Dow futures surge 900 points after decisive win by Democrats in U.S. midterms: Live updates

Here are some of the names moving before the opening bell:

• Trump Media & Technology Group — Shares of President Donald Trump's social media company and tech company were down 11% after a decisive victory by Democrats in the U.S. midterm elections Tuesday night. Trump owns 41% of the company, which owns social media platform Truth Social. Democrats taking control of Congress adds a check on the president's policies.
• Neocloud stocks — So-called neocloud companies moved lower after the election, with CoreWeave dropping 8% and Iren and Nebius both shedding 6%. The Democratic wins in Texas and rejection of data centers in ballots across the country is expected to create hurdles for data center plays.
• McDonald's — The fast-food restaurant chain reported mixed quarterly results, sending shares 2% higher. Adjusted earnings came in at $3.57 per share, topping the $3.38 expected from analysts polled by LSEG. However, its revenue of $7.16 billion fell short of the $7.29 billion consensus estimate.

To see the full list of movers, click here.

— Michelle Fox, Paulina Likos

SUNRISE, FLORIDA - SEPTEMBER 25: Vincent Pinzone of Life Alert speaks with people about job opportunities during the Mega JobNewsUSA South Florida Job Fair at Amerant Bank Arena on September 25, 2026, in Sunrise, Florida. Hiring managers and recruiters from more than 50 companies attended the job fair to recruit workers for opportunities across a range of companies. (Photo by Joe Raedle/Getty Images)

Joe Raedle | Getty Images News | Getty Images

Private-sector job growth held steady in October, with gains spread across sectors, as the labor market showed fresh signs of stabilization, ADP reported Wednesday.

The payrolls processing firm said companies added 86,000 jobs during the month, the same as the downwardly revised total for September and slightly ahead of the Dow Jones estimate for 75,000.

Read the full story here.

— Jeff Cox

Nasdaq-100 futures in past months

Gold rose on Tuesday, as safe-haven demand lingered amid geopolitical uncertainty, while silver also hovered near all-time highs.

Ravitaliy | Istock | Getty Images

Precious metals saw strong gains on Wednesday morning as the Democrats scored a clean sweep in the midterm elections, flipping both the House and Senate.

Spot gold was 2.93% higher at $4,043.45 an ounce by 5:05 a.m. ET, while spot silver jumped 4.44% to trade at $51.98 per ounce, as traders reacted to the U.S. midterm election results.

Front-month gold futures added 2.9% to trade at $4,054.60, while silver futures were up 4.64% at $52.09.

Other metals seeing notable gains on Wednesday morning included platinum, which jumped 2.47% to trade at $1,465.30, and palladium, which was 5.93% higher at $989.

—Chloe Taylor

Renewables and healthcare shares are among the biggest premarket movers, trading higher after Democrats took control of the House and Senate. Meanwhile, neocloud stocks, as well as prison operators and defense names, lag the broader market.

U.S. renewable energy stocks climbed on expectations of a policy shift. First Solar advanced 8.5%, Bloom Energy gained 5.8%, Plug Power rose 10.6%, Sunrun notched an 8.64% gain, FuelCell Energy was up 6.24% and SolarEdge Technologies moved 4% higher.

Healthcare stocks also rose. UnitedHealth gained 1.8%, Molina Healthcare added 6.3%, Centene climbed 5% and HCA Healthcare advanced 7.16%.

Neocloud stocks, in contrast, turned lower, with CoreWeave down 3.6% and Nebius off 1%. Shares of prison operators and defense names also fell.

—Hugh Leask

A Vestas wind turbine photographed in April 2022.

Karol Serewis/Sopa Images | Lightrocket | Getty Images

European renewable energy stocks moved sharply higher in early trade as prospects of a decisive Democrat victory in the U.S. midterm elections sparked hopes of a U.S. policy shift on renewables.

Copenhagen-listed Oersted surged 7.3% while Danish peer Vestas advanced 5.2%. The two companies have grappled with uncertainty in their U.S. businesses in recent years, partly as a result of fierce opposition from the Trump administration toward the renewable energy sector.

SMA Solar shares were up 5.5% and Nordex shares added 4.8%.

Oersted.

The pan-European Stoxx 600 added 0.44% in early trading, as the continent's stocks and major bourses moved higher on the Democrats' clean sweep of the U.S. midterms.

Banks advanced 1.83%, leading gains, with basic resources up 1.71% and utilities rising 0.68%. Food and beverage stocks lost 0.57%, and industrial goods fell 0.37%.

The Italian FTSE MIB was up 0.88%, leading regional bourses. The U.K.'s FTSE 100 added 0.22%, while the French CAC 40 rose 0.24% and Germany's DAX gained 0.28%.

Novo posted quarterly earnings ahead of expectations early Wednesday as sales of its Wegovy pill blew past estimates amid continued GLP-1 volume growth globally, sending shares up as much as 6% in early trading.

The company updated its outlook to now see adjusted revenue and operating profit growth between negative 2% and 2% at constant exchange rates. It previously saw full-year sales and operating profits, which it hiked in August, at negative 6% to flat for both metrics.

Sales in the third quarter came in at 79.2 billion Danish kroner ($11.9 billion), up 4% year-on-year at constant exchange rates and ahead of FactSet estimates of 73.6 billion kroner. Adjusted operating profit (EBIT) was 31.7 billion kroner, compared with the expected 28.6 billion kroner.

It comes as the Danish weight-loss drug maker is looking to regain momentum following a tumultuous year in which it fell behind rival Eli Lilly.

Read more here.

— Elsa Ohlen

Asia-Pacific markets closed mixed Wednesday, as investors assessed a projected Democratic takeover of the U.S. Senate and House, while President Donald Trump appeared to not challenge the results.

"We'll work with the Democrats, and we'll get along very well with them," Trump told the Wall Street Journal.

South Korea's Kospi rose 0.62% to end at 5,683.8, while the small-cap, tech-focused Kosdaq added 1.5% to 714.95 in choppy trading.

Japan's Nikkei 225 pared some losses to close 1.42% lower at 62,188.63, and the broad-based Topix declined 0.89% to 3,895.38.

Mainland China's CSI 300 gained 2.31% to 4,101.34, while Hong Kong's Hang Seng Index was 1.43% higher in its last hour of trade.

Australia's S&P/ASX 200 fell 0.59% to 8,834.5.

— Lee Ying Shan, Lim Hui Jie

The dollar and other major currencies were in a holding pattern on Monday as investors turned their attention to this week's US midterm elections, which could shift the balance of power in Congress and control over the federal purse strings.

Sheldon Cooper | Lightrocket | Getty Images

The dollar moved lower against most major currencies as the Democrats took control of Congress after the U.S. midterm elections.

The euro was last seen 0.39% higher against the dollar at $1.1235, while the British pound also strengthened against the greenback, rising 0.48% to $1.3476.

Dollar Index.

The dollar index, which tracks the greenback's strength against a basket of six major currencies, was down 0.39% at $101.32.

—Hugh Leask

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on Aug. 24, 2026 in New York City.

Angela Weiss | AFP | Getty Images

Treasury yields moved lower on Wednesday as investors sought shelter from a sell-off in equity futures sparked by potential big victories from Democrats in the U.S. midterm elections.

The benchmark 10-year Treasury note yield was last seen 1 basis point lower at 4.9311%. The 30-year bond yield slipped 1 basis point to 5.3136%, and the shorter-term 2-year note yield pulled back 1 basis point to 4.6017%.

European stock markets are set to open negative as investors respond to overnight projections of a major Democratic victory in the U.S. midterms.

The Democrats are projected to win both chambers of Congress, according to The Associated Press.

Stoxx 50 futures were lower by 0.35% ahead of Wednesday's market open.

Futures tied to the U.K.'s FTSE 100 were 0.64% lower, with Germany's DAX off by 0.46%. France's CAC 40 is set to start the session 0.28% lower, while Italy's FTSE MIB is down 0.21%.

— Hugh Leask

Asian semiconductor stocks tumbled Wednesday as Democrats are projected to win both the House and the Senate in the U.S. midterm elections.

That has stoked worries over curbs on AI infrastructure buildout at a time when AI-linked stocks have been declining on concerns about weaker spending.

Japan's Softbank Group plunged over 8%, while chipmaking equipment company Disco fell 10.19%. Advantest shed over 8% and Renesas Electronics declined 7.64%. Tokyo Electron was down 7.04%.

South Korean chip heavyweights also came under pressure, with SK Hynix dropping 5.08% and Samsung Electronics declining 3.87%. Seoul Semiconductor shed 4.37%.

Taiwanese chipmaking giant TSMC slipped 1.09%.

— Lee Ying Shan

Shares of Trump Media & Technology declined more than 7% in overnight trading on Robinhood as the 2026 midterm elections appear poised to conclude with a blue wave.

The stock moved lower after CNBC's Election Desk projected that Democrats are going to win the House. The party was also on track to take Senate control from Republicans.

President Donald Trump said in a Truth Social post late Tuesday, "I wasn't on the Ballot and if I was, we would have won IN A LANDSLIDE!"

— Sean Conlon

The Nikkei 225 Stock Average displayed inside the Kabuto One building in Tokyo, Japan, on Monday, Oct. 26, 2026.

Kiyoshi Ota | Bloomberg | Getty Images

Japan's Nikkei 225 plunged more than 4% on Wednesday, leading losses across Asia-Pacific markets as renewed jitters over artificial intelligence stocks weighed on investor sentiment amid uncertainty surrounding the U.S. midterm elections.

The benchmark declined 4.45% to its lowest since May. Technology and energy stocks led declines in the benchmark, according to data from LSEG, while the broader Topix index tumbled more than 3%.

The sell-off came as investors weighed the prospect of tighter restrictions on data-center development under a potential Democratic-controlled Congress, adding to concerns over the outlook for AI-related spending.

— Lee Ying Shan

Treasury yields fell as investors sought shelter from a sell-off in equity futures sparked by potential big victories from Democrats in the U.S. midterm elections.

The benchmark 10-year Treasury note yield dropped nearly 5 basis points to 4.902%. The 30-year bond yield slid 5.29%, and the shorter-term 2-year note yield pulled back 6 basis points to 4.55%. Read more.

US10Y, 1-day

Nikolas Kokovlis | Nurphoto | Getty Images

Shares of SpaceX fell more than 6% on Robinhood overnight trading as Democratic candidate Gina Hinojosa continued her lead over Republican incumbent Greg Abbott in the Texas gubernatorial race.

"Let's watch SpaceX. Let's watch Tesla. This is Elon Musk-land now. There are a lot of California companies that moved to Texas, thinking, 'All right, we're going to get out of this blue state and go somewhere safe,' and now it's proven that it isn't," Jay Woods, Freedom Capital Markets' chief market strategist, said in an interview with CNBC.

"You want to watch a lot of these Texas companies that moved there," he stressed.

Musk said that he was going to move the headquarters of both companies to Texas from California back in 2024. Tesla shares were down more than 4% on Robinhood.

— Sean Conlon

Investors were focusing on the results of the Texas gubernatorial race for clues about the AI trade because the state represents an outsized portion of data center capacity. Democratic candidate Gina Hinojosa has an early lead over Republican incumbent Greg Abbott. Hinojosa is calling for an immediate moratorium on data centers in the state and an end any tax incentives for the build-out.

"The one thing that could really end up moving stuff though would be if Abbott were to lose Texas," said Scott Ladner, chief investment officer of Horizon Investments. "Because there is a legitimate question about, where do you build these data centers?"

"Texas is a fertile ground for that. And if he were to lose, I think that fertile ground is largely barren. So, that's going to be a challenge. And so the AI trade — at least for next couple days — does hinge on does Abbott win or not," Ladner added.

Texas represents about 27% of U.S. data center gigawatts, estimates Wells Fargo.

— John Melloy and Sarah Min

People vote at a polling location on Election Day during the midterm elections in New York City on November 3, 2026.

Timothy A. Clary | Afp | Getty Images

Any big surprises out of the 2026 midterm elections could mean buying opportunities for investors, according to Angelo Kourkafas, senior strategist at Edward Jones.

"The results could act as a clearing event removing some uncertainty, though developments around the AI theme and geopolitics are the primary forces driving markets heading into the final two months of the year," he said.

However, he added: "If we do see election-driven volatility it may present an opportunity for long-term investors to lean into it."

— Sean Conlon

HSBC said on Wednesday it had issued $4.25 billion in senior unsecured debt in two tranches, including $1.75 billion in notes due in 2032 at 5.819% fixed-rate/floating-rate and another $2.5 billion in notes maturing in 2037 at 6.262%.

Europe's largest bank, which plans to list the securities on the New York Stock Exchange, did not specify how the funds raised would be deployed.

— Lee Ying Shan

Cboe Volatility Index (VIX) futures moved higher on Tuesday evening as U.S. equity futures came under pressure amid results from the midterm elections.

Futures tied to the VIX, otherwise referred to as Wall Street's "fear gauge," were last seen trading at 20.90.

A move above 20 tends to be a key level signaling heightened angst among investors in the market.

— Sean Conlon

Investors are on edge as polls across the U.S. begin closing in an election that could bring gridlock to government. But if history is any indication, they may have little to worry about.

A CNBC analysis of S&P 500 returns after elections from 1980 through 2024 shows the benchmark rose an average of 0.2% one day after the election and 1.1% in the month following. One year out, the benchmark averages a 13.8% return and rose in 91% of cases. That's including general elections.

Looking at just post-midterm returns, the record is even stronger. The S&P 500 has risen after each of the last 11 midterm elections between 1982 and 2022. One year out, the index returns 13.7% on average.

Read the full story here.

— Deena Zaidi and Nick Wells

The Invesco Solar ETF (TAN) rose by 1.3% in after hours trading on Tuesday, extending gains from the regular session when the ETF rallied 3% as traders bet on stocks most likely to benefit from Democrat leadership.

Options trading in solar companies surged Tuesday, following a five-month selloff for the group. Volume in the Invesco Solar ETF (TAN) surged to 40 times higher than usual, according to Cboe LiveVol data. The fund, which typically trades fewer than 500 contracts a day the past month, traded more than 20,000 contracts by midday, and 99% of them were calls.

TAN, 1-day

SMH, 1-day

Asia-Pacific markets started the trading day mixed.

South Korea's Kospi jumped 2.95%, while the small-cap Kosdaq added 1.85%.

Japan's Nikkei 225 opened flat, while the Topix added 0.43%.

Australia's S&P/ASX 200 was down 0.45%.

— Lee Ying Shan

CVS Health Corp. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, July 28, 2025.

Michael Nagle | Bloomberg | Getty Images

Shares of CVS Health advanced in extended trading on the back of a report in The Wall Street Journal that the company will separate its retail pharmacy business.

The split will turn CVS into two separate companies, people familiar with the matter told the Journal. Both entities will be publicly traded, with the division expected to take place in the first half of 2028.

CVS Health in the past day

Shares of CVS were last up around 1% in after hours.

— Darla Mercado

Asia-Pacific markets were set for a mixed open Wednesday, as investors assessed a rebound in Wall Street technology stocks while awaiting the results of the U.S. midterm elections.

Futures for Japan's Nikkei 225 in Chicago were at 63,410, while in Osaka they were last at 63,090 compared with the index's previous close of 63,081.86.

Futures for Hong Kong's Hang Seng index last traded at 23,400 compared with the index's last close of 23,525.97.

Australia's S&P/ASX 200 was down 0.5% in early trading.

— Lee Ying Shan

Lisa Su, chair and chief executive officer of Advanced Micro Devices Inc. (AMD), speaks during the company's Gamers Day event in Seoul, South Korea, on Wednesday, Oct. 7, 2026.

SeongJoon Cho | Bloomberg | Getty Images

A slate of stocks moved sharply in extended trading, largely driven by the latest earnings reports:

• Advanced Micro Devices — The chipmaker jumped 7% after reporting stronger-than-expected third-quarter earnings. Adjusted earnings of $2.09 per share topped estimates for $1.95, according to analysts polled by LSEG. Revenue forecasts for the current quarter also came in above estimates
• Super Micro Computer — Shares of the server company jumped more than 9% after Super Micro earnings per share and revenue beat Wall Street estimates. For fiscal year 2027, the company expects net sales to range between $72 billion and $82 billion, above the LSEG consensus for $69.17 billion.
• Arista Networks — The cloud networking company gained 12% after current-quarter guidance topped estimates. Arista sees fourth-quarter earnings of $1.26 to $1.30 per share on revenue of $3.9 billion to $4.0 billion. Analysts surveyed by LSEG were looking for $1.15 per share and $3.60 billion.

Read more about Tuesday's movers in extended trading here.

— Darla Mercado

Futures tied to the S&P 500 and Nasdaq-100 opened higher on Tuesday evening.

S&P 500 futures rose 0.2%, while Nasdaq-100 futures gained 0.5%. However, Dow Jones Industrial Average futures lost 60 points, or 0.1%.

— Sean Conlon