US Futures Soar
US stock futures extended their gains on Wednesday, with S&P 500 futures up 0.2% and Nasdaq 100 gaining 0.9%, while Dow Jones futures surged 700 points as investors assessed the implications of the Democratic sweep of Congress. Futures initially declined before reversing course and moving into positive territory, reportedly supported by dip-buying. Democrats won control of both the Senate and the House in the midterm elections. While the outcome raises the prospect of tighter regulatory scrutiny, particularly in the AI sector, it is also expected to limit the scope for further tax cuts and government spending. Healthcare and renewable energy stocks were among the biggest gainers. Major tech stocks also recovered from early losses, including Nvidia (1.9%), Apple (0.2%), Microsoft (1.3%), Alphabet (1.3%), Amazon (3.5%) and Meta (2.1%). AMD surged more than 6% after reporting stronger-than-expected earnings and revenue. On the downside, Tesla fell 3.8%, while SpaceX shares lost 3.6%.
Story updates
US stock futures extended their gains on Wednesday, with S&P 500 futures up 0.2% and Nasdaq 100 gaining 0.9%, while Dow Jones futures surged 700 points as investors assessed the implications of the Democratic sweep of Congress. Futures initially declined before reversing course and moving into positive territory, reportedly supported by dip-buying. Democrats won control of both the Senate and the House in the midterm elections. While the outcome raises the prospect of tighter regulatory scrutiny, particularly in the AI sector, it is also expected to limit the scope for further tax cuts and government spending.
Healthcare and renewable energy stocks were among the biggest gainers. Major tech stocks also recovered from early losses, including Nvidia (1.9%), Apple (0.2%), Microsoft (1.3%), Alphabet (1.3%), Amazon (3.5%) and Meta (2.1%). AMD surged more than 6% after reporting stronger-than-expected earnings and revenue. On the downside, Tesla fell 3.8%, while SpaceX shares lost 3.6%.