Traders work at the New York Stock Exchange on Nov. 2, 2026.
NYSE
S&P 500 futures traded lower early on Tuesday as investors mulled over Apple’s quarterly earnings report and awaited U.S. midterm elections.
Dow Jones Industrial Average futures were down 0.46%, while S&P 500 futures fell 0.14%. Nasdaq-100 futures hovered below the flatline, amid pressure on global technology stocks.
Apple shares were down 2% in extended trading after the consumer tech giant rolled out a disappointing margin forecast and iPad sales in the fiscal fourth quarter missed the Street’s estimates.
In the regular U.S. session, the tech-heavy Nasdaq Composite dipped 1.07%, while the S&P 500 fell 0.51% as investors continued their rotation out of tech stocks. The Dow rose about 214 points, or 0.41%.
Marvell Technology shares fell about 12%, while Lumentum dropped 18% after Marvell announced it would acquire Lumentum in a $115 billion deal. Oracle shares also fell 8% after the company said it plans to sell $10 billion in common stock and $10 billion in bonds to help finance its artificial intelligence build-out.
As Tuesday approaches, investors will turn their attention toward the midterm elections, where prediction market traders see a nearly 75% likelihood of Democrats taking the Senate. A sweep of the House and Senate by Democrats could spark a sell-off for artificial intelligence stocks, according to JPMorgan.
Even with President Donald Trump in the White House, a victory by Democrats in either the House or Senate could shape investigations and oversight in Washington — which is key for industries like defense, artificial intelligence and healthcare.
Once the elections are over, markets may find some calm, according to Ryan Detrick, CNBC contributor and chief market strategist at Carson Group. “There’s some anxiousness before these elections,” he told CNBC. “Once you are through it, it’s a big relief and markets tend to do pretty well.”
However, an outright sweep by either party could shake up stocks. “If you have a huge red wave or a big blue wave, markets actually kind of don’t like that as much because you have too much spending one way and too much power,” Detrick said.
Tuesday will be a busy day for investors packed with a raft of corporate earnings. Pfizer, Shopify, Eaton and Marathon Petroleum are among those scheduled to release results before the open, followed by Advanced Micro Devices and Super Micro Computer in the afternoon.
On the economic front, traders await the release of the Job Openings and Labor Turnover Survey for September, as well as factory orders data.
Over in Asia, markets were mostly down on Tuesday, led by tech losses in South Korea and Taiwan. The Kospi ended 3.59% down at 5,648.79, while the Taiwan Weighted Index fell 3.59% as well, closing at 43,307.54. Mainland China’s CSI 300 closed 0.2% down at 4,008.87. The only exception was Australia’s S&P/ASX 200, which gained 0.34% to end at 8,886.8, as well as Hong Kong’s Hang Seng Index, which was 0.37% up in its final hour of trade.
Japan’s markets are closed for a public holiday.
Correction: A prior version of this story had an incorrect forecast for Apple’s first-quarter guidance.