Cisco and Applied Materials Lift Tech on Thursday, November 12, 2026

We think the S&P 500 closes green on Thursday, November 12, 2026, advancing roughly 0.4% as corporate technology spending proves solid. The Nasdaq 100 should lead the tape with an expected gain of 0.7%, supported by steady order books at key infrastructure suppliers. Rather than pulling back, corporate buyers are maintaining their capital expenditure plans for high-speed network upgrades and advanced semiconductor manufacturing tools.

Applied Materials (AMAT) stands at the center of this equipment demand cycle. Leading semiconductor manufacturers are spending heavily to install gate-all-around chipmaking machinery, ensuring strong tool deliveries over the coming four quarters. Wall Street consensus expects Applied Materials (AMAT) to post earnings of $2.19 per share on Thursday evening, but channel checks show wafer fabrication equipment backlogs remain firm. That stability gives institutional investors confidence to bid up semiconductor shares across the trading day.

In enterprise networking, Cisco Systems (CSCO) is demonstrating that corporate clients have digested their pandemic-era inventory piles. Enterprise technology departments are now ordering higher-speed 800-gigabit optical switches to connect expanding server clusters. Cisco Systems (CSCO) reports earnings after Thursday's closing bell against an expected $0.87 per share. Steady commercial contract signings should push Cisco Systems (CSCO) higher by 1.0% to 1.5% during regular trading hours, reinforcing gains in peer network suppliers like Broadcom (AVGO).

Enterprise software and corporate services are seeing similar follow-through. IBM (IBM) continues to convert hybrid cloud consulting engagements into recurring software contracts, generating predictable cash flows that insulate large-cap software from broader economic swings. Microsoft (MSFT) is booking incremental seat expansion for its productivity software, with corporate clients paying premium rates for built-in generative tools. These software revenues provide durable baseline support for index earnings.

A sharp drop in Cisco Systems (CSCO) product orders below Wall Street estimates, or a sudden spike of more than 10 basis points (hundredths of a percent) in the 10-Year Treasury Yield (US10Y) following unexpected inflation comments, would prove our bullish call wrong.