M Alfathan Rahman
M Alfathan Rahman
Wall Street rallied after the midterms, but oil fell more than 8%. Tonight the market waits for ConocoPhillips, the weekly jobless claims, then Airbnb and Cloudflare.
The Dow rose 1,569.40 points, or 3%, to 53,356.12 on Wednesday. The S&P 500 rose 1.6% to 7,688.62 and the Nasdaq Composite rose 1.4% to 25,736.51, according to the AP.
The rally followed the Democrats' decisive midterm wins. In the same session, oil prices fell sharply and weighed on energy stocks.
Tonight tests both moves. ConocoPhillips reports before the open, while Airbnb and Cloudflare report after the close.
| Stock | Movement | What to Watch |
|---|---|---|
| COP | Down 5.17% to $136.94 on Wednesday | Third-quarter results before the open, its first report since oil fell more than 8% |
| QCOM | Up 5.33% to $173.19 on Wednesday, down 6.5% after hours | First regular session after its fiscal fourth-quarter results and fiscal 2027 first-quarter guidance |
| ABNB | Up 5.64% to $176.37 on Wednesday | Third-quarter results after the close |
| NET | Down 2.57% to $266.58 on Wednesday | Third-quarter results after the close |
Source: Wednesday closes from Nasdaq; Qualcomm's after-hours move from CNBC; report schedules from the Nasdaq earnings calendar.
West Texas Intermediate crude fell 8.29% to $88.12 a barrel and Brent fell 8.67% to $94.62 on Wednesday, according to CNBC. Vice President JD Vance blamed the Iran war for the Republican losses. The AP wrote that the possibility of pressure to pull back on the war sent Brent lower.
Oil executives and lobbyists worry that a windfall profits tax could emerge as part of a broader deal between Democrats and President Trump, according to Bloomberg. The tax is still only a proposal.
ConocoPhillips (COP) reports third-quarter results before the open, according to the Nasdaq earnings calendar. ConocoPhillips and ExxonMobil shares fell on Wednesday, according to the AP.
Qualcomm (QCOM) reported fiscal fourth-quarter 2026 revenue of $10.32 billion, down 8%, and non-GAAP earnings per share of $2.17, according to Qualcomm's release. Handset revenue fell 26% to $5.14 billion, while automotive rose 89% to $1.99 billion.
Qualcomm expects fiscal first-quarter 2027 revenue of $10.4 billion to $11.2 billion and non-GAAP earnings per share of $2.15 to $2.35. It also targets $5 billion in data center revenue in fiscal 2027. The shares fell 6.5% after hours, according to CNBC.
On Wednesday, chip and data center stocks lagged the rally. Nvidia (NVDA) fell 3.1% and CoreWeave fell 9.9%, as investors saw the Democratic wins in Texas as possibly slowing the build-out of AI data centers, according to the AP.
Weekly initial jobless claims are due at 8:30 a.m. ET, with a forecast of 197,000 against 194,000 the week before, according to Investing.com's calendar. Third-quarter productivity data comes at the same time, and October nonfarm payrolls are due Friday, according to CNBC.
After the close, Airbnb (ABNB) and Cloudflare (NET) report third-quarter results, along with Monster Beverage and EOG Resources, according to the Nasdaq earnings calendar.
As of 10:03 p.m. ET on Wednesday, Dow futures were up 90 points, or 0.2%, S&P 500 futures were up 0.1% and Nasdaq 100 futures were flat, according to CNBC.
After hours, AppLovin (APP) surged almost 24% after better-than-expected results and guidance that beat estimates, according to CNBC. In Asia, a post-election stock rotation sank chipmakers and lifted automakers, according to Bloomberg.
The 10-year Treasury yield fell more than 6 basis points to 4.884% and the 2-year yield fell more than 4 basis points to 4.573% on Wednesday, according to CNBC.
Tonight the market tests the post-election rally: energy through ConocoPhillips's report after oil's slide, chips through the reaction to Qualcomm's guidance, and the jobless claims ahead of Friday's payrolls.
The US market opens at 9:30 a.m. ET. Airbnb's and Cloudflare's results arrive only after the 4 p.m. ET close.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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