U.S. stock futures point to a broadly lower open on Wednesday as Wall Street digests early midterm results showing key Democratic Senate victories and a shifting geopolitical landscape. The article's opening section introduces the Polymarket prediction platform, built on Polygon (CRYPTO: POL), but the text is cut off.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
S&P 500midterm electionsDemocratic PartyWall Street
Open a keyword to see other news on the same topic.
Related tickers and likely impact
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 754.41 |
| Change that session | +0.31% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- The Midterm Trade is Waiting For The Senate Count
Wall Street should know by Wednesday morning how many Democrats will run the House, but it may not learn how many senators will back the deregulation agenda until around Thanksgiving.
- Trump's 'Mr. Veto' Threat Hangs Over Wall Street: Tech Sell-Off Is 'More Than Just A Correction,' Analyst Says
The Kobeissi Letter said the tech stock sell-off is "more than just a correction," arguing investors are pricing in two years of political gridlock. Traders on Polymarket give Democrats a 95% chance of controlling the House and 77% for the Senate, while Trump has said he would become "Mr. Veto" if Republicans lost the House but also that he would eventually make deals. Fidelity data shows the S&P 500 has posted gains in the 12 months after midterm elections about 95% of the time since 1938. The S&P 500 is up 9.96% this year, while the Nasdaq has shed nearly $1 trillion in a week and about $2 trillion over the past month.
- Ed Yardeni's Midterms Prediction: Democratic Sweep Could Be a 'Cold Shower' for Stock Market
Veteran market strategist Ed Yardeni warns that a Democratic sweep in Tuesday's midterm elections could deliver a 'very cold shower' for stocks, even with Republicans retaining the White House. The article notes that Wall Street usually welcomes divided government, which makes the warning notable.
- Wall Street braces for Democratic gains as 2026 midterm election nears
- What a Democratic Congress Would Mean for Wall Street
The midterm elections are expected to put some industries in the crosshairs. The article outlines what to expect for sectors including AI and healthcare.
- History Shows a Worst-Case Scenario Unfolding for Stocks on Election Night, as Well as a Silver Lining That Isn't Getting Enough Attention
The article cites Retirement Researcher's analysis of S&P 500 returns from 1926 to 2023, showing average annual returns of 16.63% under a split Congress with a Democratic president, 14.51% under unified Republican control, 14.01% under unified Democratic control, and 7.33% under a split Congress with a Republican president. If prediction markets are correct, the last scenario would take shape over the next two years. UBS assigns a 50% probability to Democrats winning both chambers, while prediction markets put Democratic control of the House at 94% and the Senate at 77%. The article notes that 7.33% still beats average returns of Treasury bonds, commodities, real estate and certificates of deposit. Since 1950, the S&P 500 has rallied the following year every time a party lost both houses of Congress, by an average of 21.3%.
Related markets
Latest news
- Vietnam's economy stays stable and positive amid an unpredictable global backdrop
Finance Minister Ngô Văn Tuấn told the regular Government meeting that Vietnam's macroeconomy remains stable and socio-economic conditions continued to improve in October, even as global conditions stay volatile, notably the Middle East conflict that pushed world oil prices up 3-4.2% in October from September. The IMF raised its 2026 growth forecast for Vietnam from 7.1% to 8.4%, and R&I included Vietnam in its investment-grade category for the first time. Industrial production rose 12.4% over 10 months, and exports reached US$499.24 billion (up 27.5%), with total trade over US$1,010 billion, passing US$1,000 billion for the first time. Registered FDI reached US$54.85 billion, up 74%. The report also flags difficulties, including no breakthrough in production and business activity, and pressure on financial, monetary and credit markets.
- Banks' workforce diverges: layoffs and an operating-model overhaul
Separate financial statements for the first nine months of 2026 from 27 banks show divergent workforce trends: 14 banks cut about 7,340 staff from end-2025, while 13 added about 3,921. Sacombank was the focal point of the cuts, with 12,553 staff at 30 September 2026, down 4,263, amid restructuring and a name change from June. KienlongBank shed 1,078 staff in a single quarter, and Eximbank fell by 783 from the start of the year. Among state-owned banks, BIDV and VietinBank reduced headcount yet continued recruiting, while BIDV's staff costs rose 5.6%. On the other side, ABBank added 247 staff and ACB added 236.
- Nguyễn Bạch Điệp joins Asia's 100 Most Powerful Women; FPT Retail climbs Fortune rankings
FPT Retail ranked 170th on Fortune's 2026 Southeast Asia 500 by revenue, up 29 places from 2025 and 51 places since 2024, its third consecutive year of improvement. Fortune recorded the company's revenue at about US$1.96 billion, up 22.7%, driven by technology retail and healthcare, where the Long Châu pharmacy chain contributed nearly 70% of revenue in 2025. On 3 November, Fortune also named FPT Retail Chairwoman Nguyễn Bạch Điệp to its Most Powerful Women Asia 2026 list, one of 24 first-time entrants. The honour citation highlights her role in developing Long Châu.
- Apple (AAPL) Stock Faces Q4 Earnings Margin Squeeze
Apple shares slipped about 1.9% to around US$331.90, even though the company reported record September-quarter revenue of about US$114.5 billion, up roughly 12%, net income of US$30.7 billion and basic EPS of US$2.11, up about 14%. Record Services revenue of US$31.6 billion and double-digit iPhone and Mac growth stood out, while iPad and wearables softened, Services growth guidance slowed, and higher memory costs pressured margins. With a P/E of 36.6x, the article says the valuation already reflects substantial future success. Bearish analysts argue that higher component and compute costs for AI features could weigh on profitability over time.
- Breaking: State Bank of Vietnam plans long-term liquidity injection for banks
The State Bank of Vietnam plans to inject nearly 48,800 billion dong into the banking system through a 182-day USD/VND swap, with a maximum size of 2 billion USD and a value date of November 9, 2026. Credit institutions sell USD to the SBV to receive VND and commit to repurchase at maturity, at a spot buying rate of 24,399 dong per USD and a forward selling rate of 24,704 dong per USD. This tenor is much longer than the 21-day, 14-day and 7-day swaps conducted in 2026, while the 2 billion USD limit remains unchanged. This time, participation conditions are more specific, applying only to institutions with medium- and long-term foreign loans or international bonds outstanding with remaining maturities of 12 months or more. The move comes alongside a request to cut deposit and lending rates and may help banks be more proactive in managing their VND funding.
- Breaking: State Bank of Vietnam wants to inject longer-term liquidity into the banking system via FX swap channel
The State Bank of Vietnam (SBV) plans to supply nearly 48,800 billion VND to the banking system through a 182-day USD/VND swap, capped at 2 billion USD. For the Nov. 6 intervention, the spot buying rate is set at 24,399 VND/USD and the forward selling rate at 24,704 VND/USD, with a value date of Nov. 9, 2026. Credit institutions sell USD to the SBV for VND and commit to buy back the currency at maturity, and only those with medium- and long-term foreign loans or international bonds with at least 12 months remaining are eligible. The tenor is much longer than the 7-day swap in September, which helps banks plan VND funding more proactively into year-end and early next year. The move is part of broader SBV measures to support liquidity and lower funding costs, including its earlier request that banks cut deposit and lending rates.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.