U.S. stock futures traded lower early on Tuesday, November 2, 2026, as investors parsed a disappointing quarterly earnings report from Apple alongside upcoming U.S. midterm elections, CNBC reported. S&P 500 futures fell 0.1%, while Dow Jones Industrial Average futures dropped 0.5%. In contrast, Nasdaq-100 futures managed a 0.24% gain. Apple shares slipped 2% in extended trading after the tech giant issued a weaker-than-expected margin forecast and reported fiscal fourth-quarter iPad sales that missed Wall Street expectations.
Tech Sector Pressures and Corporate Deals
During the regular U.S. session, the tech-heavy Nasdaq Composite declined 1.07%, and the S&P 500 lost 0.51% as capital continued rotating out of technology equities. Meanwhile, the Dow Jones Industrial Average rose about 214 points, or 0.41%. Corporate transactions and capital-raising plans also weighed on sentiment. Marvell Technology shares tumbled roughly 12% and Lumentum dropped 18% following Marvell’s announcement that it will acquire Lumentum in a $115 billion transaction. Oracle shares declined 8% after revealing plans to sell $10 billion in common stock and $10 billion in bonds to finance its ongoing artificial intelligence infrastructure expansion.
Midterm Elections and Market Outlook
As voting approaches, market participants are closely monitoring the U.S. midterm elections. Prediction market traders currently estimate a nearly 75% likelihood that Democrats will capture the Senate. JPMorgan analysts noted that a congressional sweep by Democrats could provoke a sell-off in artificial intelligence shares. Even with President Donald Trump in the White House, opposition control of either the House or Senate could alter federal investigations and regulatory oversight across critical sectors, including defense, healthcare, and artificial intelligence.
Ryan Detrick, chief market strategist at Carson Group, indicated that markets typically find relief once political uncertainty clears. “There’s some anxiousness before these elections,” Detrick told CNBC. “Once you are through it, it’s a big relief and markets tend to do pretty well.” However, he cautioned that an absolute sweep by either political party could disrupt equities by introducing excessive policy divergence or spending shifts.
Upcoming Earnings and Economic Data
Tuesday’s calendar remains crowded with major corporate reports. Companies including Pfizer, Shopify, Eaton, and Marathon Petroleum are scheduled to post results before the opening bell, with Advanced Micro Devices and Super Micro Computer reporting in the afternoon. On the macroeconomic front, traders await September Job Openings and Labor Turnover Survey (JOLTS) figures alongside official factory orders data.
International markets reflected similar caution on November 2. In Asia, South Korea’s Kospi dropped 3.59% to finish at 5,648.79, and the Taiwan Weighted Index fell 3.59% to 43,307.54, driven primarily by regional technology losses. Mainland China’s CSI 300 slipped 0.2% to close at 4,008.87, while Australia’s S&P/ASX 200 gained 0.34% to 8,886.8. Japanese markets remained closed for a public holiday.