Stock Futures Rise as Democrats Take Control of House and Senate

Image source: AI-generated image with OpenAI

US stock futures edged higher on Wednesday after Democrats won control of both chambers of Congress in a seismic midterm election, paving the way for a divided government.

Futures on the Dow Jones Industrial Average (YM=F) rose 0.6%, while those on the S&P 500 (ES=F) climbed 0.2%. Contracts for the Nasdaq-100 (NQ=F) moved just above the flatline.

AMD (AMD) stock rose 6% in premarket trading after the company posted a Q3 earnings beat.

Markets swiftly repriced a Democratic sweep of the House and Senate and the potential for ballot measures and newly elected officials to restrict data center construction. Chip stocks, including Nvidia (NVDA) and Micron (MU), fell more than 1%. Investors will also be watching for actions on housing and pharmaceuticals in the aftermath of the election.

As Yahoo Finance's Jared Blikre pointed out on Tuesday, midterm elections have a history of shaping stock performance in the near term but don't move markets much over the long term.

The economic calendar for Wednesday features S&P and ISM data on economic activity indexes, while ADP's private payrolls will offer a glimpse into the state of the "low hire, low fire" labor market.

Earnings reports from Arm Holdings (ARM), McDonald's (MCD), Qualcomm (QCOM), Novo Nordisk (NVO), Uber Technologies (UBER), and more, meanwhile, offer alternative data points on the health of the consumer and AI demand. Cnbc reports.

📡 Amdocs CEO Refuses to Detail T-Mobile Revenue Exposure as Dispute Rocks Outlook

Amdocs Limited (NASDAQ: DOX) stock plunged more than 40% in Wednesday’s premarket trading after the company reported weaker-than-expected fourth-quarter results and issued a disappointing fiscal 2027 outlook.

A contract dispute with major customer T-Mobile US Inc. (NASDAQ: TMUS) drove the sharp outlook cut. Both companies have accused each other of breaching agreements and threatened legal action.

On Tuesday’s earnings call, CEO Shimie Hortig described the dispute as an isolated issue rather than a sign of broader business weakness. Benzinga reports.

🧬 Nurix Shares Drop 35% After Sanofi Scraps Oral Immunology Drug

Nurix Therapeutics shares fell about 35% in after-hours trading after partner Sanofi discontinued the development of SAR448272, an early-stage oral STAT6 degrader being tested for atopic dermatitis and asthma.

The decision eliminates roughly $455 million in potential milestone payments, plus royalties tied to that program.

Nurix said its cash position of $1.1 billion as of August 31 will fund operations into the second half of 2029 and that its runway guidance remains unchanged.

The company's lead asset, bexobrutinib, is in Phase 3 testing with Roche for chronic lymphocytic leukemia.

The stock is down 36% year-to-date. Finance Biggo reports.

📱 Skyworks Tumbles as Sluggish Smartphone Market Weighs on Forecast

Skyworks Solutions (SWKS) forecast first-quarter revenue and profit below Wall Street expectations on Tuesday, signaling persistent weakness in its core smartphone business.

Shares of the chipmaker slumped more than 14% in extended trading.

The company forecast first-quarter revenue of $1.80 billion to $1.90 billion, below analysts' estimate of about $1.99 billion. Skyworks also projected adjusted earnings per share of $1.25, below estimates of about $1.52, according to data compiled by LSEG. Reuters reports.

🗳️ Dip Buyers Emerge for Tech Stocks as Traders Look Past Midterms

With the US midterms effectively out of the way, investors have more clarity about future policy. For the technology sector, it's a clearing event that shifts the focus back to fundamentals.

The vote delivered what markets have been pricing in for the past few months: Democrats have taken control of the House and Senate. While Democrats are known to be less enthusiastic about the AI buildout, policy changes in Washington that slow things down may not happen anytime soon. Barclays Plc's head of European and APAC equity strategy, Emmanuel Cau, said concerns about nationwide data center bans are far-fetched, given President Donald Trump's support for AI.

The Democratic win in Texas might fuel some concern, as the state is projected to account for about 30% of the US data center market by 2028, according to a Bloom Energy estimate. After opening down 2.4%, Nasdaq 100 futures have erased most of their losses, a sign that dip buyers remain active. Yahoo Finance reports.

🖥️ Why AMD May Weather the PC Storm Better Than Intel

Advanced Micro Devices Inc. (NASDAQ:AMD) stock surged more than 7% in Wednesday’s premarket trading after the chipmaker reported better-than-expected third-quarter results and issued an upbeat revenue forecast.

Strong data center demand and optimism about next-generation AI chips helped lift sentiment. Broader markets also gained, with Nasdaq futures rising 0.62% and S&P 500 futures climbing 0.71%.

AMD reported third-quarter revenue of $13.38 billion, beating Wall Street’s estimate of $13.09 billion. Adjusted earnings of $2.09 per share topped the $1.95 consensus. Benzinga reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM ET). Stock Analysis reports.

1) DKI: Darkiris Inc.
Total gain: +48.00%

2) AIOK: AI OKTO CORP.
Total gain: +20.32%

3) ALIT: Alight, Inc.
Total gain: +18.58%

4) FTK: Flotek Industries, Inc.
Total gain: +18.44%

5) CRCT: Cricut, Inc.
Total gain: +17.25%

The closing price of the top three market percent gainers trading near or above $2 on Nov 3.

(All pricing and percent gains are based on regular market trading hours from 9:30 AM to 4:00 PM ET). Stock Analysis reports.

1) CHSN: Chanson International Holding
Total gain: +241.24%

The stock appeared to be moving on no notable news.

2) RDAC: Rising Dragon Acquisition Corp.
Total gain: +121.57%

The company announced that it and HZJL Cayman Limited have mutually agreed, effective as of October 30, 2026, to terminate the Agreement and Plan of Merger, dated January 27, 2025, by and among the company, Xpand Boom Technology Inc., Xpand Boom Solutions Inc., HZJL, XB B Limited and Bin Xiong. The termination was approved by the boards of directors of Rising Dragon and HZJL. TipRanks reports.

3) PARA: Parabolic Technologies, Inc.
Total gain: +60.95%

The stock appeared to be moving on no notable news.

(Estimate and Actual numbers represent Earnings Per Share in US Dollars)

VPG

Vishay Precision Group

Q3 2026

Before Market Open

Estimate: 0.150

Actual: 0.140

GOLF

Acushnet Hldgs

Q3 2026

Before Market Open

Estimate: 1.010

Actual: 0.830

TBLA

Taboola.com

Q3 2026

Before Market Open

Estimate: 0.130

Actual: 0.139

Time (ET) / Report / Period

• 8:15 AM / ADP National Employment Report / Oct.
• 8:30 AM / U.S. Trade Balance / Sep
• 9:45 AM / US Services PMI / Oct.

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