U.S. stock futures presented a mixed picture on Thursday, with Nasdaq futures declining as semiconductor and data center-related stocks remained under pressure, while S&P 500 and Dow futures extended gains following the Democrats’ sweeping midterm election victory. The divergence highlights renewed caution around parts of the technology sector even as broader equity sentiment remains supported by the latest political developments.

Chip Weakness Weighs on Nasdaq Futures

Nasdaq futures fell 0.51%, reflecting pressure across chip and data center-related companies. The weakness followed concerns about demand in parts of the semiconductor market, reinforcing the sensitivity of technology shares to individual corporate forecasts and the broader outlook for AI and computing infrastructure.

The move contrasted with gains in other major U.S. equity futures. Dow futures rose 0.62%, while S&P 500 futures gained 0.20%. The uneven performance suggests that investors were not broadly reducing equity exposure, but were instead reassessing specific technology and semiconductor companies.

Qualcomm Becomes a Key Technology Drag

Qualcomm was among the most significant sources of pressure on the technology sector. The chipmaker’s shares fell 9.6% in premarket trading after the company fell short of Wall Street estimates for fourth-quarter smartphone chip sales.

According to the source, Qualcomm cited sluggish demand and declining Apple-related revenue as factors behind the weaker outlook. The development adds another layer of uncertainty for semiconductor companies that remain exposed to fluctuations in smartphone demand as well as changing relationships with major customers.

Qualcomm’s decline also demonstrates how corporate earnings expectations can influence broader technology sentiment. Even when major indexes remain supported, weaker forecasts from large semiconductor companies can place pressure on technology-heavy benchmarks such as the Nasdaq.

Midterm Election Result Supports Broader Market

The S&P 500 futures’ gain followed the previous session’s rally after the Democrats’ sweeping midterm election victory. The political result provided a source of support for broader market sentiment, although investors continued to balance the election outcome against company-specific developments.

The contrasting futures performance suggests that the election rally has not eliminated concerns within the technology sector. Investors remain focused on whether semiconductor demand, corporate spending and data center investment can support valuations after a period of heightened attention on the financial requirements of technology expansion.

Jobs Data Could Set the Next Market Direction

Markets are also preparing for the release of the U.S. October jobs report on Friday. Employment data could provide an important signal about the strength of the economy and influence expectations surrounding monetary policy, adding another potential source of volatility after the midterm elections and the latest corporate developments.

Going forward, investors will be watching the jobs report alongside semiconductor earnings and guidance for signs of whether the technology weakness is company-specific or part of a broader reassessment of demand. The ability of the S&P 500 and Dow to maintain their gains while technology shares remain under pressure will also help determine whether the current market rotation develops into a broader trend.