S&P 500 closed at 7,688.62; futures little changed before Thursday open
Published on 11/05/2026 at 13:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSS&P 500 awaits Thursday open
- The S&P 500 closed Wednesday at 7,688.62 points, up 1.58% from Tuesday.
- Early Thursday indications were broadly steady, while semiconductor and data-center shares remained under pressure.
- Investors were weighing the Democratic takeover of Congress, falling oil prices and upcoming US labor-market data.
The S&P 500 enters Thursday's US session after a strong post-election advance, but early signals point to a more cautious opening. The index closed Wednesday, November 4, at 7,688.62 points, gaining 119.70 points, or 1.58%, from Tuesday's close of 7,568.92, according to Barron's.
Relief rally meets sector rotation
Wednesday's advance followed the Democrats' sweeping victory in the US midterm elections and their takeover of both chambers of Congress. The result reduced immediate political uncertainty and supported a broad rise in US equities. The Associated Press reported that the Dow gained more than 1,500 points, while the Nasdaq Composite rose 1.4% and the S&P 500 advanced 1.6%.
The move was not uniform across market groups. Reuters said large technology companies benefited from expectations that a divided government could limit abrupt policy changes, while shares tied to artificial-intelligence infrastructure and data centers weakened. The shift reflects a market debate over whether slower data-center expansion could ease pressure on established technology companies while hurting suppliers and operators.
Futures point to a muted start
Early Thursday, the S&P 500 future was described as nearly unchanged by the Associated Press. In a separate Reuters market report, S&P 500 E-minis were up 0.5 points, or 0.01%, at 5:04 a.m. Eastern Time. Nasdaq futures were lower as chip stocks remained under pressure, while Dow futures were higher.
Reuters reported that Qualcomm fell sharply in premarket trading after its smartphone-chip sales outlook missed market expectations. Nvidia, Marvell Technology and Intel also traded lower. At the same time, lower oil prices continued to support the broader risk mood. Brent crude had fallen more than 8% on Wednesday before rebounding early Thursday, keeping inflation and interest-rate expectations in focus.
Labor data is the next test
Investors are also looking beyond the election reaction. Several Federal Reserve officials were scheduled to speak Thursday, ahead of the October employment report due Friday. That report could influence expectations for monetary policy and determine whether the post-election advance broadens or gives back part of its gains.
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