TLDR
- Dow futures rose about 0.4% on Thursday while Nasdaq-100 futures fell as much as 1.3%.
- Arm Holdings and Qualcomm fell about 3% after hours on weak guidance and a handset revenue miss.
- Data center stocks dropped worldwide on expectations of tighter AI rules under a Democratic Congress.
- Brent crude fell to $94 and WTI to $88 on hopes for an Iran deal.
- October jobs data is due Friday, and the Fed is expected to raise rates in December.
US stock futures were split on Thursday as investors weighed election results, tech earnings, and the war in Iran. Dow futures pointed higher while Nasdaq futures pointed lower.
The split follows a strong Wednesday for Wall Street. The Dow Jones Industrial Average rose 3%, its best session in 19 months. The S&P 500 gained 1.6% and the Nasdaq Composite rose 1.4%.
The S&P 500 closed at 7,688.62. The rally came after Democrats won strong majorities in both chambers of Congress. Voters largely rejected Republicans and President Donald Trump over inflation and the war with Iran.
Chip Earnings Pull Nasdaq Futures Lower
Early Thursday, Nasdaq 100 futures fell 1.3% to 28,183.75 points. S&P 500 futures slipped 0.35% to 7,693.50. Dow futures rose 0.2% to 53,623.
Arm Holdings and Qualcomm reported results that left investors uneasy. Both stocks fell about 3% in after-hours trading.
Arm shares had already dropped 5% in the regular session. Its revenue and profit guidance for the current quarter did not beat expectations. The company did beat estimates for the September quarter.
Qualcomm missed expectations for handset revenue in the September quarter. The company also warned that costs are rising across the chipmaking supply chain. It still beat earnings estimates.
These reports added to questions about the artificial intelligence trade. Tech stocks lost ground through October on those doubts.
Asian markets reacted as well. Chipmakers in the region posted deep losses, and selling in AI shares was heaviest in Japan and South Korea.
Data center stocks also fell around the world. Democrats are expected to push for tighter rules on artificial intelligence and data centers.
Data center stocks gave back a big chunk of today’s 6-18% gains overnight as election results came in and Democrats were projected to win more governor races.$CIFR -7.5%$WULF -6.3%$IREN -5.9%$CRWV -5.5%$APLD -4.8%$NBIS -4.7%$CORZ -4.6%$HUT -3.6%$HIVE -1.7% pic.twitter.com/l7Wo0ylNMC
— Sam Badawi (@Sam_Badawi) November 4, 2026
Oil Slips as Iran Deal Hopes Grow
Oil prices kept falling on hopes that Trump will seek a deal with Iran. Vice President JD Vance wrote on X, “The reason we lost [the midterm elections] is the war.” He suggested the party should push for a resolution.
Brent crude fell to $94 per barrel. US benchmark WTI crude dropped to $88. Treasury yields also declined.
Markets are watching for gridlock, since a Democratic Congress must work with a Republican White House. Trump had earlier signaled he would veto Democrat-backed bills. He told the New York Times on Tuesday that he would accept the election results.
Democrats are expected to focus on the cost of living and tariffs. They may also work to end the war in Iran.
Labor data arrives this week. Weekly jobless claims and a Challenger, Gray & Christmas report on job cuts are due Thursday. October nonfarm payrolls follow on Friday.
The Federal Reserve is expected to raise interest rates again in December. The jobs figures are expected to offer more clues on that path.
Several companies report results on Thursday. They include Parker-Hannifin, Southern Company, Duke Energy, Airbnb, and Lumentum.
As of Thursday morning, Dow futures were up 0.4%, S&P 500 futures were down 0.1%, and Nasdaq-100 futures were down 0.7%. Oil prices and Treasury yields were lower.