Tonight's U.S. market will focus on the outcome of the midterm elections and earnings from major companies. The Dow rebounded with a mixed performance, the Nasdaq fell, and Apple was down about 3% in after-hours trading.
On the 2nd, the Dow rebounded, closing up $213.67, while the Nasdaq fell 1.07% for its 3rd consecutive decline. The sharp drop in crude oil futures and a shift of funds into defensive stocks were cited as causes.
In corporate news, Oracle's plan to raise funds for massive AI investments and major semiconductor-related acquisition announcements heightened concerns over AI capital spending, triggering an outflow of funds from technology stocks. Among companies reporting earnings, Apple fell about 3% in after-hours trading.
Tonight's focus will be on voting and ballot counting in the U.S. midterm elections and the increasingly active earnings season for major companies. Caution is warranted over short-term volatility surrounding the midterm election results, with attention focused on the balance of power between Democrats and Republicans and whether control will be split.
Economic data due for release include September manufacturing new orders and September JOLTS job openings. DuPont and Pfizer are scheduled to report before the open, followed by Amgen, Super Micro and AMD after the close.