I. Today's Market: CPI Came In Above Estimates, and the Nasdaq Fell 0.74% Unit: %, single-day change on November 10; all three readings are negative, so the zero line sits at the right edge and every I. Today's Market: CPI Came In Above Estimates, and the Nasdaq Fell 0.74% Unit: %, single-day change on November 10; all three readings are negative, so the zero line sits at the right edge and every
Pre-Market Briefing on Nov 11: MARA Rose 10.54% on Profit From a Bitcoin Remeasurement, and With No Official Data Today, Applied Materials' DRAM Share Is in Focus
I. Today's Market: CPI Came In Above Estimates, and the Nasdaq Fell 0.74%
Unit: %, single-day change on November 10; all three readings are negative, so the zero line sits at the right edge and every bar runs left on one shared scale. The Nasdaq reads −0.74%, the S&P 500 −0.38% and the Dow −0.30%.
All three indexes fell, with the Nasdaq closing at 25,065.87, the S&P 500 at 7,521.26 and the Dow at 52,231.89. October CPI rose 0.4% month on month and core CPI 0.3%, both above the 0.3% and 0.2% the market expected, and long-duration technology stocks took the brunt; in the Nasdaq-listed sample, technology averaged −0.24% on the day, while industrials and consumer discretionary rose.
This CPI came with a month-on-month rate only, and no year-on-year rate. Because federal funding lapsed in October 2025 and that month's data was not collected, the statistics agency said October CPI cannot be published on a year-on-year basis, so the only comparisons are month on month and against market estimates. When an inflation report lands, check first which basis was published, and treat any year-on-year figure with caution until you know its source.
II. Stock in Focus: Eight Miners and Compute Hosts Split Four Up and Four Down, and MARA Rose Most
Unit: %, single-day change on November 10. The six shown come from a hand-picked set of eight bitcoin miners and compute hosts, not an industry field; the set spans positive and negative, so a zero line is drawn and all six share one scale. MARA sits at one end on +10.54% and IREN at the other on −7.85%, 18.39 percentage points apart among the stocks shown.
This was not a day the whole group rose. Two reference points have to be kept apart: the full set of eight split four up, four down, and the financial services industry MARA is classified under averaged +0.01%, nearly flat; Core Scientific rose 3.22% with no news of its own, about a third as much as MARA. MARA closed at $7.34 for a $2.84B market value, on 1.5 times its average volume, while bitcoin fell 2% that day. Third-quarter revenue fell 35% to $164.2M, yet net income was $632.1M, and the gap came from an $885.3M bitcoin remeasurement; the board authorized up to $500M in share buybacks, equal to 17.6% of market value, and the company also repaid a $750M bitcoin-backed loan. ⚠ But the buyback is an authorization, and how much is actually bought, and when, shows up in later quarterly reports.
Five Dimensions: Relative Strength and Peer Rank Full, and Volatility Control Weakest at 0
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Relative strength and peer rank each read 100, valuation heat 98 and trend position 15, and the weakest is volatility control at 0.
Read two full axes against two low ones. Relative strength is 50 plus five times the excess over the industry, and MARA beat the financial services industry by 10.53 percentage points, which works out to 102.65, capped at 100; trend position 15 means the price is still in the lower part of its 52-week range, and volatility control 0 is the lowest score of the five. A full score describes today, while the starting point and volatility describe the year.
III. What to Watch Today: No U.S. Data, and Applied Materials' DRAM Share Ahead of Its Results
- Today｜No official U.S. economic data November 11 is Veterans Day, so federal statistics agencies are closed; the bond market is shut and stocks trade as usual
- Thursday at 13:30｜Jobless claims Existing home sales follow at 15:00; Nebius (NBIS) reports before the open
- Thursday at 21:30｜Applied Materials (AMAT) fiscal Q4 and full-year earnings call Results come after Thursday's close, usually about half an hour before the call; company guidance is revenue of about $10.25B, plus or minus $500M
- Thursday after the close｜Cisco (CSCO) and Cerebras (CBRS) earnings The same evening as Applied Materials
- Friday at 13:30｜October PPI The other end of inflation after CPI
Unit: billions of dollars, quarterly revenue of the Semiconductor Systems segment, with a fiscal year ending in late October, and bars from zero on one shared scale. FQ4'25 reads $4.76B, FQ1'26 $5.14B, FQ2'26 $5.97B and FQ3'26 $7.04B.
- Up 48% in three quarters The equipment segment climbed from $4.76B to $7.04B, and company guidance puts total revenue near $10.25B this quarter against $6.80B a year earlier, up about 51%; services earn maintenance fees on installed capacity, while the equipment segment reflects customers' expansion orders for the quarter
- The increase landed mostly in advanced logic Foundry and logic went from $3.09B (65%) to $4.72B (67%), $1.63B more in three quarters, while DRAM went from $1.38B (29%) to $1.83B (26%), only $0.45B more, and its share fell 3 percentage points; shares are company disclosures, and amounts are shares multiplied by segment revenue
- ⚠ This reads decisions made a quarter or two ago Equipment makers recognize revenue when tools pass customer acceptance, not when contracts are signed; so if DRAM's 26% share turns up, memory expansion is taking over, and if it keeps falling, logic is carrying this round of capital spending alone
IV. Frequently Asked Questions
Q: MARA's revenue fell 35%. Why was net income still $632.1M?
A: Because the bitcoin it holds is remeasured at market value every quarter, and the change goes straight into net income. This quarter's remeasurement was $885.3M, more than net income itself, so profit appeared without a single coin being sold; in a quarter when the price falls, remeasurement pulls net income down instead. Read a crypto stock's results in two layers: revenue and mining cost per coin reflect the business, while remeasurement reflects the bitcoin price.
Q: Why is there no year-on-year figure for October CPI?
A: Federal funding lapsed in October 2025 and that month's price data was not collected, so the statistics agency said October CPI cannot be published on a year-on-year basis, leaving only the month-on-month rate to compare. This time the month-on-month rate was 0.4% and core 0.3%, both above the 0.3% and 0.2% the market expected. When you see an inflation number, ask first whether it is month on month or year on year, and when half the basis is missing, do not fill the gap with a year-on-year figure from elsewhere.
Q: Why watch DRAM's share in Applied Materials' results?
A: It sells the tools used to make chips, and foundries and memory makers have to order from it before they can expand, so its order mix shows where the supply chain will spend next. Last quarter foundry and logic made up 67% of equipment revenue and DRAM 26%, below 29% three quarters earlier, so the increase landed mostly in advanced logic. For an equipment maker, check first who is doing the spending, because the direction of the mix says more than the total about where the next round of expansion lands.
The data in this article is as of the November 10 US close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on November 10, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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