Chip selling enters a second day as BoE hikes and oil rebounds

Nasdaq futures are lagging as the rotation out of chipmakers and the broader AI complex enters a second day. The move follows a Democratic sweep in the midterms, which has raised concerns about a potential backlash against data-center development; Qualcomm also fell after issuing a weak forecast, while South Korea’s Kospi dropped almost 6%. As of 6:20am ET, S&P futures were 0.1% higher, leaving the major US futures contracts split rather than moving in a single direction.

The rate backdrop moved in the opposite direction from the technology pressure. The Bank of England raised rates for the first time in three years, while the US 10-year yield touched 4.83%, its lowest level since Sept. 10. Oil recovered modestly after Wednesday’s plunge, adding a separate commodity move to a session otherwise dominated by rate and technology positioning.

Qualcomm is the clearest single-company link in the move. Its weak forecast has added company-specific pressure to a broader retreat from chipmakers, while concerns about data-center policy connect the AI complex to the new US political backdrop. Qualcomm’s fiscal 2026 revenue was $43.1B, down 2.6% year over year, with diluted EPS of $12.70 and a 31.6% net margin.

The market read remains split across assets: semiconductor selling is weighing on Nasdaq futures, but S&P futures are slightly higher, oil has rebounded and the US 10-year yield is lower. The next read will depend on whether the chip and AI rotation persists beyond the second day and how investors absorb further company forecasts against the policy debate around data centers.

Key markers are the next Qualcomm results and guidance update, further movement in the US 10-year yield, and evidence of whether the data-center backlash develops into policy action.