U.S. stock index futures slide after midterms rally as weak chip earnings weigh Ambar Warrick Wed, November 4, 2026 at 8:11 PM EST 3 min read ^GSPC +1.58% ^DJI +3.03% ^IXIC +1.44% QCOM -4.09% ^NDX +0.91% Trade QCOM on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Investing.com-- U.S. stock index futures turned abruptly lower on Wednesday evening after a Democrat sweep of Congress in the midterm elections sparked sharp gains on Wall Street.
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Nasdaq futures led declines, as underwhelming earnings and guidance from chipmakers Arm and Qualcomm raised more doubts over the artificial intelligence trade.
Focus now turns to more upcoming third-quarter earnings and key labor data for more cues on the economy and interest rates.
S&P 500 Futures fell 0.1% to 7,713.0 points by 20:45 ET (01:45 GMT), Nasdaq 100 Futures slid 0.7% to 28,381.75 points, while Dow Jones Futures fell 0.09% to 53,614.0 points.
Futures reversed course after Wall Street rallied during Wednesday's session, boosted chiefly by the conclusion of the midterm elections clearing a major point of uncertainty for markets.
The S&P 500 surged 1.6%, the NASDAQ Composite jumped 1.4%, while the Dow Jones Industrial Average soared 3% in its best session in 19 months.
The Democrats clinched strong majorities in both chambers of Congress, as voters largely rejected the Republicans and President Donald Trump over their handling of inflation and the war with Iran.
The Democrats are expected to pursue policy addressing the cost of living, undoing Trump's tariffs, and potentially ending the war in Iran.
But the Democrats are also expected to pursue more stringent regulation of artificial intelligence and data centers– a notion that sparked sharp losses in data center stocks.
Markets were also wary of potential gridlock in the legislative process, given that a Democrat-led Congress will still have to contend with a Republican White House.
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Trump had earlier signaled he would veto any Democrat-backed legislation, but told the New York Times on Tuesday he would accept the results of the election.
British chip designer Arm fell nearly 3% in aftermarket trade, extending losses from a 5% drop in the main session after its current-quarter revenue and profit guidance failed to beat expectations.
The guidance miss largely overshadowed top and bottom-line beats by the company in the September quarter.
Chipmaker Qualcomm also fell about 3% in aftermarket trade after its handset revenue missed expectations in the September quarter.
Investors were also spooked by Qualcomm's warning of rising costs across the chipmaking supply chain, which largely overshadowed an earnings beat for the quarter.
The two were the latest in a line of middling technology earnings, which added to increasing questions over just how much the artificial intelligence trade will pan out in the long term.
Doubts over the AI trade fueled deep losses in tech through October, with Wednesday's losses in Nasdaq futures signaling little slowing in this trend.
The third-quarter earnings season is set to continue on Thursday, with precision engineering firm Parker-Hannifin (NYSE:PH), energy producers Southern Company (NYSE:SO) and Duke Energy Corporation (NYSE:DUK), and homestay platform Airbnb Inc (NASDAQ:ABNB) set to report on Thursday.
Key labor market prints are also due on Thursday and Friday. Weekly jobless claims data and Challenger job cuts readings are due on Thursday, followed by nonfarm payrolls data for October on Friday.
The nonfarm reading is expected to provide more cues on the labor market and will likely factor into the Federal Reserve's plans for interest rates. The central bank is expected to hike rates again in December.
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