U.S. stock futures are sharply higher premarket, with risk-on trading after a sweep by Democrats in the U.S. midterm elections.

Democrats took control of Congress Tuesday night, winning majorities in both the House and Senate that may provide gridlock in Washington.

On the corporate front, Advanced Micro Devices (AMD) shares are down about 1% after the chipmaker beat earnings estimates and raised FY 2027 revenue growth expectations to over 80%. Telsa (TSLA) and SpaceX (SPCX) shares are both down over 5% after the Democrat win, and investors will assess the potential for AI stocks after the elections.

Economic data will also be in focus with ADP due along with services numbers.

Snapshot

• Oil (/CL): Oil futures are down 1.2% to $94.95 per barrel
• Gold (/GC): Gold futures are up 2.8% to $4,053 per ounce
• Bitcoin (/BTC): The cryptocurrency futures are up 0.63% to 78,585
• VIX (/VIX): The CBOE Volatility Index is down 11.7% to 18.40
• U.S. Dollar ($DXY): The dollar index is down 0.56% to 101.294

Big Premarket Movers

Advancers

• Block Inc. (XYZ) +10.00%
• Arista Networks Inc. (ANET) +5.94%
• HCA Healthcare Inc. (HCA) +5.86%
• First Solar Inc. (FSLR) +5.66%
• Newmont Corp. (NEM) +5.51%

Decliners

• Datadog Inc. (DDOG) -17.08%
• Fidelity National Information Services Inc. (FIS) -14.72%
• Skyworks Solutions Inc. (SWKS) -10.78%
• Comfort Systems USA Inc. (FIX) -10.59%
• Vertiv Holdings Co. (VRT) -6.65%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 8:15 AM: ADP Employment Report
• 8:30 AM: Intl. Trade in Goods and Services
• 9:45 AM: PMI Composite – Final
• 10:00 AM: ISM Services Index
• 10:30 AM: EIA Oil Inventories

Notable Earnings

• Premarket: ADNT, BTU, CDW, CRCL, CRL, CVS, CWK, DDOG, DIN, EMR, FIS, FLUT, GFS, GWW, KD, KHC, MCD, MLM, NVO, NYT, OC, REYN, SEDG, SMG, SWK, TBLA, TREX, UBER, W, WLK, ZBH
• Post Market: ACHC, AFL, ALB, ALL, AMC, APA, APP, ARM, BROS, CAVA, CF, COHR, COTY, CRUS, ELF, EW, EXPE, FICO, FIG, GT, HUBS, JOBY, KVYO, LUMN, LZ, MCK, MET, MELI, MSI, MUR, NWS, QCOM, QGEN, RUN, SNAP, TKO, WU, ZG
• Premarket Thursday: AAP, APD, BDX, CAH, CG, CI, CMI, COP, DNOW, DNUT, DTE, DUK, EPAM, FUN, GIL, GPN, HTZ, KMB, PENN, PH, PLNT, PTON, PZZA, RL, ROK, SHAK, SO, TAP, TM, TPR, TRIP, U, USFD, WEN, WW, ZTS
• Post Market Thursday: ABNB, AFRM, AKAM, BILL, DBX, DKNG, DVN, ED, EOG, G, IREN, JHX, LYFT, LYV, MAT, MC, MP, MCHP, NET, OPEN, SERV, SG, SOLV, SPG, TEAM, TXRH, WYNN, YELP

Upgrades/Downgrades

Upgrades:

• Daiwa upgrades Fortinet (FTNT) from Neutral to Outperform
• BofA upgrades Constellation Brands (STZ) from Underperform to Neutral
• Truist upgrades Edwards Lifesciences (EW) from Hold to Buy
• JPMorgan upgrades Archer Daniels Midland (ADM) from Underweight to Neutral
• Northland upgrades Astera Labs (ALAB) from Market Perform to Outperform

Downgrades:

• DZ Bank downgrades Apple (AAPL) from Hold to Sell
• Citi downgrades Adobe (ADBE) from Neutral to Sell
• DZ Bank downgrades Exxon Mobil (XOM) from Hold to Sell
• Oppenheimer downgrades Amdocs (DOX) from Outperform to Perform
• JPMorgan downgrades Crown Holdings (CCK) from Overweight to Neutral
• JPMorgan downgrades AutoNation (AN) from Overweight to Neutral and Group 1 Automotive (GPI) from Neutral to Underweight

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.