Stock futures gained Tuesday evening as strong results from chipmaker Advanced Micro Devices boosted sentiment and traders largely anticipated Democrats to win the House of Representatives — and possibly squeak out a majority in the Senate — as results of 2026 U.S. midterm elections begin rolling in.
S&P 500 futures traded 0.1% higher, as did Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average were down 50 points, or 0.1%.
AMD had the biggest influence over the market as futures trading began, with its shares surging double digits in post-market action. The company, a key player in the AI trade driving the bull market, reported third-quarter earnings and revenue that blew past analyst expectations, with data center revenue almost doubling from a year ago. Nvidia, Intel and Micron Technology were higher in sympathy.
According to polls and prediction markets, there is near certainty that Democrats will take control of the House, with traders on Kalshi and Polymarket calling for a more than 90% chance of victory in that chamber. Traders are less certain about Senate control, though contracts for that outcome stand at more than 70% for Democrats.
"History tells you in the first few days after election, there's this need to digest what just happened," said Philip Blancato, Osaic chief market strategist. If stocks come under pressure because of the election results, the market will "eventually recover and finish the year higher" in accordance with historical trends, he said.