S&P 500 futures steady after midterm rally; Nasdaq lags on chip weakness

What happened

Nasdaq futures fell on Thursday as chip and data-center-related stocks stayed under pressure, while S&P 500 futures were little changed after the prior session’s rally following Democrats’ midterm election victory. Qualcomm dropped 10.1% after missing fourth-quarter smartphone chip sales estimates amid weak demand and lower Apple-related revenue.

Confirmed

Global impact / market context

Weak smartphone-chip demand is directly pressuring Qualcomm’s sales outlook, while worries about data-center construction pauses threaten future orders for chips and infrastructure equipment. If projects are delayed, suppliers could face slower revenue growth; the article says roughly 30% of expected 2028 additions are at risk.

Analyst inference

The article describes a split in futures, with the Nasdaq weaker and the S&P 500 little changed after its prior rally. Chip shares had already fallen, and UBS said valuations were near multi-year lows, suggesting concern about slower growth coexists with some bad news already reflected in prices.

Analyst inference

What to watch

1. Watch for further updates on Qualcomm’s smartphone chip sales and Apple-related revenue, since continued weakness would reinforce evidence that demand is weighing on its business. Analyst inference
2. Track whether data-center projects are paused or delayed and whether the estimate that roughly 30% of expected 2028 additions are at risk changes. Analyst inference
3. Observe whether chip and infrastructure suppliers continue falling, or stabilize as investors weigh project delays against UBS’s view that much semiconductor weakness is already priced in. Analyst inference

Evidence

• Original source link unavailable