Dow Rise as Investors Rotate Away from AI, Tech Stocks

The Dow Jones Industrial Average looked set for further gains on Thursday, building on its strong rally after Democrats’ midterm victories, as investors continued rotating out of technology ***** linked to the 30-stock Dow climbed 340 points, or 0.6%. S&P 500 futures edged up 0.1%, while Nasdaq-100 futures fell 0.8%.Financial heavyweights led the advance. Goldman Sachs, JPMorgan Chase and American Express each rose more than 1% in premarket trading, supporting the Dow’s upward ***** contrast, stocks tied to the artificial intelligence trade extended losses for a second day. Investors worried that Democratic control of both chambers of Congress and key state governorships could bring tighter regulation of the AI infrastructure ***** Broadcom and Nvidia dropped nearly 3% and almost 2%, respectively. Oracle declined more than 1%. Tesla and SpaceX also fell more than 2%. Qualcomm, despite beating earnings estimates, plunged 9% on a softer-than-expected outlook.