Morning Intelligence·Wednesday, November 11, 2026
Chips, memory and storage lead a firmer premarket
Semiconductor, memory and storage stocks are broadly higher premarket (Micron +6.5%, Seagate +8.7%, Marvell Technology +9.1%), and QQQ (+1.9%) is ahead of SPY (+0.9%).
- Data through
- Market data as of
- Published
- By
- Blockhaven Research
In this edition
Opening read
Semiconductors, memory and storage are higher together, so the move is wide rather than confined to one name.
At 8:15 AM ET Micron is up 6.5%, Sandisk 8.1%, Western Digital 8.4% and Seagate 8.7%; Arm (+6.8%), Intel (+6.3%) and KLA (+6.3%) are up by a similar amount, Broadcom 4.2% and Nvidia 3.6%. Marvell Technology (+9.1%) is in that group. Its filings after Tuesday's close are follow-up communications on the Lumentum acquisition announced Nov 2, and Blockhaven does not attribute its move to them. QQQ (+1.9%) leads SPY (+0.9%). Treasury yields are Tuesday's closes, the day October CPI was published; SIFMA recommends a full bond-market close today for Veterans Day. The first test is whether QQQ is still ahead of SPY an hour into regular trading.
Overnight / pre-market tape
At 8:15 AM ET, SPY is up 0.9% and QQQ is up 1.9% versus the prior close. The 10-year Treasury yield rose 10 bp to 4.98% on Tuesday, the VIX closed Tuesday at 19.5, and Bitcoin trades at $73,912 (+0.4% over 24 hours). SIFMA recommends a full bond-market close today for Veterans Day, so the yield is Tuesday's close.
Movers that matter
CRWV+15.5% uppremarket
Earnings
CoreWeave
CoreWeave shares are up 15.5% premarket after the company reported quarterly results after Tuesday's close (8-K Item 2.02).[1][2]
ORCL+5.1% uppremarket
Oracle
Oracle shares are up 5.1% premarket. Blockhaven found no development in the company's SEC filings or releases since Tuesday's close.[1]
Other large software companies are also higher: Palantir +2.4%, Microsoft +0.4%, and CrowdStrike +3.1%.
AVGO+4.2% uppremarket
Broadcom
Broadcom shares are up 4.2% premarket. Blockhaven found no development in its SEC filings since Tuesday's close.[1][2]
Chip-equipment and processor peers are also higher: Lam Research +5.9%, KLA +6.3% and AMD +5.5%.
MRVL+9.1% uppremarket
Pending Lumentum deal
Marvell Technology
Marvell Technology shares are up 9.1% premarket. Marvell is the acquirer in the Lumentum all-stock deal announced Nov 2; its three Form 425 filings after Tuesday's close are a Nov 10 CEO email to staff and transcripts of two Nov 2 interviews. Blockhaven does not attribute the move to them.[1][8][9]
In that email the CEO said the shares had fallen about 51% over the past month and were up about 66% year to date (company figures).
Earnings radar
Coming today
Report timing comes from Nasdaq's public earnings calendar and is not company-confirmed; results are cited only when they appear in a company filing.
What we're watching at the open
- 1
Whether QQQ stays ahead of SPY after the open
QQQ is 1.0 point ahead of SPY at 8:15 AM ET. If the gap holds into midday, the move is in technology and growth names rather than the whole market.
- 2
Whether the chip, memory and storage gains hold at the open
Micron +6.5%, Seagate +8.7%, Sandisk +8.1% and Western Digital +8.4% at 8:15 AM ET. Holding them would confirm the breadth; a fade would mark a thin premarket move.
- 3
Whether Marvell holds above Tuesday's $154.39 close
Up 9.1% at 8:15 AM ET. Under the all-stock terms (4.5 Marvell shares per Lumentum share) its price sets the value Lumentum holders receive. Lumentum's price is not in this edition.
- 4
Whether CoreWeave stays above Tuesday's $48.73 close
Up 15.5% at 8:15 AM ET on 10,477,412 shares, after its filing.
- 5
What the 10-year yield does when cash bonds reopen Thursday
Tuesday's close was 4.98% (+10 bp), with the 2-year at 4.73% (+17 bp). Bond markets have a recommended full close today; the next Treasury cash reading comes Thursday.
Blockhaven Macro
Regime read: Transition
Blockhaven's read, computed Tuesday, Nov 10, 7:20 PM ET, is Transition. Risk Appetite 53 (inside its neutral band, down 1 over 5 snapshots); Liquidity 32 (below its neutral band, down 2 over 5 snapshots); Crypto 39 (below its neutral band, down 18 over 5 snapshots). Its Market Stress engine is elevated.
Little has moved: Risk Appetite and Liquidity have each changed by less than 3 points over 5 snapshots, so the read stays neutral on risk with Liquidity still below its band. Crypto is the exception, down 18 points over the same five snapshots.
Macro read computed .
Risk and opportunity
Risk
Rates volatility
Blockhaven's Macro read names rates volatility as its main risk. Yields rose on Tuesday, when the BLS published October CPI (CPI-U +0.4%, after +0.6% in September): the 10-year gained 10 bp and the 2-year 17 bp. Blockhaven does not attribute the moves to the report.
Market context
Each figure carries its own date and time, and they were not observed simultaneously. Treasury yields are Tuesday's closes, not live readings; Bitcoin is a rolling 24-hour reading.
| Figure | Reading | Dated |
|---|---|---|
| SPY, pre-market[1] | $756.97, +0.9% | |
| QQQ, pre-market[1] | $687.86, +1.9% | |
| 10-year Treasury yield[4] | 4.98%, +10 bp | |
| 2-year Treasury yield[4] | 4.73%, +17 bp | |
| October CPI-U, month over month[10] | +0.4% SA (Sep +0.6%) | |
| U.S. bond market, Veterans Day[11] | Full close recommended | |
| VIX[5] | 19.5 | |
| Bitcoin[6] | $73,912, +0.4% |
Data note
Data through 8:15 AM ET. Nasdaq public market data for quotes; SEC EDGAR for company filings (Marvell's Form 425s, Lumentum's Form 8-K); the BLS for CPI and SIFMA for the Veterans Day close. BLS release timing is from its published schedule as last verified on Tue, Nov 3. Lumentum's premarket price is not part of this edition. Blockhaven's Macro read was computed Tuesday, Nov 10, 7:20 PM ET.
Condition scores, not probabilities. Thresholds are currently uncalibrated. Historical validation and calibration are in progress, and no hit rates or return claims are published. Macro methodology
Source checks completed .
Sources
- 1.
- 2.
U.S. Securities and Exchange Commission
SEC EDGAR company filings(opens in a new tab)Accessed November 11, 2026
- 3.
- 4.
U.S. Department of the Treasury
Daily Treasury interest rate statistics(opens in a new tab)Accessed November 11, 2026
- 5.
- 6.
- 7.
Blockhaven
Blockhaven Macro snapshot (public projection)Accessed November 11, 2026 · Snapshot dated 2026-11-10, methodology 2026.07.23-netliq-weekly.
- 8.
U.S. Securities and Exchange Commission
Marvell Technology Form 425 filings of Nov 10, 2026 (subject company: Lumentum Holdings)(opens in a new tab)Accessed November 11, 2026 · Accessions 0001193125-26-455400 (CEO email to employees dated Nov 10), -455426 (Nov 2 CNBC interview transcript) and -455438 (Nov 2 Fox Business interview transcript), accepted 4:03 to 4:07 PM ET on Nov 10.
- 9.
U.S. Securities and Exchange Commission
Lumentum Holdings Form 8-K and Rule 425 communication on the Marvell merger agreement(opens in a new tab)Accessed November 11, 2026 · Agreement and Plan of Merger entered into Nov 1, 2026; each Lumentum common share converts into 4.500 Marvell shares.
- 10.
U.S. Bureau of Labor Statistics
Consumer Price Index news release, October 2026(opens in a new tab)Accessed November 11, 2026 · Released Nov 10, 2026 at 8:30 AM ET.
- 11.
SIFMA
SIFMA fixed income market close recommendation for the U.S. Veterans Day holiday(opens in a new tab)Accessed November 11, 2026
Corrections and updates
CorrectionThe original called Marvell's Nov 10 Form 425 filings 'a business-combination communication' beside its 9.1% gain, without saying they were follow-up communications on the Lumentum deal announced Nov 2. This version says so and does not attribute the move to them. It adds the broad chip and storage move, the October CPI release and the Veterans Day bond close. 8:15 AM ET readings are unchanged.
Blockhaven research is published for information and education. It is not personalized investment advice.