Oil prices also edged higher as markets awaited Washington’s next move in the war in Iran.

  • AMD surged more than 7% in premarket trading after beating third-quarter estimates and issuing a stronger-than-expected sales forecast.
  • PLTR fell amid concerns over potential regulatory scrutiny of AI infrastructure.
  • SpaceX and Trump Media also declined after Democrats gained ground in the midterm elections.

U.S. stock futures were in the green early on Wednesday as investors assessed the impact of Democrats gaining control of Congress and securing many important gubernatorial victories in the 2026 midterm elections.

The Democrats’ takeover of the Senate marks a major setback for Republicans in Washington and sets the stage for greater congressional opposition to President Donald Trump.

As of 3:15 a.m. ET, S&P 500 futures were up 0.18%, while Nasdaq-100 futures were 0.09% higher. Dow Jones Industrial Average futures gained 0.5%. All three major index futures had recovered from their session lows.

In the previous session on Tuesday, U.S. stocks ended mostly higher, with technology and semiconductor shares leading a recovery. The S&P 500 gained 0.4%, while the Nasdaq-100 advanced 0.7%. The Dow Jones Industrial Average slipped 0.4%, while the small-cap Russell 2000 added 0.2%.

Oil Gains As Markets Await Next Move On Iran War

Oil prices rose on Wednesday in a volatile trading session as investors awaited Washington’s next move in the war with Iran, while Democrats captured control of the U.S. Congress from Trump’s Republicans in the midterm elections.

Brent crude futures rose 0.35%, to $103.95 a barrel at 3.15 a.m. ET. US West Texas Intermediate (WTI) crude futures gained 0.02%, to $96, reversing earlier losses.

In the previous session, Brent settled at its lowest level in nearly four weeks as traders weighed prospects of talks to end the wars in Ukraine and Iran.

The Tech Radar

Palantir Technologies (PLTR): Shares fell 2.3% in early premarket trading on Wednesday, extending their decline despite the company delivering upbeat quarterly results on Monday. The stock came under pressure alongside the broader market amid concerns that a potential Democratic majority in Congress could bring tighter regulations for data centers, threatening to constrain the expansion of AI infrastructure. Palantir also faces broader investor concerns about whether record AI spending can be sustained and whether the sector's rapid sales growth and valuation gains can continue.

Advanced Micro Devices (AMD): Strong quarterly results and an upbeat sales outlook sent AMD shares up more than 7% in early premarket trading on Wednesday. The chipmaker forecast fourth-quarter sales above Wall Street estimates and said it expects revenue to grow 80% in 2027, driven by robust demand for data-center chips. AMD’s December-quarter sales forecast also topped Intel’s (INTC) outlook issued last week. If both companies meet their targets, AMD would outsell Intel for the first time in their history.

Navitas Semiconductor (NVTS): The power chip maker reported better-than-expected third-quarter results on Tuesday and issued a fourth-quarter sales forecast that also topped expectations. The company expects mobile and low-end consumer revenue to nearly disappear from its mix by year-end as it sharpens its focus on high-power applications. AI infrastructure, including data centers and the energy grid systems that support them, is expected to account for more than 40% of total revenue. Navitas shares were up 4% in early premarket trading on Wednesday.

Super Micro Computer (SMCI): Shares rose more than 6% in early premarket trading on Wednesday, a day after the company reported quarterly revenue of $19.9 billion, up 298% from $5 billion a year earlier. The figure beat both its earlier estimate and Wall Street expectations, driven by strong demand for AI-powered servers.

Trending Stocks

SpaceX (SPCX): Democratic gains in the midterm elections have raised concerns among investors about potentially tighter congressional scrutiny of SpaceX, its government contracts and plans to expand its data-center operations. Questions over Elon Musk’s high-profile involvement in the elections and the possible implications for the company’s government business, AI subsidies and regulatory outlook also weighed on sentiment. SpaceX shares fell nearly 4.5% in early premarket trading on Wednesday.

Trump Media & Technology Group (DJT): Shares fell more than 7% in the premarket session as Democrats made gains in the midterm elections, dealing a political setback to President Donald Trump. Investors are concerned that a shift in control of Congress could lead to political gridlock and affect the administration’s agenda. Retail sentiment on Stocktwits was ‘extremely bearish’, with much of the discussion focusing on how the Iran war may have contributed to Republican losses and what the election results could mean for the company.

Capricor Therapeutics (CAPR): The stock was in focus in early premarket trading on Wednesday, down 0.12%, after gaining in the previous session. A public letter from clinical investigators had drawn attention to the company ahead of a key FDA decision on its experimental therapy, Deramiocel. The FDA is expected to decide by November 22 whether to approve the drug for treating Duchenne muscular dystrophy (DMD), a rare genetic disorder that causes progressive muscle weakness, primarily in boys.

Tesla (TSLA) and Novo Nordisk A/S (NVO) were among the other trending tickers on Stocktwits at the time of writing.

What Else To Watch On Wednesday 

A busy earnings calendar awaits on Wednesday, with Circle (CRCL), McDonald’s (MCD), Arm Holdings (ARM), Qualcomm (QCOM) and Uber Technologies (UBER) scheduled to report results.

CVS Health (CVS) will also be in focus after many reports said the pharmacy chain was planning to split into two publicly traded companies by 2028.

On the economic calendar, investors will be watching the October ADP employment report, S&P Global Services and Composite PMIs, and the ISM Services PMI.

SPY, QQQ, DIA: Retail Sentiment

Retail sentiment toward the SPDR S&P 500 ETF (SPY), which tracks the S&P 500, and  Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, remained ‘bearish,’ unchanged over the past 24 hours. Meanwhile, the sentiment toward  SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘neutral’ at the time of writing. 

Also read: Midterm Election Impact: SPCX, ASTS, RKLB Stocks Sink As Musk’s Political Ties Put Tesla-SpaceX Merger Under Fresh Scrutiny

For updates and corrections, email newsroom[at]stocktwits[dot]com<