Traders work at the New York Stock Exchange on November 2, 2026.
New York Stock Exchange
S&P 500 futures fell early Tuesday as investors pondered Apple’s quarterly earnings report and awaited the U.S. midterm elections.
Dow Jones Industrial Average Futures were down 0.46%, while S&P 500 Futures Contracts fell 0.14%. Nasdaq-100 Futures Contracts remained below the flat line, amid pressure on global technology stocks.
Apple Shares fell 2% in extended trading after the consumer technology giant issued disappointing margin guidance and iPad sales in the fiscal fourth quarter missed Street estimates.
In the United States regular. session, the tech-heavy Nasdaq Composite fell by 1.07%, while the S&P500 fell 0.51% as investors continued their rotation out of tech stocks. THE Dow increased by about 214 points, or 0.41%.
Marvell Technology shares fell about 12%, while Lumentum fell 18% after Marvell announced plans to acquire Lumentum in a $115 billion deal. Oracle shares also fell 8% after the company announced plans to sell $10 billion in common stock and $10 billion in bonds to help fund the development of its artificial intelligence.
Heading into Tuesday, investors will turn their attention to the midterm elections, where prediction market traders estimate there is a nearly 75% chance that Democrats will advance to the Senate. A Democratic victory in the House and Senate could trigger a selloff in artificial intelligence stocks, according to JPMorgan.
Even with President Donald Trump in the White House, a Democratic victory in the House or Senate could shape investigations and oversight in Washington — which is critical for sectors like defense, artificial intelligence and health care.
Once the election is over, markets could regain some calm, according to Ryan Detrick, CNBC contributor and chief market strategist at Carson Group. “There is some anxiety leading up to this election,” he told CNBC. “Once you get through it, it’s a big relief and the markets tend to do pretty well.”
However, a total victory for either side could shake up the stock. “If you have a huge red wave or a big blue wave, the markets don’t really like that because there’s too much spending one way and too much power,” Detrick said.
Tuesday will be a busy day for investors, with a host of corporate earnings. Pfizer, Shopify, Eaton And Marathon Oil are among those expected to publish their results before the opening, followed by Advanced microdevices And Super microcomputer in the afternoon.
On the economic front, traders are awaiting the release of the September Job Openings and Labor Turnover Survey, as well as factory order data.
In Asia, markets were mostly lower on Tuesday, driven by technology losses in South Korea and Taiwan. THE Kospi ended down 3.59% at 5,648.79, while the Taiwan Weighted Index also fell 3.59%, closing at 43,307.54. Mainland China’s CSI 300 index closed 0.2% lower at 4,008.87. The only exception was the Australian S&P/ASX 200 index, which gained 0.34% to end at 8,886.8, as well as the Hong Kong index. Hang Seng Indexup 0.37% in its last hour of trading.
Japanese markets are closed for a public holiday.
Correction: An earlier version of this article contained incorrect predictions about Apple’s Q1 guidance.
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