after 0.7%. Bowman, Daly and Jefferson speak later in the day (Trading Economics).

What it means for options traders

What an 18.28 VIX prices. Dividing by 16 gives about 1.14% a day, or roughly 87 points on S&P 500 futures at this morning's level. It is a rule of thumb, not a forecast, but it shows the scale: today's Nasdaq futures move is already larger than one day's priced move on the S&P 500.

A quiet calendar, a loud tape. With no data and no Fed speakers inside today's session, the moves come from single stocks and sector flows. That tends to show up in implied vol on the names involved (Nvidia, CoreWeave, the chip group) more than in index vol, which is falling this morning.

Split indexes, split risk. Nasdaq futures up 1.55% and Dow futures down 0.08% is a wide gap for one morning. A spread on the Nasdaq 100 and one on the Dow can behave very differently on the same headline, so match the underlying to the exposure you want.

The bond holiday. With the cash Treasury market shut, there is no rate signal in today's session. Rates come back on Thursday with claims and the 30-year auction, and Friday adds PPI. Compare the implied moves for Thursday and Friday expirations on a live chain: they carry the week's remaining scheduled risk.

0DTE conditions today. No scheduled releases inside the session leaves headline risk and the close as the main drivers. Defined-risk structures set the maximum loss at entry; size from that figure, not from the credit.

Desk rule for today: a holiday in bonds is not a holiday in risk.

Sources

Related reading

This post is for education only. It is not investment advice or a recommendation to buy or sell any security or option. Options involve risk and are not suitable for all investors. Figures are from the sources listed and may be revised; check primary sources before relying on any number.

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