Stock futures surge as Wall Street awaits US midterm elections

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, the United States, on November 7, 2022.

Brendan McDermid | Reuters

Stock futures were slightly higher on Tuesday night after a winning day for markets as investors looked ahead to the US midterm elections on Tuesday.

Futures tied to the Dow Jones Industrial Average rose 35 points, or 0.1[ads1]1%, as did S&P 500 futures. Nasdaq 100 futures were up 0.32 percent.

Shares of Lyft fell nearly 20% premarket while Take-Two Interactive and Tripadvisor each fell more than 18% after reporting disappointing quarterly results.

The moves come after a day when all major indexes had a second consecutive positive session. The Dow Jones Industrial Average closed up 423.78 points, or 1.31%. Meanwhile, the S&P 500 rose 0.96%, and the Nasdaq Composite rose 0.85%.

Investors await Tuesday’s election results. They will decide which party controls Congress and direct future policies and spending.

Any market reaction will likely depend on whether Republicans take back the House, the Senate, or both.

“The idea that [Republicans are] taking back the house is pretty much baked into the market,” Lori Calvasina, RBC Capital Markets, said on CNBC’s “Fast Money” on Monday. “I’m not saying it won’t be a good thing that we will” not have a few days of to feel good or that it won’t bring any stability, but I think for a big kicker in the S&P they have to take back the Senate as well.”

Wall Street will also be closely watching Thursday’s consumer price index report for the latest data on how much the Federal Reserve’s rate hikes have tamed high inflation. This reading could also signal the central bank’s path forward – another hotter-than-expected report could encourage the Fed to raise interest rates aggressively in December.

Earnings season continues this week. On Tuesday, Lordstown Motors, Lucid Group, Walt Disney and AMC Entertainment all report their latest quarterly results.

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