US stock futures struggled for direction on November 3, 2026, as investors held back from adding risk just hours before voting started in the midterm elections with control of Congress up for grabs.
Midterm Election Anxiety Weighs on US Markets
Stock futures showed muted movement while traders navigated political uncertainty alongside geopolitical crosswinds. S&P 500 contracts remained little changed, while Nasdaq 100 futures climbed 0.5% to signal a mild rebound after the index entered a technical correction. Brent crude traded below $106 a barrel as traders weighed prospects for a US-Iran peace deal, and Apple Inc. slid 4.4% in early trading on tighter margins.
Treasuries held steady ahead of the latest job openings report, marking the start of a busy week for US employment data. Meanwhile, the dollar held its ground and gold resumed a downward trend to trade near $3,900 an ounce. The election added an extra layer of risk for investors already dealing with a sharp pullback in the once-dominant artificial intelligence trade.
“Investors are going into the midterms very cautious,” said Alexandre Drabowicz, chief investment officer at Indosuez Wealth Management. “Historically, the S&P typically resumes its climb afterward, and fundamentals remain very, very solid. We need to clear the event.”
Alexandre Drabowicz, chief investment officer at Indosuez Wealth Management
Global Markets Shift as AI Sector Faces Scrutiny
International exchanges reflected the cautious sentiment. The Stoxx 600 fell 0.3%, following US losses from the previous session. Across Asia, MSCI Inc.’s regional index slipped 1.2%, and South Korea’s tech-heavy Kospi Index dropped more than 3%.
The broader pullback in technology shares drew warnings from major asset managers as tech heavyweights returned to the bond market to fund artificial intelligence spending. A gauge of US-listed chipmakers hit a six-month low after tumbling nearly 30% from its June peak, though an exchange-traded fund tracking the sector bounced 2% in premarket trading.
“At some point in time, there’s going to be a downturn, and then things are going to break,” Pacific Investment Management Co.’s Chief Executive Officer Emmanuel Roman said at the 2026 Global Financial Leaders’ Investment Summit in Hong Kong.
Emmanuel Roman, Pacific Investment Management Co.’s Chief Executive Officer
“We’ve had euphoric phases, reality-check phases and phases of doubt, and this is a phase of doubt,” said Indosuez’s Drabowicz. “The market is worried about capex and deteriorating free cash flows. Our view is that in the coming quarters we’ll see capex monetization and a return to free cash flow.”
Alexandre Drabowicz, chief investment officer at Indosuez Wealth Management
Apple Reports Mixed Outlook While Chip Merger Secures Nvidia Backing
Corporate updates added to the day’s complex picture. Apple Inc. reported a mixed outlook in its first quarterly report under Chief Executive Officer John Ternus, where narrower profit margins overshadowed an upbeat sales forecast. Meanwhile, the heads of Marvell Technology Inc. and Lumentum Holdings Inc. secured the blessing of Nvidia Corp.’s Jensen Huang before agreeing to their nearly $103 billion tie-up.
Earlier coverage: Investors Await Apple Quarterly Earnings Amid Tech Sector Volatility
