05.11.202612:32:59UTC+00S&P and Dow Set to Extend Gains, Nasdaq Down

US stock futures were mixed on Thursday. S&P 500 futures rose 0.2% and Dow Jones Industrial Average futures advanced about 330 points, while Nasdaq 100 futures slipped 0.6%. The uneven moves came after a strong rally in the previous session, driven by a Democratic sweep of Congress in the US midterm elections.

The market continued to rotate out of AI-linked and broader technology shares amid concerns that the Democrats’ victory could usher in tighter regulation of US data centers and dampen semiconductor demand.

In premarket trading, major tech names were mostly higher: Apple gained 0.9%, Microsoft 0.4%, Alphabet 1.6%, Amazon 1.6% and Meta 1.2%. Other notable gainers included Eli Lilly (+1.1%), JPMorgan (+1.5%) and Walmart (+1.2%).

By contrast, chipmakers came under renewed pressure. Nvidia lost 1.1%, Broadcom fell 1.9% and Micron Technology dropped 3.9%. Tesla and SpaceX also extended their declines, each down 1.9%. Qualcomm slumped nearly 10% after issuing a weaker-than-expected profit outlook.