The Dow Jones Industrial Average was poised for more gains on Thursday following its monstrous rally on the heels of Democrats’ midterm wins as investors rotated away from technology stocks for another day. Futures contracts tied to the 30-stock Dow rose 340 points, or 0.6%. S&P 500 futures were up 0.1%, while Nasdaq-100 futures declined 0.8%. Financial stocks Goldman Sachs, JPMorgan Chase, and American Express were all up more than 1% each to lead the Dow higher. However, stocks related to the artificial intelligence trade—particularly those linked to the chips industry and data centers—slid for a second day. Investors fear that a Democratic sweep of both chambers of Congress as well as victories in key gubernatorial races could spell more regulation of the AI buildout across the country. Chipmakers Broadcom and Nvidia fell almost 3% and nearly 2% in premarket trading Thursday, respectively, while others, such as software stock Oracle, declined more than 1%. Additionally, Elon Musk’s Tesla and SpaceX dropped more than 2%. Another chip stock, Qualcomm, reported earnings that beat estimates, but the stock dropped 9% on a weaker-than-expected earnings outlook. Shares of neocloud companies retreated, with CoreWeave losing almost 4% and Nebius as well as Iren shedding more than 3%, amid those worries about a backlash to the industry in light of the election results in various states. On the positive side, AppLovin—the AI-powered advertising company—surged 19% after delivering better-than-expected results and issuing guidance that beat estimates. Trading on Wednesday showed investors adjusting to midterm results, which showed Democrats securing comfortable majorities in the House of Representatives and Senate. The Dow jumped more than 1,500 points to notch its best day since April 2025, while the S&P 500 and Nasdaq Composite popped more than 1% each. Jordan Watson, a portfolio manager at Tandem Investment Advisors, said the big rally and the rotation away from artificial intelligence names could be temporary. “We may be headed for more volatility as investors digest the election results and potential policy implications,” he said. “I wouldn’t view [Wednesday’s equity trading] as an all-clear signal but rather as a call for some sanity around the amount of capital being poured into the AI infrastructure build-out and whether those investments will generate the returns investors expect.” The 10-year Treasury note yield was little changed Thursday as investors looked ahead to the October jobs report due Friday and assessed the economic implications of the midterm election results. The benchmark yield was more than 1 basis point higher at 4.904%. The yield on the 2-year Treasury note gained more than 3 basis points to 4.616%, while the 30-year Treasury yield rose less than 1 basis point to trade at 5.284%. In Asia, Japan’s Nikkei 225 gained 0.49% on Thursday, while the Topix rose over 2%. South Korea’s Kospi was down 2.33%, and the tech-focused, small-cap Kosdaq fell 1.24%. Australia’s S&P/ASX 200 was up 1.39%. U.S. crude oil—which tumbled below $90 per barrel on Wednesday as investors anticipated that the Democratic Party may use their newfound leverage to pressure President Donald Trump into ending the Iran war—reversed course Thursday. West Texas Intermediate futures were last up more than 2% to above $90 a barrel, while Brent crude futures gained 3% to above $97. Gold prices extended ​their post-US midterm election rally to a more than two-week high on Thursday, as the US dollar and Treasury yields weakened, while a sharp drop in oil prices eased ⁠inflation ‌concerns. Spot gold gained 1.7% to $4,130.27 per ounce ⁠after hitting a session high of $4,146.63 per ounce, a level last seen on October 20. Gold jumped nearly 3.4% on Wednesday, its sharpest daily rise since August 19, with prices ‌up over $250 this week from a one-year low of $3,869.85 hit on Friday. US gold futures for December delivery climbed 1.6% to $4,139.60 per ounce. “Precious ​metals have emerged as major winners following the US elections,” said Ole Hansen, head of commodity strategy at Saxo Bank. “The powerful combination of falling energy prices, easing inflation and interest rate concerns, and declining ⁠Treasury yields and the dollar has forced recently established speculative shorts to cover,” Hansen added.