A trader works on the floor of the New York Stock Exchange (NYSE) in New York, United States, Wednesday, August 12, 2026.
Michael Nagle | Bloomberg | Getty Images
U.S. stock futures rose Wednesday evening following a rebound following a sharp drop in oil prices and certainty that Democrats would win the midterms.
Futures contracts linked to Dow Jones Industrial Average increased by 90 points, or 0.2%. S&P 500 Futures Contracts were up 0.1%, and Nasdaq-100 Futures Contracts were flat.
After the bell Wednesday, chipmaker Qualcomm reported earnings that beat estimates but were down 6.5%. AppLovinthe artificial intelligence-powered advertising company, jumped nearly 24% after delivering better-than-expected results and issuing forecasts that beat estimates.
Stocks rebounded Wednesday as oil prices fell, with West Texas Intermediate Crude Futures down more than 8% to settle at $88.12 per barrel. The Dow Jones gained more than 1,500 points, or 3%, to record its best day since April 2025, while the S&P 500 advanced 1.6%.
The moves came after Vice President JD Vance on Tuesday blamed Republican losses on the war in Iran.
In Asia, Japan’s Nikkei 225 gained 0.49% on Thursday, while the Topix rose more than 2%. South Korea’s Kospi fell 2.33% and the small-cap, tech-focused Kosdaq fell 1.24%. Australia’s S&P/ASX 200 index rose 1.39%.
Wednesday’s U.S. trading showed investors adjusting to midterm results, which showed Democrats flipping control of the House and Senate – securing comfortable majorities in both chambers – as well as a slew of governorships.
Consumer discretionary names such as Walmart helped lead the way higher on Wednesday, with the retail giant up more than 3% in the regular session. At the same time, names related to data center construction, like CoreWeavefell due to fears of a backlash against the industry in light of election results in various states. In Texas, for example, Democrat Gina Hinojosa won the gubernatorial election after calling for tighter restrictions on data center development.
But Jordan Watson, portfolio manager at Tandem Investment Advisors, said the big rally and drop in artificial intelligence names could be temporary.
“We could be headed for more volatility as investors digest the election results and their potential political implications,” he said. “I wouldn’t view (Wednesday’s stock trading) as a clear signal, but rather as a call for some common sense about how much capital is being invested in building AI infrastructure and whether those investments will generate the returns investors expect.”
Through Thursday, traders will monitor weekly jobless claims data. The October nonfarm payrolls report is due Friday.
On the earnings front, Tapestry, Kimberly-Clark and ConocoPhillips are expected to report results in the morning, followed by Airbnb and Akamai in the afternoon.
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