Stock Market Today: Nasdaq 100 Futures Slip 0.83% and S&P 500 Futures Fall 0.38% After Chip-Led Rally
Nasdaq 100 futures were down 0.83% and S&P 500 futures 0.38% ahead of the New York open on Thursday, after Wednesday's chip-led rally.
Wall Street looks set for a softer start on Thursday. Nasdaq 100 futures were down 0.83% at 28,237.5 ahead of the New York open, while S&P 500 futures fell 0.38% to 7,611.75. Dow futures were the outlier, edging up 0.07% to 52,613.
The pullback follows a strong session for chipmakers. The cash S&P 500 closed Wednesday up 1.31% at 7,619.38 and the Nasdaq gained 1.6% to 25,466.19, with Micron, Arm and Marvell among the biggest winners. Futures trade on a different contract basis from the cash index, so the two levels are not directly comparable; the cash figures above are Wednesday's closing prints.
Futures: tech leads the slide
The split between the Nasdaq 100 and the Dow shows where the pressure is. Technology-heavy contracts are giving back part of Wednesday's gains, while the blue-chip Dow contract is little changed. The VIX, Wall Street's volatility gauge, was up 4.92% at 18.35 on the latest reading.
Some of the chip winners from Wednesday are now the stocks under the microscope. Micron closed up 11.89% at $811.30, Arm rose 12.05% to $203.36 and Marvell added 9.33% to $168.80. Oracle gained 8.82% to $128.38 and Arista Networks climbed 6.3%. On the downside, Microsoft fell 2.26% to $521.13, Airbnb lost 3.09% and McDonald's slipped 2.61%.
Individual company news is also in play. Nvidia faces governance risks as shares fall 7.8% after hours, and Tesla and SpaceX have each formed a committee to explore a merger of Musk firms. Anthropic is to seek a $1.3 trillion valuation with an 825 million-share IPO, a headline that keeps attention on AI valuations.
The broader picture is less comfortable than one good day suggests. The S&P 500 is down 2.41% over the past month and the Nasdaq is down 6.53%, even though the S&P is still up 11.3% year to date. The S&P's 52-week high sits at 7,818.9.
Rates, dollar, oil, gold and crypto
The US 10-year yield stood at 4.998%, up 0.3% on the day. The Dollar Index was flat at 102.91. Against it, the euro traded at $1.1094, the pound at $1.3269 and the Aussie dollar slipped 0.32% to $0.683. The dollar bought 159.722 yen.
Oil edged lower. WTI fell 0.67% to $85.95 a barrel and Brent lost 0.52% to $92.28.
Metals were weaker. Gold fell 0.99% to $3,947.75 an ounce as a strong dollar and Fed hike bets weighed, in a move that took it to a one-week low below $3,950. Silver dropped 1.82% to $51.06 and copper fell 1.34%.
Bitcoin was down 1.47% at $72,841, with Ethereum off 1.37% at $2,025.56 and Solana down 1.06% at $82.41.
How Asia and Europe traded
Asia finished mixed. Jakarta stood out: the IHSG closed up 2.44% at 5,250.9 and the LQ45 gained 3.04%, even as the rupiah weakened to a record low of 18,241 with Bank Indonesia intervening. Elsewhere the Nikkei 225 fell 0.7%, the Hang Seng dropped 1.26%, the Shanghai Composite slipped 0.22% and the Straits Times lost 0.13%. Australia's ASX 200 closed 0.2% higher at 9,146.8.
Europe is trading higher in the morning. The FTSE 100 was up 0.37% at 10,875.16, the DAX gained 0.69% to 26,847.43, the CAC 40 rose 0.73% and the Euro STOXX 50 added 0.27%. In London, the UK economy is growing at its fastest rate since 2024 as AI lifts services.
What to watch today
Earnings after the close bring Cisco, with analysts expecting earnings of $1.35 a share, and Applied Materials, expected at $4.13. Both are chip-and-networking bellwethers after Wednesday's semiconductor rally.
Next week the calendar fills up. PDD Holdings reports before the open on Monday, November 16. Walt Disney and Home Depot follow before the bell on Tuesday, November 17, and Nvidia reports after the close that day. Palo Alto Networks, Lowe's and Target are due on Wednesday, November 18.
For now, the question is whether the chip rally can hold once New York opens, with the 10-year yield at 4.998% and the Nasdaq 100 contract leading the move lower.
Markets at a glance
| Market | Last | Change | % Change |
|---|---|---|---|
| S&P 500 Futures | 7,611.75 | −28.75 | −0.38% |
| Nasdaq 100 Futures | 28,237.50 | −235.75 | −0.83% |
| Dow Futures | 52,613 | +35 | +0.07% |
| US 10Y Yield | 4.998 | +0.015 | +0.30% |
| Dollar Index | 102.91 | +0.00 | +0.00% |
| WTI | 85.95 | −0.58 | −0.67% |
| Gold (spot) | 3,947.75 | −39.28 | −0.99% |
| Bitcoin | 72,841 | −1,084 | −1.47% |
Data as of 12 Nov 2026, 18:45 WIB (11:45 GMT). Source: JournalArta Markets (Yahoo Finance, Twelve Data); some exchange data may be delayed up to 15 minutes. Follow live prices on JournalArta Markets. This article is for information only and is not investment advice.
