Futures
Nasdaq 100 futures pointed higher, up 1.43%. S&P 500 futures were up 0.15% and Russell 2000 futures up 0.26%. Dow futures fell 0.94%.
Macro & overnight
The Nasdaq index of the largest US tech firms was down more than 5.5% by Thursday's close, losing an estimated $2.5tn in market value, according to Dow Jones data. The Nasdaq Composite notched its deepest one-day drop in 19 months, confirming a correction, as chipmakers fell.
The market reaction follows Democrats taking control of Congress after the US midterm elections. Attention turns to Europe to see whether the tech sell-off continues.
Themes
Semiconductors ▲ median +5.08%: MRVL +9.79%, ALAB +8.06%, AMD +8.05%, ARM +7.07%, MPWR +5.62%, INTC +5.13%, and 6 more
AI infrastructure & data centers ▲ median +7.91%: NBIS +9.39%, CRWV +9.23%, DELL +8.51%, HPE +7.31%, VRT +7.04%, SMCI +5.98%
Semiconductor equipment ▲ median +7.45%: LRCX +12.19%, AMAT +8.49%, KLAC +7.56%, TER +7.33%, ASML +6.66%, Q +4.01%
Semiconductors rose, led by Marvell Technology (MRVL) at 9.79%, Astera Labs (ALAB) at 8.06%, Advanced Micro Devices (AMD) at 8.05%, Arm Holdings (ARM) at 7.07%, Monolithic Power Systems (MPWR) at 5.62% and Intel (INTC) at 5.13%.
AI infrastructure & data centers moved up, with Nebius (NBIS) up 9.39%, CoreWeave (CRWV) up 9.23%, Dell Technologies (DELL) up 8.51%, Hewlett Packard Enterprise (HPE) up 7.31%, Vertiv (VRT) up 7.04% and Super Micro Computer (SMCI) up 5.98%.
Semiconductor equipment gained, led by Lam Research (LRCX) at 12.19%, Applied Materials (AMAT) at 8.49%, KLA (KLAC) at 7.56%, Teradyne (TER) at 7.33%, ASML Holding (ASML) at 6.66% and Qnity Electronics (Q) at 4.01%.
