The Nightcap: Nasdaq futures slip 0.8% as Qualcomm and Arm fall, gold jumps 1.7% past $4,140

The rally is not spreading evenly overnight. Wednesday's session ended with the Dow up 3.0% at 53,356.12, as we reported in our market close story. Tonight Nasdaq 100 futures are down about 0.8%, pulled lower by a weak reaction to chip earnings, while gold futures extend the day's jump.

Futures at about 8:50 PM ET

Futures prices from Yahoo Finance continuous contracts, compared with the 5-minute bar at 4:00 PM ET, so the gaps are like for like. The S&P 500 cash index closed at 7,688.62 and the Dow at 53,356.12. The 10-year Treasury yield was 4.90% at Wednesday's close, down from 4.95%, per the Treasury's par yield curve.

Chips are the drag

Two chip names reported after the bell and traded lower. Qualcomm fell almost 6% despite a slight earnings beat, and CNBC noted its guide for adjusted earnings of $2.15 to $2.35 a share against $2.26 that analysts sought. We cover the details in our Qualcomm story. Arm Holdings also fell after results: Bloomberg wrote that the forecast "fails to impress," and Investor's Business Daily said the stock fell despite beating targets.

The Arm filing shows why a beat can still disappoint. Revenue for the September quarter was $1,443 million, up 27% from $1,135 million, according to its Form 6-K on SEC EDGAR. Within that, licensing and other revenue rose 50% to $773 million, while royalties grew only 8% to $670 million. Revenue from outside customers climbed 43%, while revenue from related parties was flat at $424 million. Bloomberg described the forecast as in line with estimates, which leaves little room for a stock priced for more.

The Chronicle cannot say from the data how much of the Nasdaq futures dip comes from these two reports. Other after-hours movers cut both ways, per CNBC: AppLovin surged more than 20% after revenue of $2.18 billion topped the $2.07 billion forecast, and Coherent gained 7%. Expedia fell more than 7% on a fourth-quarter revenue guide of $3.69 billion to $3.75 billion, against the $3.74 billion analysts expected, and Zillow dropped more than 16% after a miss, as we reported in our Zillow story.

Gold extends the jump

Gold futures settled near $4,074.50 on Wednesday, up about 3.4%, as the dollar and Treasury yields weakened after the midterm results, per our gold report. They are now near $4,141, which is still about 12% under the August 24 high on our chart. A holder of one 100-ounce contract sees a $6,780 move from the 4:00 PM ET level to now ($67.80 an ounce), our arithmetic.

Oil and bitcoin

December WTI is trading near $87.29 after Wednesday's 8% slide. Bitcoin was $80,618 at 9:02 PM ET on Coinbase, up about 6% from 24 hours earlier, in line with our earlier bitcoin report.

What to watch tomorrow

The next scheduled test is Friday's October jobs report at 8:30 AM ET, per the BLS schedule. Before that, Thursday brings the regular weekly data and the day's reaction to the chip earnings at the open. The question is whether a 3% Dow day holds when the leaders swing from industrials back to technology. Check live levels on our markets page and the economic calendar.

Sources: Yahoo Finance, Coinbase, U.S. Treasury, SEC EDGAR, CNBC, Bloomberg, Investor's Business Daily, BLS. Quotes may be delayed. This is market information, not investment advice.