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The Dow Jones Industrial Average was set for another strong day on Thursday, following a rally on the heels of a sharp decline in the price of oil amid the Democrats’ midterm wins.
Futures for the 30-stock index surged 252 points, or 0.5%, early Thursday, to 53,755.
Futures for the S&P 500 tacked on four points, or 0.1%, to 7,724.50.
Futures for the NASDAQ Composite backtracked 224.5 points, or 0.8%, at 28,342.25.
Goldman Sachs, JPMorgan Chase and American Express were up more than 1% each to lead the Dow higher. Shares in certain tech names moved lower in premarket trade, keeping S&P futures gain muted and pressuring Nasdaq futures. Tesla fell 2%, as did SpaceX.
Shares of neocloud companies retreated, with CoreWeave losing almost 4% and Nebius as well as Iren shedding more than 3%, amid worries about a backlash to the industry in light of election results in various states.
Chipmaker Qualcomm reported earnings that beat estimates, but the stock dropped 9% on a weaker-than-expected earnings outlook.
AppLovin, the artificial intelligence-powered advertising company, surged 19% after delivering better-than-expected results and issuing guidance that beat estimates.
Trading on Wednesday showed investors adjusting to midterm results, which showed Democrats flipping control of the House of Representatives and Senate — securing comfortable majorities in both chambers — and a slew of governorships, too.
In Japan, the Nikkei 225 capsized 1.8% Thursday, while in Hong Kong, the Hang Seng gained 3.7% to 24,796.98
Oil prices climbed $1.40 to $89.52 U.S. a barrel.
Gold prices brightened $56.20 to $4,129.20 U.S an ounce.
