AI stocks under pressure as Nasdaq futures slip, Dow futures rise

Futures

S&P 500 futures were slightly higher, up 0.09% to 7,728, and Dow futures rose 0.61% to 53,831. Russell 2000 futures gained 0.13% to 2,870. Nasdaq 100 futures fell 0.78% to 28,343, with chip and data-center names under pressure.

AppLovin (APP) jumped 20.49% to $327.42 after third-quarter earnings of $4.30 per share beat the $4.03 FactSet consensus.

Texas Pacific Land (TPL) rose 5.42% to $303.03 after record third-quarter revenue of $273.4 million, up from $246.1 million in the second quarter, and net income of $167.4 million.

Tapestry (TPR) rose 16.02% to $145.33, EPAM Systems (EPAM) gained 11.77% to $153.48 and Parker Hannifin (PH) added 6.68% to $970.00.

Qualcomm (QCOM) fell 11.77% to $152.80 after issuing weak guidance.

Paycom (PAYC) dropped 11.25% to $238.00 after its Q3 2026 results, with full-year revenue guidance of around $2.22 billion close to consensus rather than above it.

Fair Isaac (FICO) slid 10.23% to $629.34 after its adjusted operating margin contracted 7.2 percentage points year on year as expenses grew faster than revenue.

MercadoLibre (MELI) fell 8.96% to $1,584.00 after third-quarter non-GAAP earnings per share of $8.83 came in below the $9.55 consensus.

Amcor (AMCR) lost 7.84% to $44.70 after reporting earnings of $0.95 per share, missing estimates of $1.03.

Macro & overnight

Investors are pulling money out of semiconductor and data-center stocks and shifting into other sectors after a decisive Democratic win at the midterms signaled the AI buildout might hit some speed bumps. Disappointing earnings from Qualcomm the night before likely added to the pressure, with Nasdaq-100 futures dropping while Dow-linked contracts gained.

Oil is ticking higher after yesterday's sharp drop that sent it well below $100 a barrel.