U.S. equity futures opened Thursday with divergent moves after a pronounced rally on Wednesday. The S&P 500 futures slipped 0.2%, while Nasdaq‑100 futures fell 1.1%. In contrast, Dow Jones Industrial Average futures rose 213 points, a gain of about 0.4%.
Drivers behind Wednesday’s rally
The rally was anchored by a steep decline in West Texas Intermediate crude, which dropped more than 8% to settle at $88.12 a barrel. The oil slide helped lift the Dow by over 1,500 points, or roughly 3%, marking its strongest session since April 2025. The broader S&P 500 index also rose 1.6% during the regular session.
Political developments added to market optimism. Tuesday’s midterm elections delivered decisive victories for Democrats, who flipped control of both the House of Representatives and the Senate and secured comfortable majorities in each chamber, along with a number of governorships. Vice President JD Vance attributed Republican losses to the ongoing Iran war, a narrative that further clarified the policy backdrop for investors.
Earnings and sector reactions
Corporate results also shaped trading. Qualcomm reported earnings that beat analyst estimates after the market close on Wednesday, yet its shares fell 6.5% in after‑hours trading. By contrast, AppLovin, an artificial‑intelligence‑driven advertising firm, surged nearly 24% after delivering better‑than‑expected earnings and guidance that exceeded forecasts.
Consumer‑discretionary stocks helped lift the market, with Walmart climbing more than 3% during the regular session. Meanwhile, companies linked to the data‑center build‑out, such as CoreWeave, experienced declines amid concerns that election outcomes could trigger regulatory backlash. In Texas, newly elected Democratic Governor Gina Hinojosa advocated stricter limits on data‑center development, adding to sector uncertainty.
Outlook and analyst commentary
Jordan Watson, a portfolio manager at Tandem Investment Advisors, cautioned that the recent rally and the shift away from artificial‑intelligence names might be short‑lived. He said, “We may be headed for more volatility as investors digest the election results and potential policy implications. I wouldn’t view Wednesday’s equity trading as an all‑clear signal, but rather a call for some sanity around the amount of capital being poured into the AI infrastructure build‑out and whether those investments will generate the returns investors expect.”
Looking ahead, traders will monitor weekly jobless claims data, with October’s nonfarm payroll report scheduled for release on Friday. On the earnings calendar, Tapestry, Kimberly‑Clark and ConocoPhillips are slated to report in the morning, followed by Airbnb and Akamai later in the day.
In Asian markets, the mixed U.S. futures backdrop was mirrored by varied regional moves. Japan’s Nikkei 225 rose 0.49% and the broader Topix gained more than 2%. South Korea’s Kospi fell 2.33%, while the tech‑focused Kosdaq dropped 1.24%. Australia’s S&P/ASX 200 posted a gain of 1.39%.
Mitchell Landsberg is a Senior Technology Correspondent at News Raise. He covers consumer electronics, artificial intelligence, software developments, and digital privacy trends.
