Chip and data center stocks slip; S&P 500 futures hold gains

Nasdaq futures fell Thursday as chip and data center stocks weakened, while S&P 500 contracts held slight gains following the Democrats' sweeping midterm election victory. Chip and AI infrastructure stocks slipped further after the election, with UBS strategists warning that data center pauses could slow buildout into 2028, putting about 30% of expected additions at risk. Large-cap tech stocks, however, built on gains as a slower AI buildout was seen as beneficial. A divided government may reduce sharp legislative changes and fiscal spending, while oil prices rebounded over 1% after an 8% drop Wednesday. Fed officials are scheduled to speak ahead of Friday's crucial October jobs report.