Democrats are projected to win control of both chambers of Congress, and US stock futures fell. Tonight the market weighs the midterm results and earnings from AMD and Qualcomm.
The Nasdaq Composite rose 0.83% to 25,372.01 on Tuesday, according to Nasdaq. After the close, the midterm vote count began to favor the Democratic Party.
CNBC's Election Desk projects Democrats will win at least 235 House seats, above the 218 needed for control, and at least 51 Senate seats. These are projections, not certified results.
US stock futures fell, with the heaviest pressure on technology shares. Meanwhile, AMD reported results above estimates.
Tonight's Watchlist
| Stock | Movement | What to Watch |
|---|
| AMD | Up 3.65% to $483.90 on Tuesday, up about 7% after hours | First regular session after Q3, with fourth-quarter revenue guidance of about $17 billion |
| ANET | Up 3.52% to $169.91 on Tuesday, up 12% after hours | First regular session after fourth-quarter revenue guidance of $3.9 billion to $4.0 billion |
| CVS | Up 3.28% to $91.41 on Tuesday | Q3 results before the open, with its call at 8 a.m. ET, and a report of a plan to separate its pharmacy business |
| QCOM | Up 1.45% to $164.43 on Tuesday | Fiscal Q4 results after the close, with its call at 1:45 p.m. PT |
Source: Tuesday closes from Nasdaq; after-hours moves from CNBC; AMD and Arista guidance from their SEC releases; CVS schedule from CVS Health's website; Qualcomm schedule from Qualcomm's website.
Tonight's Key Events
The market weighs the midterm results
Beyond Congress, the AP projects Democrat Gina Hinojosa won the Texas governor's race, and Greg Abbott has conceded, according to CNBC. Counting is still under way in several states, including Michigan and Minnesota.
JPMorgan expects a large Democratic win could push the S&P 500 down about 0.5% on Wednesday. Goldman Sachs said a Democratic Congress might limit data center tax incentives, though it sees a national moratorium as unlikely, according to CNBC.
AMD and AI chip stocks
Advanced Micro Devices (AMD) reported Q3 revenue of $13.4 billion, up 45%, with Data Center segment revenue of $8.5 billion, up 97%. Non-GAAP earnings per share were $2.09, up 74%, according to AMD's release.
Revenue and earnings per share were above LSEG estimates of $13.09 billion and $1.95. AMD expects fourth-quarter revenue of about $17 billion, above the $16.2 billion estimate, with a gross margin of about 55%. CEO Lisa Su expects server revenue to double in 2027, according to CNBC.
Arista Networks (ANET) expects fourth-quarter revenue of $3.9 billion to $4.0 billion, according to Arista's release, above the $3.60 billion estimate, according to CNBC.
CVS this morning, Qualcomm after the close
CVS Health (CVS) holds its Q3 call at 8 a.m. ET, according to CVS Health. The Financial Times reported that CVS plans to separate its roughly 9,000 pharmacies into a standalone public company, according to Investing.com. CVS has not confirmed the plan.
Qualcomm (QCOM) reports fiscal Q4 2026 results after the close, with its call at 1:45 p.m. PT, according to Qualcomm.
Pre-Market Pulse 📊
As of 11:24 p.m. ET on Tuesday, S&P 500 futures were down 1.25% at 7,501.50, Nasdaq 100 futures were down 2.26% at 27,666 and Dow futures were down 0.77% at 51,498, according to Investing.com.
In Asia, Japan's Nikkei 225 fell 4.45% to its lowest since May, while South Korea's Kospi rose 2.95%, according to CNBC.
Macro Note 📝
The 10-year Treasury yield fell nearly 5 basis points to 4.902% and the 2-year yield fell 6 basis points to 4.55%, according to CNBC. ISM releases its October services PMI at 10 a.m. ET, according to FinanceCalendar.
Conclusion
Tonight the market weighs projected Democratic control of Congress against AMD's better-than-expected results, while waiting for CVS's report and the services PMI.
The US market opens at 9:30 a.m. ET. Qualcomm's results arrive only after the 4 p.m. ET close, and several congressional races are still being counted.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
What stocks are you watching tonight?
