Finance Evening | Nov 11, 2026: Nasdaq Gains 1.6% to Erase Post-Election Losses, Nvidia Rebounds but Remains Down 12% in November

📊 North American Markets Today

(A higher USD/CAD reading means a weaker Canadian dollar)

1. Chip rally lifts Wall Street, Nasdaq erases post-election losses

Source: Yahoo Finance

U.S. stocks rose on Wednesday. The Dow Jones Industrial Average gained 0.5%, the S&P 500 climbed 1.3% and the tech-heavy Nasdaq Composite added 1.6%, officially erasing its post-election losses as of Wednesday's close. The stock market was open on Veterans Day, while the bond market was closed.

Semiconductors led the advance. AI cloud provider CoreWeave surged 24% after issuing a better-than-expected revenue outlook, lifting the wider AI compute chain. AMD and Broadcom also rallied, while storage and memory names Sandisk, Micron and SK Hynix each gained more than 10%. AI power supplier Bloom Energy jumped about 16% by midday.

Nvidia rebounded after two straight days of heavy losses, though the stock is still down about 12% in November. Bitcoin gained more than 1% to hover near $74,500, and Ether rose 1% to hold above $2,000. Traders recalibrated their bets for higher interest rates following hotter-than-expected CPI inflation data.

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2. Nvidia rebounds 2.87% as Huang scandal deepens; Morgan Stanley drops it as a top pick

Source: CNBC

Nvidia shares rose 2.87% on Wednesday after two days of steep declines — down 5.47% on Tuesday and 4.3% on Monday. Reporting on CEO Jensen Huang's affair with a woman alleged to be a Chinese spy continues to reverberate. The company said Tuesday it had hired law firm Wachtell, Lipton, Rosen & Katz to investigate whether company secrets or national security were compromised.

People familiar with the matter told CNBC that Huang returned to the office on Monday trying to project "business as usual," and was in the office holding meetings on Tuesday, ahead of quarterly earnings on Nov. 17. Investors are assessing whether the matter will have damaging spillover effects on the business.

In a Tuesday note, Bank of America laid out three scenarios: contained impact with leadership continuity; prolonged uncertainty pressuring valuation before earnings; and an escalation involving "adverse findings, leadership disruption or tighter restrictions requiring earnings reassessment." Morgan Stanley removed Nvidia from its top-picks list on Wednesday, saying Huang's leadership is "crucial" to the company's strategic direction — shares are down more than 25% since it was added to the list on Oct. 2.

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3. Sandisk jumps 13% as CoreWeave capex guidance lifts memory demand bets

Source: Yahoo Finance

CoreWeave's third-quarter report last night beat expectations: a loss of $1.27 per share, less than feared, on revenue of $3.66 billion, above hopes. The company raised full-year 2026 revenue guidance to a range of $13.0 billion to $13.3 billion, with better-than-forecast adjusted operating income guidance.

The bigger signal was capital spending. CoreWeave said it will spend $37 billion to $39 billion on capital investment, and expects annual run-rate revenue of $20 billion to $21 billion as it exits 2026, with adjusted profits by early 2028. For Sandisk, a memory chip supplier to AI data centers, more customer spending on compute means more orders for its chips.

As of 10:10 a.m. ET, CoreWeave was up 20.3% and Sandisk up 13%. The report argued Sandisk still looks cheap at less than 7x trailing earnings and under 4x forward earnings.

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4. Roshel takes over Brampton plant, leaving 2,000 laid-off workers with mixed feelings

Source: CBC

Canadian armoured vehicle maker Roshel Inc. said Monday it will buy the idled Stellantis assembly plant in Brampton, Ont., acquiring the facility and equipment for an undisclosed amount. Operations were halted in 2023 to retool the plant for Jeep production, a plan paused in early 2025, and more than 2,000 workers were laid off.

Roshel CEO Roman Shimonov said the company plans to employ thousands of people and will give first priority to workers who lost their jobs in Brampton. But laid-off worker Baltej Bajwa said the news shattered "any hope that we had of potentially coming back." He noted the 2,200 Stellantis workers once produced 400 to 800 vehicles a day, and Roshel's production capacity will be far lower.

The backlash was sharp. Prime Minister Mark Carney called the sale a "betrayal" to all Canadians; Unifor national president Lana Payne called it an "unacceptable outcome" and the "worst-case scenario"; Brampton Mayor Patrick Brown said Stellantis took bailouts from every level of government for years and "can't cut and run without consequences." Stellantis said it would voluntarily repay the subsidies. Brampton Board of Trade CEO Jaipaul Massey-Singh was more hopeful: for every employee affected, up to five or six more people in the community are impacted — roughly 12,000 to 15,000 individuals in Brampton.

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5. Canada's ambassador warns tariff uncertainty is driving up investment costs

Source: CNBC

Canada's ambassador to the U.S., Mark Wiseman, warned Wednesday that President Donald Trump's tariffs are driving up investment costs and discouraging business expansion, speaking at the B20 summit in Washington hosted by the U.S. Chamber of Commerce.

"Uncertainty increases your cost of capital," Wiseman said. "If you're going to build a new plant, add a new ship, spend money on R&D, the more certainty you have, the more likely you're going to do that." The former BlackRock executive became ambassador in February.

The two countries exchanged roughly $570 billion in goods in the first nine months of 2026, above the same period in 2025 but below comparable periods under Joe Biden. U.S. customs duties on Canadian imports reached $10 billion in 2025, versus $400 million in 2024. An October New York Fed study found nearly 90% of tariff costs were passed on to U.S. importers, with about a quarter eventually reaching consumer goods prices and further pressure expected in 2027. Labor Department data showed consumer prices rose a higher-than-expected 0.4% in October.

Washington and Ottawa resumed negotiations after talks collapsed in August, focusing on tariffs on Canadian steel and automobiles. Wiseman called for the removal of duties imposed under Sections 232 and 338: "The sooner, the better."

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6. Budget 2026 drops "double homebuilding" language; minister's office says goal stands

Source: CityNews (The Canadian Press)

The 2026 federal budget tabled last week runs 511 pages and no longer mentions the Liberals' signature 2025 election pledge to double the pace of home construction. Instead it outlines a plan to triple the pace of non-market housing construction to 24,000 starts a year over the next decade.

The Canadian Press repeatedly asked Housing Minister Gregor Robertson's office whether Ottawa was abandoning the overall target. His office eventually pointed to a six-month-old statement given to CP in May confirming the government was still "working toward doubling homebuilding over the next decade."

Conservative housing critic Scott Aitchison accused the Liberals of quietly dropping the promise in favour of a smaller non-market target. In its fall housing supply report, CMHC forecast 231,000 housing starts a year under a business-as-usual path, which it estimates would leave the market up to 238,000 homes short of affordable levels by 2036. Mike Moffatt, founding director of the Missing Middle Institute, said doubling would mean 500,000 starts in a given year, when Canada has topped out around 300,000 — and called the original target "probably too high."

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7. Goolsbee calls inflation report "borderline disturbing"

Source: CNBC

Chicago Fed President Austan Goolsbee called the latest inflation data "another distressing report — borderline disturbing" in an interview with PBS NewsHour on Tuesday. "We've got a real inflation issue on our hands that has been developing," he said. "We're going to have to deal with that."

The Labor Department reported Tuesday that the consumer price index rose 0.4% on a seasonally adjusted basis in October, higher than economists had predicted and the third straight month of outsized increases. Goolsbee said he had not seen tariff-driven price pressures fade over time as he had hoped, and that persistently high services inflation concerned him. Lofty prices, he added, are on everyone's mind.

Other officials were more hawkish the same day. Fed Governor Christopher Waller said in London that a half-point increase in December should be on the table if core CPI came in around 0.3% — and hours later, it did. Dallas Fed President Lorie Logan said she sees a need for two additional quarter-point increases and that "it may be possible to move more rapidly this winter." Philadelphia Fed President Anna Paulson argued for continued gradual tightening.

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8. Wall Street thinks the Fed made a "mistake" — and more hikes are coming

Source: Yahoo Finance

After a third straight month of bad inflation news, Wall Street analysts are rapidly adjusting forecasts. "Goods prices are becoming a problem (again)," Bank of America wrote, with the recent firmness spreading to more things Americans need and want to buy. The affordability crunch was a core issue in the midterms, and the data echoed it: prices rose for food, rent, medical care and electronics.

Markets have all but priced in another hike in December, but the fresh numbers were discouraging enough that analysts are changing projections or contemplating more and bigger increases. BofA and JPMorgan both questioned the Fed's decision-making, describing central bankers as trapped in a "coulda, woulda, shoulda" situation.

"We stick with our call for a 25-basis point hike for now. But the Fed seems to be falling behind the curve on inflation, and the October hold is looking like a policy mistake. We see a rising risk that the Fed will have to hike again in January (rather than March)," BofA wrote. Goldman Sachs' David Mericle expects a third hike in March and forecasts inflation meaningfully lower by the end of 2027 as the effects of tariffs, the energy shock and AI pricing pressures weaken.

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9. Rate-hike bets lift the dollar and 2-year yields, pressuring the loonie

Source: Reuters (Yahoo Finance Canada)

Reuters columnist Mike Dolan notes that a new twist in the Federal Reserve story dominated wider markets on Tuesday. Before another hot U.S. inflation report, Fed Governor Christopher Waller said a jumbo 50-basis-point hike should be considered next month if core monthly inflation came in at 0.3% or above.

That is exactly what the data showed later in the day. Dallas Fed chief Lorie Logan then delivered a similarly hawkish message, and markets began pricing the outside chance of a half-point move in December — or, failing that, two successive hikes in December and January. With inflation sticky across sectors beyond fuel and transportation and headline annual rates almost twice the Fed's target, bond markets were spooked: 2-year Treasury yields surged by up to 20 basis points and stocks tumbled.

A stronger dollar pressured the loonie, with USD/CAD closing at 1.4245 as the Canadian dollar fell 0.39%. In AI news, Anthropic began its IPO roadshow, indicating it would sell almost $90 billion in new shares at a $1.4 trillion valuation — well shy of the $2 trillion talked about two months ago — while Nvidia lost almost 10%, or about $430 billion in market value, this week. A New York Fed report showed loans in some form of trouble at 5% of the total in the third quarter, up three-tenths of a percentage point, without signalling a notable deterioration in credit quality.

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10. Molson Canadian, Coors Light among 29 beers recalled in Canada over metal pieces

Source: Global News

A recall published by the Canadian Food Inspection Agency and issued by Molson Canada 2005 covers 29 beer and non-alcoholic beer products due to possible pieces of metal. Affected brands include Blue Moon, Black Horse, Brasseur de Montreal, Coors Light, Hop Valley, India Beer and Molson Canadian.

The products affected vary by region: Molson Canadian, Coors Light, India and Black Horse in Atlantic Canada; Brasseurs de Montreal in Quebec; Hop Valley in Ontario and Western Canada; and select Blue Moon products in all four regions. Businesses are being asked not to use, sell, serve or distribute the affected products.

In an email to Global News, Molson Coors said the impacted products are limited to specific case codes that vary by region, tied to a quality issue at its Creemore, Longueuil, Moncton and St. John's breweries, and that it has received no notification of consumer harm to date. The recall is a Class III, meaning a "low risk that consuming the food may result in any undesirable health problems." Consumers can call 1-800-MOLSON1 for the impacted case codes and return defective products where purchased.

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