My top 10 things to watch Thursday, Nov. 5 1. Dow futures are up, and Nasdaq futures are down after a strong midterm-driven rally. The tech-heavy Nasdaq soared nearly 1.5% on Wednesday, but many key tech stocks were down as investors worried about what the Democratic sweep meant for the data center buildout. The Dow jumped 3%. Economically sensitive stocks got a boost on the thought that Democrats controlling the House and Senate would bring stability. The Club's annual meeting is tomorrow. The livestream for members starts at 10:30 a.m. ET. 2. Big post-earnings declines in Qualcomm and Arm . Looks like we got a lot of questions about smartphones due to storage issues. Qualcomm stock is down 10% on a weak forecast. Fewer data centers? Arm does have solid demand from hyperscalers, particularly Muse, a portfolio holding of Meta Platforms . But does it need more? Arm shares are down 7%. 3. A dose of realism for the data centers in space? Is it 10 times more expensive? 20 times? Is Elon Musk going to be held accountable now…
Jim Cramer's top 10 things to watch in the stock market Thursday
In short
Tech-heavy index futures slipped primarily due to concerns over future data center buildouts under a Democratic-controlled Congress, compounded by sharp declines in semiconductor and social media stocks. In contrast, defensive names and select retail companies advanced following solid quarterly reports and upbeat guidance revisions. Additionally, industrial names such as Stanley Black & Decker and Home Depot maintained positive momentum by building upon broad post-midterm gains.
Key points
- Political control of Congress is fueling investor anxiety regarding future spending on da…: Political control of Congress is fueling investor anxiety regarding future spending on data center infrastructure.
- Healthcare and defensive stocks are providing market stability through raised profit fore…: Healthcare and defensive stocks are providing market stability through raised profit forecasts and completed corporate acquisitions.
- Semiconductor and social media firms are struggling under the weight of disappointing qua…: Semiconductor and social media firms are struggling under the weight of disappointing quarterly projections and falling active users.