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U.S. stock futures fell on Wednesday as investors reacted to projections that Democrats could gain control of both chambers of Congress in the 2026 midterm elections.
Concerns are mounting that a Democratic majority could introduce tighter regulations on data centres and AI infrastructure, potentially slowing the expansion plans of major technology companies. AI-linked stocks came under pressure in overnight trading, with Microsoft, Amazon, Nvidia and Alphabet moving lower, while Tesla and SpaceX also declined.
However, AMD shares surged around 8% in after hours trading after the chipmaker delivered better than expected third quarter results, supported by strong demand for AI infrastructure.
CEO Lisa Su delivered an optimistic outlook, expecting server revenue to double year over year in 2027, while data center AI growth is projected to accelerate faster than previously anticipated.
US Treasury yields edged lower today as investors shifted towards safer assets amid a decline in equity futures driven by uncertainty surrounding the midterm election results.
Gold rebounded above $4,000 psychological level. The elections uncertainty could weigh on the US dollar and provide support for gold.
Looking ahead, attention is shifting towards US employment data, particularly October’s Nonfarm Payrolls report due Friday, which could influence expectations for the Federal Reserve’s next interest rate decisions. Before that, investors will monitor the ADP private-sector employment report, expected to show 69,000 new jobs compared with 90,000 in September. Stronger employment figures could reinforce expectations of tighter monetary policy, potentially limiting gold’s recovery.
https://open.spotify.com/episode/45PXeHysrSavoXh1ztqY45?si=IH8FYaxuQDGzgFUP2R1Bbg
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