From the HERE City National Desk
NEW YORK — U.S. stock futures went separate ways early Thursday, with blue-chip contracts adding to Wednesday’s post-election surge while technology shares pulled back.
Futures tied to the Dow Jones Industrial Average gained about 0.5% in early trading, near 53,770. S&P 500 futures hovered close to flat, and Nasdaq-100 contracts lost roughly 0.7% as semiconductor makers fell.
The Dow jumped 1,569 points, or 3.03%, on Wednesday to a two-month high as investors reacted to Democrats taking control of Congress and to the end of election uncertainty. The S&P 500 added 1.58%, its strongest session in three months, and the Nasdaq Composite rose 1.44%. Consumer, financial and real estate stocks led that rally, while energy and industrial shares trailed.
Thursday’s tech weakness reflected worries that a Democratic Congress could bring tighter rules for data centers, which pushed some money out of chip and AI names and into other parts of the market.
Oil steadied after a steep drop. Brent crude sat near $96 a barrel and U.S. benchmark crude near $89, as traders weighed hopes that the administration will pursue a deal to end the war with Iran. Vice President JD Vance said in a social media post that the war cost Republicans the midterms.
Fresh data gave investors more to chew on. Planned layoffs announced by U.S. employers in October fell to their lowest level since 2023, according to outplacement firm Challenger, Gray & Christmas. Private payrolls grew by 86,000 jobs in October, topping forecasts, ahead of weekly jobless claims Thursday and the government’s monthly jobs report Friday.
Overseas, the Bank of England raised its key rate by a quarter point to 4%, its first increase since 2023, citing inflation it expects to reach 5% by mid-2027. Airbnb and Duke Energy were among the companies reporting earnings.
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