US stock futures traded mixed, with Dow Jones Industrial Average down 400 points before the opening bell on Tuesday, November 3 as oil prices rose and Apple shares tumbled ahead of US midterm elections.
Dow Jones Industrial Average futures slipped 0.89% to 51,660, S&P futures dipped 0.19% to 7,559, while Nasdaq 100 futures gained 0.08% to 28,151 by 6:04 pm IST.
The mixed trend in stock futures come as oil prices inched higher as tensions in the Middle East simmered. Reports emerged stating that the United States carried out military strikes on Iran's Qeshm Island, raising supply disruption fears. Brent crude surged 1.7% to $106.54 per barrel, while West Texas Intermediate futures rose 2.2% to $98.53 per barrel.
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Meanwhile, Apple shares dropped 4% after the tech giant declared disappointing margin forecast and iPad sales in the fourth quarter of the fiscal, missing market estimates.
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In the previous session too, Wall Street traded mixed with Nasdaq Composite sliding 1.07%, while the S&P 500 dipped 0.51% as pressure in tech stocks continued. The Dow jumped around 214 points, or 0.41%.
Today's trading session will bring the attention of investors towards the midterm elections, where market traders see a nearly 75% chances of Democrats winning the Senate. According to JP Morgan, a victory of the House and Senate by Democrats could result in sell-off for artificial intelligence stocks. JPMorgan says that a Democratic sweep can bring higher policy and regulatory uncertainty, which includes potential implications for the artificial intelligence sector, and that this may weigh on sentiment, even if the election outcome does not immediately result into major legislative changes.
In addition to elections, investors will also focus on a day packed with corporate earnings. Pfizer, Shopify, Eaton and Marathon Petroleum, Advanced Micro Devices and Super Micro Computer are among the companies in focus today, In terms of eceonomy, traders are looking forward for the declaration of the Job Openings and Labor Turnover Survey for September, as well as factory orders data.
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