US Stock Futures Mixed After Midterm Elections as Qualcomm Falls and Semiconductor Shares Decline: Dow Jones, S&P, Nasdaq, Wall Street

US stock futures traded mixed following the midterm elections, with Qualcomm shares falling and semiconductor stocks declining, while the Dow Jones, S&P 500, and Nasdaq showed divergent moves. The headline points to a split reaction rather than a broad directional move, suggesting that election-related policy uncertainty is being priced unevenly across sectors. The semiconductor weakness transmits through the equity risk-appetite channel and the sector's sensitivity to growth expectations, with the Nasdaq 100 and S&P 500 most exposed given their heavy weighting in chipmakers, while the Dow, with fewer semiconductor constituents, is less affected. Qualcomm's decline is specific to its own exposure, reflecting how a single-name drop can weigh disproportionately on index-level futures when the sector is under pressure. Traders will watch the opening cash-market session and subsequent sector flows, along with any post-election guidance on trade and tariff policy affecting chip supply chains, as the next signals of whether the divergence persists.

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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