US stock exchanges opened sharply lower on Thursday, led by the technology sector. The outcome of the midterm elections continues to drive developments.
The broad S&P 500 index was down 1.7 percent at 16.02 to 7 556.12. The technology-heavy Nasdaq Composite fell 3.1 percent to 24 936.40.
By sector, energy is performing best, up 1.63 percent, while IT is showing the weakest performance, down 4.10 percent.
Chip giant Qualcomm reported in line with expectations in Q4 2025/2026. The company has also signed an agreement with Spacex on technology for a nationwide terrestrial 5G network in the US. Qualcomm fell 9.1 percent at the open.
Other technology stocks falling sharply include Tesla and Spacex, which are down 9.3 percent and 8.4 percent respectively. AMD and Micron are also down 13.3 percent and 11.5 percent. Another heavyweight that
is falling sharply is Nvidia, which is down 7.3 percent.
Semiconductor company Arm is down 11.3 percent after reporting its interim results. The company said confidence had strengthened that it would achieve up to 2 billion dollars in total revenue from Arm AGI CPU during the 2026/2027 and 2027/2028 financial years. The first commercial deliveries are expected in the fourth quarter of 2026/2027.
Snap, which is behind the social app Snapchat, fell 13 percent despite results being better than expected. Snap expects revenue of between 1.95 and 1.99 billion dollars in the fourth quarter. The midpoint of that forecast exceeds analyst consensus of 1.956 billion dollars.
Clothing company Ralph Lauren raised its full-year revenue forecast as well as its forecast for the operating margin. The stock fell 5.3 percent.
Engine giant Cummins fell 0.5 percent after lowering its full-year forecast. Q3 revenue was lower than expected.
Energy company Conoco Phillips’ adjusted earnings per share were better than expected in the third quarter. The quarterly dividend is raised by 11 percent to 0.93 dollars. Production in the fourth quarter is expected to amount to 2.32–2.36 million barrels of oil equivalent per day. The stock rose 2.1 percent.
Industrial company Parker-Hannifin beat expectations in Q1 2026/2027. The company expects adjusted full-year earnings to come in the range of 36.45 to 37.25 dollars per share. The company’s previous guidance was 34.25 to 35.25 dollars per share. Analysts had expected 35.73 dollars per share, according to Factset. The stock rose 2.1 percent.
Hygiene company Kimberly-Clark rose 1.9 percent. The company reiterated its forecasts. Adjusted earnings for Q3 were better than expected.
The yield on the US ten-year Treasury fell 2 basis points to 4.87 percent.
Brent crude rose 2.49 percent to 96.98 dollars and WTI crude increased 2.12 percent to 89.99 dollars.
IndexPriceChange todayChange this yearS&P 5007 556.12-1.72%10.38%Nasdaq Composite24 936.40-3.11%7.29%Consumer discretionary1 947.66-2.69%1.00%Consumer staples1 042.951.07%20.59%Energy992.051.63%44.33%Financials984.160.06%7.96%Health care2 237.831.23%23.92%Industrials1 413.91-1.40%7.67%Materials672.35-0.71%17.05%Real estate286.42-0.30%12.31%IT6 438.50-4.10%13.27%Utilities445.150.50%2.61%Telecom409.27-1.00%-9.53%Source: Factset
