Stock futures are little changed after big rally following Democrats' decisive midterm wins

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Aug. 12, 2026.Michael Nagle | Bloomberg | Getty ImagesU.S. equity futures rose on Wednesday evening following a rally on the heels of a sharp decline in the price of oil and certainty around the Democrats' midterm wins.Futures tied to the Dow Jones Industrial Average rose 90 points, or 0.2%. S&P 500 futures were up 0.1%, and Nasdaq-100 futures were flat. After the bell on Wednesday, chipmaker Qualcomm reported earnings that beat estimates, but fell 6.5%. AppLovin, the artificial intelligence-powered advertising company, surged almost 24% after delivering better-than-expected results and issuing guidance that beat estimates.Stocks on Wednesday rallied as oil prices dipped, with West Texas Intermediate crude futures falling more than 8% to settle at $88.12 a barrel. The Dow gained more than 1,500 points, or 3%, to post its best day since April 2025, while the S&P 500 advanced 1.6%.Those moves came after Vice President JD Vance blamed the Iran war for Republican losses in the midterms on Tuesday. In Asia, futures for Japan's Nikkei 225 in Chicago were at 63,160, compared with the index's previous close of 62,188.63. Futures for Hong Kong's Hang Seng index last traded at 24,425 compared with the index's last close of 23,919.5. Australia's S&P/ASX 200 was up 1.81% in early trading.Trading on Wednesday stateside showed investors adjusting to midterm results, which showed Democrats flipping control of the House of Representatives and Senate — securing comfortable majorities in both chambers — and a slew of governorships, too. Consumer discretionary names such as Walmart helped lead the way higher on Wednesday, with the retail giant up more than 3% in the regular session. At the same time, names linked to the data center build-out, like CoreWeave, fell on worries about a backlash to the industry in light of election results in various states. In Texas, for instance, Democrat Gina Hinojosa won the election for governor after calling for tougher restrictions on data center development.But 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 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."Going into Thursday, traders will be watching for weekly jobless claims data. October's nonfarm payrolls report is due on Friday.On the earnings front, Tapestry, Kimberly-Clark and ConocoPhillips are expected to report in the morning, followed by Airbnb and Akamai in the afternoon.Asia markets set to track Wall Street rally after sweeping Democratic midterm victoryAsia-Pacific markets were set to jump Thursday, tracking a Wall Street rally overnight as a decisive Democratic victory in the U.S. midterm elections eased political uncertainty, while a sharp drop in oil prices lifted investor sentiment.Democrats secured control of both chambers of Congress, raising expectations of legislative gridlock that could constrain President Donald Trump's policy agenda. Trump's acceptance of the election results also helped calm investors.Futures for Japan's Nikkei 225 in Chicago were at 63,160 while in Osaka they were last at 63,110 compared with the index's previous close of 62,188.63.Futures for Hong Kong's Hang Seng index last traded at 24,425 compared with the index's last close of 23,919.5.Australia's S&P/ASX 200 was up 1.81% in early trading.Sentiment was further buoyed by an over 8% plunge in crude oil prices, as investors anticipated growing pressure on the Trump administration to bring an end to the war in Iran following Republican election losses.— Lee Ying ShanArm, Coherent, Expedia among the names making moves after the bellCheck out the companies making the biggest moves after the bell:Arm Holdings — Shares dipped almost 2% despite the designer of central processing units delivering a strong earnings report. The UK-based company reported adjusted earnings of 52 cents per share, compared to analysts polled by LSEG's consensus estimates for 47 cents.Expedia — Shares tumbled more than 7% after it delivered mostly weaker-than-expected guidance for the current quarter. The online booking company forecasts revenue between $3.69 billion and $3.75 billion in the fourth quarter, but analysts polled by FactSet on average expected $3.74 billion. The company, however, beat estimates for both earnings and revenue in the third quarter. Coherent — The optical materials company gained 7% after reporting adjusted earnings of $2.09 per share, compared to analysts polled by FactSet's estimates for $1.99 per share. Revenue also came in above estimates, as did guidance for the current quarter. Read the full list here. — Davis GiangiulioStock futures open flat