US stock futures rise as Democrats gain ground in midterm elections

Futures and market setup

TradingView reports that U.S. stock futures were in positive territory early Wednesday as investors weighed the effect of Democrats gaining control of Congress and winning several important governor races in the 2026 midterm elections. The outlet says the Democrats’ Senate takeover is a major setback for Republicans and creates the possibility of stronger congressional resistance to President Donald Trump.

At 3:15 a.m. ET, S&P 500 futures were up 0.18%, Nasdaq-100 futures were up 0.09%, and Dow Jones Industrial Average futures were ahead 0.5%. TradingView says all three major futures had already recovered from earlier session lows. In the prior session on Tuesday, U.S. stocks finished mostly higher, led by technology and semiconductor shares. The S&P 500 rose 0.4% and the Nasdaq-100 added 0.7%, while the Dow fell 0.4% and the small-cap Russell 2000 gained 0.2%.

Oil prices and the Iran war

TradingView says oil prices rose in a volatile session on Wednesday as investors waited to see what Washington would do next in the war with Iran, while Democrats took control of Congress from Trump’s Republicans. Brent crude futures were up 0.35% at $103.95 a barrel at 3:15 a.m. ET, and U.S. West Texas Intermediate crude futures were up 0.02% at $96 after earlier declines. In the previous session, Brent settled at its lowest level in nearly four weeks as traders assessed the possibility of talks to end the wars in Ukraine and Iran.

Tech and semiconductor stocks in focus

TradingView says Palantir Technologies fell 2.3% in early premarket trading, extending losses even after upbeat quarterly results on Monday. The stock was under pressure, according to the outlet, because investors worried that a possible Democratic majority could bring tighter rules for data centers and make it harder to expand AI infrastructure. The report also says investors are questioning whether large AI spending can continue and whether the sector’s rapid sales growth and valuation gains can last.

Advanced Micro Devices rose more than 7% in early premarket trading after reporting strong quarterly results and lifting its sales outlook. TradingView says AMD projected fourth-quarter sales above Wall Street estimates and said it expects revenue to grow 80% in 2027, supported by demand for data-center chips. The company’s December-quarter sales forecast also came in above Intel’s outlook from last week. TradingView says that if both companies hit their targets, AMD would outsell Intel for the first time.

Navitas Semiconductor also reported better-than-expected third-quarter results and a fourth-quarter sales forecast above expectations. TradingView says the company expects mobile and low-end consumer revenue to nearly disappear by year-end as it shifts toward high-power applications. The outlet adds that AI infrastructure, including data centers and the power systems supporting them, is expected to make up more than 40% of revenue. Navitas shares were up 4% in early premarket trading.

Super Micro Computer gained more than 6% after reporting quarterly revenue of $19.9 billion, up 298% from $5 billion a year earlier. TradingView says that result beat both the company’s earlier estimate and Wall Street expectations, helped by demand for AI-powered servers.

Election-linked moves in trending stocks

TradingView says SpaceX shares fell nearly 4.5% in early premarket trading after Democrats made midterm gains. The outlet reports that investors are concerned about possible tougher congressional scrutiny of SpaceX, its government contracts, and its plans to expand into data-center operations. It also says questions about Elon Musk’s role in the elections and the possible effects on the company’s government business, AI subsidies and regulatory outlook weighed on sentiment.

Trump Media & Technology Group fell more than 7% in premarket trading as Democrats gained ground in the elections. TradingView says investors are worried that a change in congressional control could lead to political gridlock and affect the administration’s agenda. The outlet also reports that retail sentiment on Stocktwits was “extremely bearish,” with discussion focused on whether the Iran war helped cause Republican losses and what the election results could mean for the company.

Other names and what to watch next

TradingView says Capricor Therapeutics was also in focus, down 0.12% after a prior-session gain. The move followed a public letter from clinical investigators and came ahead of an FDA decision on the company’s experimental therapy, Deramiocel. The FDA is expected to decide by November 22 whether to approve the drug for Duchenne muscular dystrophy, which the outlet describes as a rare genetic disorder that causes progressive muscle weakness, mainly in boys.

The report says Tesla and Novo Nordisk were among the other trending tickers on Stocktwits at the time of writing. It also notes a busy earnings calendar for Wednesday, with Circle, McDonald’s, Arm Holdings, Qualcomm and Uber Technologies all scheduled to report. CVS Health is also being watched after reports said the company was considering splitting into two public companies by 2028. On the economic calendar, investors are waiting for the October ADP employment report, S&P Global Services and Composite PMIs, and the ISM Services PMI.

TradingView says retail sentiment toward SPY and QQQ remained bearish, while sentiment toward DIA was neutral at the time of writing.