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The VIX plunges after a robust post-midterms rally. (0:16) Qualcomm shares slide as its earnings outlook disappoints. (1:23) Meta warns that knowledge heart building is getting tougher. (2:18)
The next is an abridged transcript:
Wall Road is respiration a collective “om,” pushing out the jive and bringing within the love because the post-midterms rally soothed buying and selling jitters.
The Volatility Index (VIX) tumbled greater than 20% in its greatest one-day share drop since April 2025. The VIX had been above 21 to start out the week and is buying and selling this morning round 16.8.
Neil Sethi, VP at Redbird Capital, mentioned the VIX’s 4-point drop was additionally the most important in absolute phrases since April of this 12 months.
Within the wake of the blue tsunami, the Dow (DJI) completed up 3% Wednesday, including greater than 1,500 factors in its best-performing day since April 2025. The S&P 500 (SP500) and Nasdaq Composite (COMP.IND) notched positive aspects of round 1.5%.
The VIX has swung broadly over the previous two years. It briefly topped 60 intraday in April 2025, AKA Liberation Day, when tariffs have been launched, and reached about 35 in March 2026 earlier than easing towards the mid-teens.
In premarket buying and selling this morning, Dow futures (INDU) level to additional positive aspects on the open, up about 0.5%. S&P futures (SPX) are flat, although, and Nasdaq 100 futures (US100:IND) are down 0.5% with Qualcomm (QCOM) dragging post-earnings.
Qualcomm is down about 10% premarket following blended steerage that overshadowed fiscal This fall outcomes.
For fiscal Q1, Qualcomm mentioned it expects EPS of between $2.15 and $2.35 on an adjusted foundation. The midpoint of $2.25 is beneath the $2.29 consensus. Income steerage of between $10.4B and $11.2B with $10.8B midpoint is a hair over the $10.55B anticipated.
Patrick Moorhead, chief analyst at Moor Insights & Technique, mentioned the corporate highlighted that knowledge facilities are actually a provide query, not a requirement query.
The corporate mentioned it’s “reiterating our $5B income goal (for knowledge facilities) for fiscal ’27 with wholesome order protection supporting continued income progress in fiscal ’28.”
“Upside past the $5B FY27 goal is constrained by provide, and two hyperscalers at scale make up many of the $5B, each operating into FY28 and FY29,” Moorhead mentioned.
Information heart improvement now faces an unsure future after victories by Democrats, particularly on the governor degree, who campaigned towards the White Home’s build-baby-build technique.
Meta (META) President Dina Powell McCormick mentioned on the WSJ Tech convention yesterday that constructing new knowledge facilities is an more and more troublesome job. However she additionally indicated potential for negotiation.
“We did have a governor that gained final night time who did make knowledge facilities a giant a part of their platform say, ‘As quickly as we get previous the inauguration, let’s meet as a result of we don’t wish to lose this funding in our city. We don’t need these jobs to go elsewhere,’” she mentioned.
Powell McCormick, who mentioned she spends 80% of her time engaged on securing computing energy, additionally mentioned “each hyperscaler is now eager about ‘Do we have to construct exterior the US?’ As a result of they’re huge investments, hedging these investments is a clever factor to do.”
As well as, OpenAI (OPENAI) is already ramping up its pleasant neighborhood knowledge heart marketing campaign.
The maker of ChatGPT mentioned it is not going to use nondisclosure agreements with public officers in negotiations over tasks and can “pay the total value of the electrical energy we use and the infrastructure wanted to serve us.”
The corporate unveiled a Nationwide Group Compact, outlining commitments to reveal potential results on communities, together with noise, water consumption and vitality demand. It additionally pledged to curb electrical energy use throughout peak durations, return energy to the grid and set native hiring targets the place workforce availability permits. OpenAI mentioned it might publicly monitor and report its progress.
On the financial calendar
8:30 a.m. Weekly Jobless Claims
8:30 a.m. Q3 Productiveness and Unit Labor Prices
