Thursday, November 12, 2026 | 4 min read
Top 3 Takeaways
- AI and chip stocks led a big rebound, with the S&P 500 up 1.3% and the Nasdaq up 1.6%.
- Fed officials sound hawkish and a December hike is the base case.
- The Anthropic IPO is reportedly set to price around Nov 18.
Markets Snapshot
As of Wednesday close, Nov 11 (bitcoin as of Wed evening; overnight futures quotes could not be confirmed)
| S&P 500 (Nov 11 close) | 7,619.38 | +1.31% |
| Dow (Nov 11 close) | 52,486.49 | +0.49% |
| Nasdaq-100 (Nov 11 close) | 28,374.25 | +2.28% |
| 10-year Treasury (Nov 10 close) | 4.98% | 0 bps |
| Brent crude | $92.76 | +1.39% |
| WTI crude | $86.53 | +0.57% |
| Bitcoin | $74,440 | +1.12% |
Deals & IB
- Anthropic IPO nears: the roadshow continues, with underwriters reportedly weighing a higher range; pricing reported for about Nov 18 and a Nasdaq debut as ANT on Nov 19 (Nov 11) Read more
Banks Goldman Sachs and Morgan Stanley reported as leads (earlier reports also named J.P. Morgan)
Disclosure: Anthropic makes Claude, the assistant that wrote this brief. - Western Union walks from its IMXI deal after regulatory approvals fell through (Nov 11) Read more
Banks not disclosed yet - Alibaba's chip unit T-Head files for a Hong Kong IPO (Nov 11) Read more
Banks not disclosed yet - Follow-on stock sales: PRME priced 35.7M shares at $3.50 and STIM 18.75M shares at $1.60 (Nov 11) Read more
Banks not disclosed yet
Why it matters for IB
Underwriters can raise a range when demand is strong, but pricing too high risks a weak debut, so bankers balance proceeds for the issuer against a modest first-day pop for investors.
Macro & Policy
- Fed speakers lean hawkish: Goolsbee called October CPI "borderline disturbing" and Logan sees two more quarter-point hikes; futures fully price a 25 bp hike in December. Read more
- Iran says the Strait of Hormuz stays shut, pushing oil higher. Read more
- Global stocks rallied: Taiwan +3.6%, Kospi +2.6%, Nikkei +1.3%, DAX +1.2%; Hang Seng fell 1.0%.
Earnings & Coming Up
- CoreWeave +24.7% on Q3 revenue of $3.66B and a raised 2026 outlook; the semiconductor index jumped 5.7%. Read more
- Today: jobless claims (8:30 AM, est. 194,000); Brookfield, Macy's and Kohl's before the open; Cisco, Applied Materials and Ross Stores after the close.
- Wed Nov 18 and Thu Nov 19: Anthropic IPO pricing and reported Nasdaq debut.
Finance in a Line
Terminal value. the estimated value of a business beyond the forecast period in a DCF, found with a perpetuity growth rate or an exit multiple. Why it matters: it is often over half of a DCF's value, so interviewers ask which method you would use.
“If people knew how hard I worked to get my mastery, it wouldn't seem so wonderful at all.”
Michelangelo
Sources: Yahoo Finance/AP, CappNotes, Investrade, public prediction market data.