Nasdaq futures fall as Qualcomm and chip shares decline
QCOM•Nasdaq and S&P 500 futures were lower early Thursday, with Qualcomm shares down before the bell after the company reported disappointing sales. The decline weighed on chip shares, while data center operators extended losses from Wednesday.
1. Futures lower early
Nasdaq and S&P 500 futures were lower early Thursday. Qualcomm shares fell sharply before the bell after the company reported disappointing sales, weighing on the chip sector.
2. Broader market context
Data center operator shares extended losses from Wednesday. The broader market had rallied Wednesday after Democrats gained control of Congress in Tuesday’s midterm elections, but the result sparked worries about increased AI regulation. Earnings from tech and AI-related companies have been mixed, reviving concerns about AI spending and the sustainability of the AI trade.
3. Data ahead
US worker productivity grew faster than expected in the third quarter, according to data released early Thursday. Friday’s monthly US jobs data is the key report this week.
