Wall Street’s post-election celebration was cooling early Thursday, Nov. 5, as investors turned from politics to a crowded morning of earnings, a likely interest rate hike in Britain and fresh U.S. jobs data. Blue-chip stocks were still pointing higher, but technology shares were under pressure after chipmaker Qualcomm’s outlook disappointed.
Where markets stood before the bell
As of 5:25 a.m. ET, Dow futures were up 0.49%, S&P 500 futures were up 0.05% and Nasdaq-100 futures were down 0.53%, TipRanks reported. Earlier in the overnight session, Nasdaq-100 futures had been down as much as 1.3%, according to CoinCentral.
That follows a huge day on Wednesday, Nov. 4, when the Dow jumped 3.03% to close at 53,356.12, the S&P 500 rose 1.58% to 7,688.62 and the Nasdaq Composite gained 1.44%, after Democrats won control of Congress. TipRanks called it the strongest single day for U.S. stocks in 18 months. Our recap of Wednesday’s 1,000-point Dow rally has more on what drove it.
Part of Thursday’s tech weakness reflects worries that a Democratic Congress could bring tighter rules for artificial intelligence, CoinCentral reported. Data center and so-called “neocloud” stocks, which rent out AI computing power, fell after sharp gains, and chip stocks in Japan and South Korea saw heavy selling. Japan’s Nikkei 225 fell 1.79%, while Hong Kong’s Hang Seng rose 3.67%, according to TipRanks.
Earnings: Qualcomm slides, AppLovin soars
Qualcomm shares fell about 9% in premarket trading, Reuters reported early Thursday, a move that would erase about $17.5 billion in market value if it holds. TipRanks said the company beat expectations for the September quarter, but its forecast for the current quarter fell short. Reuters reported that quarterly revenue from Qualcomm’s handset business fell 26% to $5.14 billion, as rising memory costs driven by data-center demand squeezed smartphone makers. At least eight brokerages cut their price targets, according to LSEG data cited by Reuters.
CEO Cristiano Amon pushed back on the worries. “We saw the memory shortage coming and prepared for it early,” he told Reuters.
AppLovin, which runs a mobile advertising platform, was the big winner. Its shares were up nearly 24% after the company beat forecasts and issued an upbeat outlook, Kaohoon International reported. AppLovin posted third-quarter revenue of $2.18 billion, up 55% from a year earlier, and earnings of $4.30 per share, according to CoinCentral. It expects fourth-quarter revenue of $2.365 billion to $2.395 billion, above Wall Street’s estimate of about $2.25 billion.
Other reports also moved shares:
- Arm Holdings fell about 3% after hours, following a 5% regular-session drop, after its guidance for the current quarter did not top expectations, CoinCentral reported.
- Snap reported third-quarter revenue of $1.722 billion, up 14%, and 495 million daily active users, up 4%, according to its filing. Its shares fell because revenue and user growth missed Wall Street’s hopes, TipRanks reported.
- Zillow shares dropped sharply after its third-quarter results missed expectations, and Nintendo earnings missed estimates as Switch 2 sales slid, TipRanks reported.
- Still to come Thursday: Airbnb, DraftKings, Duke Energy, Southern Company and others, according to TipRanks and CoinCentral.
Bank of England and U.S. jobs data
Across the Atlantic, the Bank of England announces its interest rate decision at noon London time (7 a.m. ET) on Thursday. Its key rate is 3.75%, and most economists expect a quarter-point increase to 4%, which would be its first hike in more than three years, Sovereign Magazine reported. A Reuters poll found 54 of 63 economists forecasting a rise. Fuel prices pushed U.K. inflation to 3.5% in September.
In the U.S., the Labor Department’s weekly jobless claims report is due at 8:30 a.m. ET, along with the Challenger, Gray & Christmas report on October layoffs. The bigger monthly jobs report for October is due Friday.
Oil was steady after Wednesday’s plunge. As of 5:25 a.m. ET, Brent crude was up 1.35% at $95.91 a barrel and U.S. crude was up 0.40% at $88.50, according to TipRanks. Both had fallen more than 8% on Wednesday amid hopes for talks to end the war with Iran.
Why it matters for families
- Retirement accounts and 401(k)s can swing sharply in weeks like this one. Big one-day rallies are often followed by pullbacks, which is normal market behavior.
- Thursday’s jobless claims and Friday’s jobs report offer clues about job security and hiring heading into the holidays.
- Lower oil prices this week could eventually ease gas costs, but prices remain sensitive to news from the Middle East.
This article is for general information only and is not investment advice. Upstormed News will keep following markets through the day.
Read more: McDonald’s U.S. Sales Slip as Earnings Day Rolls On; Arm, Qualcomm Report Next
Are you watching the markets more closely since the election, or tuning out the daily swings?
Sources: TipRanks, “Stock Market Today, Nov. 5: Futures Mixed After Democratic Victory Sparks Wall Street Rally” (November 5, 2026); Reuters via AOL, “Qualcomm slumps as weak smartphone chip sales overshadow data-center momentum” (November 5, 2026); CoinCentral, “Stock Market Today: Dow Futures Rise While Nasdaq Falls as AI Rule Worries Hit Data Center Stocks” (November 5, 2026); CoinCentral, “AppLovin (APP) Stock Pops 24% as Cash Flow Jumps to $1.4 Billion” (November 5, 2026); Kaohoon International, “US Futures Mixed as Investors Weigh Washington Shift and Iran War” (November 5, 2026); Snap Inc. (SEC filing), “Third Quarter 2026 Financial Results (Form 8-K, Exhibit 99.1)” (November 4, 2026); Sovereign Magazine, “Bank of England rate rise November 2026” (October 28, 2026 (updated November 2, 2026))
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