US stock futures were mixed Thursday night after Wall Street’s rotation into value and cyclical names propelled the Dow and S&P 500 to new records.
Dow futures (YM=F) gained about 0.2%, as the blue-chip index looked to build on its record close. S&P 500 futures (ES=F) traded relatively flat, while Nasdaq 100 futures (NQ=F) fell about 0.2%.
Wall Street is looking to end the week on a high note, with all three indexes seeking weekly wins as investors weigh the central bank’s next moves in 2026. Thursday’s session saw investors switch out of high-growth AI beneficiaries, a shift that followed the Federal Reserve’s third rate cut of the year on Wednesday.
The Dow (^DJI) and S&P 500 (^GSPC) both closed at new highs, while the Nasdaq Composite (^IXIC) lagged. Oracle (ORCL) stock sank after its earnings report reignited AI concerns, helping lead Big Tech names like Google (GOOG) and Nvidia (NVDA) lower. The Dow’s near 650-point rally, meanwhile, was fueled by a jump from Visa (V) and solid gains from Nike (NKE) and UnitedHealth Group (UNH).
Those trends could continue with Wall Street set to Late Thursday, Broadcom (AVGO) slipped nearly 5% in after-hours trading despite topping fiscal fourth-quarter estimates and issuing an upbeat outlook, including a projection that AI-related chip revenue will double. Elsewhere, Lululemon (LULU) surged roughly 10% after the company said CEO Calvin McDonald will exit at the end of January following a stretch of underperformance.
Earnings season is wrapping up with little of note left on the calendar for the week. Nike (NKE) and Micron Technology (MU) are standouts for next week.
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