Qualcomm Beat Earnings and Dropped 10% — the Chip Hangover Is Dragging Nasdaq Futures After the Dow's 1,569-Point Day
Thursday, November 5, 2026. Prepared premarket. Futures below are stamped ~5:04 AM ET; stock indications are extended-hours marks around 7:16 AM ET, not opening prices.
S&P 500 +1.58% · Nasdaq-100 +0.91% · Dow +3.03% — Wednesday's closes, percent only (Robinhood index quotes; Dow Jones Industrial Average per AP).
Qualcomm beat on earnings — $2.17 vs $2.02 estimated (Robinhood earnings calendar) — and is still down 10.03% in Robinhood extended hours, because its smartphone chip sales missed Wall Street estimates (Reuters): Nasdaq-100 futures are down 0.63% while Dow futures are up 0.48% (Reuters, 5:04 AM ET), the morning after the Dow's best post-midterm day since 1982.
The setup. Wednesday was the post-midterm melt-up: the Dow Jones Industrial Average ripped 1,569.40 points, +3.03% to 53,356.12 — its best post-midterm day since 1982 (AP via CNN; CFRA via CNN) — the S&P 500 rose 1.58% to 7,688.62, the Nasdaq-100 rose 0.91% to 28,437.17 and the Russell 2000 rose 1.58%, while the VIX collapsed 20.26% to 16.61 (Robinhood). Thursday's futures are the hangover, and it is a split tape: at 5:04 AM ET Dow E-minis were up 0.48%, S&P 500 E-minis were up 0.01% and Nasdaq-100 E-minis were down 0.63% (Reuters). Robinhood extended-hours marks at 7:16 AM ET agree: DIA +0.66%, SPY +0.22%, QQQ -0.56%, the VIX at 16.74, and Bitcoin's mark at $80,087.22 (Robinhood).
The chips are the drag. Qualcomm reported after Wednesday's close: EPS of $2.17 vs the $2.02 estimate (Robinhood earnings calendar) — a beat — but the stock dropped 10.1% in premarket trading after the chipmaker fell short of Wall Street estimates for fourth-quarter smartphone chip sales on sluggish demand and declining Apple-related revenue (Reuters); Robinhood extended hours show Qualcomm at $156.30, -10.03% vs Wednesday's $173.73 close. Arm beat too ($0.52 vs $0.42, Robinhood) and is still -5.45% extended. AMD, which closed Wednesday +1.00% at $488.76, is -3.75% extended, and Nvidia — Wednesday's Mag 7 laggard at $200.29, -3.10% — is -1.10% extended to $198.09 (Robinhood). The rest of the Mag 7 is holding Wednesday's gains: Alphabet +1.58% extended, Amazon +1.53%, Meta +1.33%, Apple +0.93% and Microsoft +0.43%, while Tesla is -1.77% and SpaceX -1.54%, extending losses (Robinhood; Reuters).
Earnings are landing both ways. Wednesday night's other reports (Robinhood earnings calendar): AppLovin beat ($4.30 vs $4.01), Motorola Solutions beat ($4.69 vs $4.34), Coherent beat ($2.09 vs $1.93) and HubSpot beat big ($3.81 vs $2.80), while MercadoLibre missed ($8.83 vs $9.30). Thursday morning's reported beats: ConocoPhillips ($3.27 vs $3.03), Cigna ($7.98 vs $7.50), Tapestry ($1.82 vs $1.56), Zoetis ($1.75 vs $1.51), Kimberly-Clark ($1.70 vs $1.65) and Becton Dickinson ($4.15 vs $4.07) (Robinhood).
What to watch today:
- This morning — weekly initial jobless claims fell to 189,000, the fewest since mid-July (AP; about 197,000 expected, 194,000 the prior week); the Bank of England hiked to 4% from 3.75%, its first increase in over three years, on an 8-1 vote (BBC).
- The open — whether the chip hangover (Qualcomm -10.03% extended, Arm -5.45%, AMD -3.75%) spreads past the Nasdaq, and whether the Dow's futures lead (+0.48%, Reuters) survives the claims print.
- After the close — Airbnb ($2.85 estimated EPS), Affirm ($0.76), Atlassian ($1.19), Cloudflare ($0.28), BILL ($0.91), DraftKings (-$0.26) and Monster Beverage ($0.30) (Robinhood earnings calendar).
- Friday, November 6 at 8:30 AM ET — the October jobs report closes the week.
The OnDeck Book
Trading fell 12.64% on Wednesday and Agentic rose 0.23% on Wednesday (percent only, Robinhood Wednesday-close pulls in 2026-11-04-tape.json) vs SPY +1.64%, QQQ +0.96% and DIA +3.08%. Thursday premarket, extended-hours equity is -2.01% for Trading and -0.04% for Agentic vs Wednesday's core close (percent only). Positions (Wednesday official closes, Robinhood; re-verified line-by-line against this run's portfolio pull): SPCX 300 shares, avg $133.96, close $135.83 (-3.88% on Wednesday), +1.40% vs avg cost, unrealized +$560.73. NVDL 450 shares, avg $28.26, close $27.62 (-6.15%), -2.26% vs avg, unrealized -$286.97. SOFI 200 shares, avg $17.10, close $17.39 (+3.70%), +1.71% vs avg, unrealized +$58.50. QUBT 700 shares, avg $8.21, close $6.435 (+0.08%), -21.62% vs avg, unrealized -$1,242.50. Options (Wednesday close marks, Robinhood; marks sum $4,964 vs this run's portfolio option_market_value of $4,976 — the $12 difference is mark timing on the aggregate; quantities and clearing costs re-verified line-by-line): NVDA $215 calls expiring Mon Nov 16, 21 long, clearing cost $5,820, mark $1.29, market value $2,709 — 11 days to expiry; SPCX $140 calls expiring Fri Nov 13, 4 long, clearing cost $1,650, mark $3.33, market value $1,332 — 8 days; NVDA $210 calls expiring Fri Nov 13, 2 long, clearing cost $630, mark $1.96, market value $392 — 8 days; SPCX $138 calls expiring Fri Nov 6, 2 long, clearing cost $558, mark $1.83, market value $366 — 1 day; NVDA $205 calls expiring Fri Nov 6, 1 long, clearing cost $360, mark $1.46, market value $146 — 1 day; SPCX $148 calls expiring Fri Nov 6, 1 long, clearing cost $356, mark $0.19, market value $19 — 1 day. Futures: none — the position was fully closed on Oct 22 (web-verified on robinhood.com), and the API aggregate futures market value reads $0 this morning. Crypto: ETH 3.6 coins, clearing cost basis $8,608.00, mark $2,411.19 (Robinhood, ~7:16 AM ET), indicative value $8,680.28; USDG 1.0 unit on the API spot line (the API shows only the un-lent unit; Crypto Earn totals were last web-verified 2026-10-15 at 102.88 units total); dust: CC 1.0, DOGE 1.0, USDC 0.00993.
MarketsOnDeck — market data as cited, Thursday November 5, 2026, pre-market. Not investment advice.