Futures slip as AI power and chip stocks keep sliding after the midterm sweep
Big Tech and cloud operators led the S&P 500 higher, with Microsoft up 6.68%. Tikr ties the AI data center selloff to fears of slower builds after Democrats won Congress.
Since earlier Futures still slipping, now with the AI power and chip selloff deepening and Microsoft's gain highlighted.
- S&P 500 futures slipped after hours while Nasdaq 100 futures fell about 1% on the chip and AI names. -0.7% now
- Microsoft surged as the Democratic midterm sweep lifted cloud operators, though cloud peers fell on the day. -0.3% now
- AI servers and data-center builders fell as fears of slower build-outs followed the Democratic win. -9.1% now
- Neocloud stocks fell on fears of a Texas data-center moratorium after the election. -8.7% now
- Micron fell as investors priced in a slower AI data center build-out after the Democrats won Congress. -2.4% now
Written 03:02 ET by AI from Wallsti's numbers and the cited news; numbers beside it are live.
How the market split Wed Nov 04
Democrats' sweep of Congress in the midterms, which lifted cloud operators and weighed on data-center builders and their suppliers. Reuters
Tighter data-center rules would slow build-outs and cut hyperscaler capex while capacity stays available, helping Amazon, Alphabet and Microsoft shareholders. tikr.com · medium confidence
Democratic control and a Texas pause on data-center construction threaten new builds, hurting contractors whose backlogs depend on data-center work. tikr.com · medium confidence
Fears of a Texas data-center moratorium after the election pushed neocloud stocks lower because they need new US sites to grow. 247wallst.com
Election results weakened expectations for data-center demand, so chipmakers that sell into AI build-outs fell. Moomoo · medium confidence
Big stocks and groups that moved opposite ways, grouped by the reason the cited news gives (read by AI; value counts each company once). No cited reason yet: Medical Care Facilities, AI power & nuclear, AI servers & data centers, Gold miners, BRK-B, JPM, SKHY, SPCX, TSLA.
Since the close After hours · vs the Nov 4 close
| Stock | Move | Value | vs normal |
|---|---|---|---|
| SKHY SK hynix Inc. |
-2.9% | −$28.9B | 0.6σ |
| SPCX Space Exploration Technologies Down on Musk backlash after midterms · fool.com |
-1.4% | −$24.7B | 0.4σ |
| MU Micron Technology, Inc. |
-2.4% | −$23.0B | 0.7σ |
| APP Applovin Corporation AH +22.8% after its report: guidance above est.: Q4 revenue $2.37–2.40B > $2.25B exp. |
+22.8% | +$19.5B | 6.8σ |
| TSM Taiwan Semiconductor Manufactur |
-0.9% | −$19.0B | 0.4σ |
| AAPL Apple Inc. Up on Democratic sweep rally · investopedia.com |
+0.4% | +$18.5B | 0.3σ |
| GOOGL Alphabet Inc. |
+0.5% | +$17.5B | 0.2σ |
| TSLA Tesla, Inc. Down on Musk backlash after midterms · tikr.com |
-1.0% | −$15.0B | 0.4σ |
| QCOM QUALCOMM Incorporated Up on SpaceX mobile network deal · barchart.com AH -7.4% after its report: EPS adj. beat +0% · rev +1.7%; guidance given |
-7.4% | −$13.4B | 2.5σ |
| MSFT Microsoft Corporation |
-0.3% | −$12.0B | 0.2σ |
Companies of $2B or more that traded in the extended session, the most value moved first. Extended-hours trading is thin: moves can change at the open.
Groups on the move Wed Nov 04
| Group | Move | vs S&P | Value | Breadth | Biggest |
|---|---|---|---|---|---|
| Engineering & Construction industry | -11.0% | -12.6 | −$21.5B | 75% | PWR -11.7%FIX -15.1%EME -9.6% |
| AI servers & data centers theme | -9.1% | -10.7 | −$83.2B | 100% | DELL -8.8%GEV -9.3%ETN -9.9% |
| AI neoclouds theme Neoclouds fall on Texas moratorium fears · 24/7 Wall St. |
-8.7% | -10.3 | −$9.1B | 100% | CRWV -9.9%NBIS -6.7%IREN -11.2% |
| AI power & nuclear theme | -8.1% | -9.8 | −$17.9B | 100% | VST -13.8%CEG -6.7%NRG -13.5% |
| Medical Care Facilities industry | +9.9% | +8.3 | +$11.5B | 100% | HCA +10.3%UHS +10.9%DVA +5.8% |
| Gold miners theme Gold miners rally on weaker dollar · Yahoo Finance |
+9.8% | +8.2 | +$18.1B | 100% | NEM +9.9%AEM +9.7% |
| Memory & storage theme Memory stocks fall on price worries · 24/7 Wall St. |
-6.2% | -7.9 | −$159.3B | 100% | MU -7.0%SKHY -5.1%SNDK -7.9% |
| Oil & Gas Refining & Marketing industry | -6.2% | -7.8 | −$20.5B | 100% | MPC -8.1%VLO -5.8%PSX -4.5% |
| Oil & Gas E&P industry | -5.6% | -7.2 | −$29.3B | 100% | COP -5.2%EOG -5.2%DVN -7.3% |
| Electronic Components industry | -5.5% | -7.2 | −$24.8B | 80% | APH -6.2%GLW -5.8%FLEX -12.3% |
Wallsti's themes and S&P 500 industries whose members mostly moved together, the most standout move against the S&P 500 first. Move is cap-weighted (what an index of the group did); value is the market value its members added or lost.
Biggest moves by value
| Stock | Move | Value | vs normal |
|---|---|---|---|
| MSFT Microsoft Corporation |
+6.7% | +$258.5B | 4.0σ |
| AAPL Apple Inc. Up on Democratic sweep rally · investopedia.com |
+5.3% | +$256.5B | 3.8σ |
| AMZN Amazon.com, Inc. |
+6.1% | +$165.9B | 3.1σ |
| NVDA NVIDIA Corporation |
-3.2% | −$163.1B | 1.4σ |
| GOOGL Alphabet Inc. |
+3.2% | +$109.4B | 1.5σ |
| SPCX Space Exploration Technologies Down on Musk backlash after midterms · fool.com |
-3.8% | −$72.3B | 1.1σ |
| MU Micron Technology, Inc. |
-7.0% | −$71.5B | 1.9σ |
| SKHY SK hynix Inc. |
-5.1% | −$54.4B | 1.1σ |
| TSLA Tesla, Inc. Down on Musk backlash after midterms · tikr.com |
-3.3% | −$52.5B | 1.3σ |
| TSM Taiwan Semiconductor Manufactur |
-2.2% | −$47.7B | 1.1σ |
| BRK-B Berkshire Hathaway Inc. |
+4.0% | +$45.7B | 4.2σ |
| JPM JP Morgan Chase & Co. |
+4.2% | +$37.5B | 3.6σ |
| WMT Walmart Inc. |
+3.5% | +$34.3B | 1.8σ |
| XOM ExxonMobil Holdings Corporation |
-4.6% | −$33.8B | 2.8σ |
| AVGO Broadcom Inc. Down on $63B AI financing risk · finance.yahoo.com |
-2.0% | −$31.7B | 0.8σ |
The market value each company added or lost: what moves the indexes.
Most unusual moves
| Stock | Move | Value | vs normal |
|---|---|---|---|
| FIS Fidelity National Information S |
-23.7% | −$4.9B | 6.3σ |
| TRMB Trimble Inc. |
-17.3% | −$2.6B | 6.1σ |
| SWK Stanley Black & Decker, Inc. |
+13.1% | +$2.1B | 5.5σ |
| CVS CVS Health Corporation |
-12.5% | −$14.6B | 5.5σ |
| ZBH Zimmer Biomet Holdings, Inc. |
+13.5% | +$2.5B | 5.4σ |
| XYZ Block, Inc. |
+15.3% | +$7.0B | 5.2σ |
| MMM 3M Company |
+9.5% | +$8.7B | 5.1σ |
| MOS Mosaic Company (The) |
+17.4% | +$905.5M | 5.0σ |
| UHS Universal Health Services, Inc. |
+10.9% | +$1.1B | 5.0σ |
| CNC Centene Corporation |
+12.6% | +$4.0B | 5.0σ |
| HCA HCA Healthcare, Inc. |
+10.3% | +$9.7B | 4.7σ |
| GWW W.W. Grainger, Inc. |
+6.5% | +$4.0B | 4.6σ |
σ: the move in units of the stock's normal day (the standard deviation of its daily moves over 60 sessions). 2.5σ or more, companies of $2B or more.
Sectors
S&P 500 members by sector, cap-weighted.
Earlier today
Prices from Yahoo Finance, a few minutes delayed. Explanations are written by AI from cited headlines; a move without one has no clear public cause in Wallsti's sources yet. Not investment advice.