Stock Market Today: Wall Street Futures Hold Steady as Democrats Win House and Senate

TLDR

• Democrats won both the House and Senate in the midterm elections, setting up a divided government.
• Dow futures rose 0.6%, S&P 500 futures gained 0.2%, and Nasdaq-100 futures were near flat.
• AMD stock rose about 6% in premarket trading after a third-quarter earnings beat.
• Nvidia and Micron fell more than 1% as markets weighed limits on data center construction.
• Brent crude fell 0.9% to about $103.40 as Trump tied election losses to high gasoline prices.

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US stock futures edged higher on Wednesday after Democrats won control of both chambers of Congress. The result sets up a divided government in Washington.

🇺🇸 Democrats have won control of BOTH chambers of the U.S. Congress in the 2026 midterm elections, securing majorities in the Senate and House of Representatives.

The party is projected to have won 53 Senate seats and 220 House seats, surpassing the respective majority… pic.twitter.com/vnFGtfGyrN

— Mario Nawfal (@MarioNawfal) November 4, 2026

Futures on the Dow Jones Industrial Average rose 0.6%. Contracts on the S&P 500 climbed 0.2%, while Nasdaq-100 futures traded just above the flat line.

How Chip Stocks Reacted

Advanced Micro Devices rose about 6% in premarket trading. The chipmaker posted a third-quarter earnings beat.

Other chip names moved the other way. Nvidia and Micron Technology fell more than 1% each.

Markets quickly priced in the Democratic sweep. Traders pointed to ballot measures and newly elected officials who could restrict data center construction.

Data centers are the large buildings that house computing power for artificial intelligence. Any limits on new sites could affect demand for chips.

Investors are also watching for action on housing and pharmaceuticals after the election. Both areas were part of the political debate heading into the vote.

Yahoo Finance’s Jared Blikre noted on Tuesday that midterm elections have a history of shaping stock performance in the near term. He said they do not move markets much over the long term.

Oil Slips as Trump Links Losses to Gas Prices

Crude oil prices turned lower on Wednesday morning. Brent crude dropped 0.9% to near $103.40 a barrel, and West Texas Intermediate slipped 0.7% to around $95.90.

The declines follow a sharp 7% drop on Monday. Traders are weighing ongoing Middle East supply risks against expected political pressure on the White House to lower fuel costs.

President Donald Trump spoke early Wednesday about the election results. He linked Republican losses to high pump prices and the war with Iran.

“People agree with what I’m doing on Iran, but they really probably weren’t willing to do the short-term consequence of paying more for gasoline,” Trump said. He called the price surge a “short-term problem for long-term gain.”

Trump also said it was an “evening that was not that pleasant” for his party. Democrats are expected to increase scrutiny of the administration’s Middle East policy.

Incoming lawmakers are also expected to push for measures to cool gasoline prices. Energy costs remain a steady part of consumer inflation.

That keeps pressure on the Federal Reserve. Odds remain high for an interest rate hike in December.

The economic calendar on Wednesday includes S&P and ISM data on economic activity. ADP’s private payrolls report will give a look at what has been called a “low hire, low fire” job market.

Several companies report earnings today. They include Arm Holdings, McDonald’s, Qualcomm, Novo Nordisk, and Uber Technologies.

Those reports offer more data on consumer health and demand for AI. The October nonfarm payrolls report is due on Friday.