US Stock Futures Slip on Election Day as Apple Outlook Weighs

US stock futures slipped in the early hours of Election Day on Tuesday, November 3, 2026, as investors digested a disappointing outlook from Apple and braced for a midterm vote that will decide control of Congress. Futures on the Nasdaq 100, the S&P 500 and the Dow Jones Industrial Average were all lower in premarket trading, a cautious start to a day in which politics, earnings and economic data will compete for traders' attention.

As of 1:33 a.m. Eastern Time, Nasdaq 100 futures were down 0.20 percent, S&P 500 futures were down 0.25 percent and Dow Jones futures were down 0.47 percent, according to TipRanks. A separate early-Tuesday snapshot from TradingView put S&P 500 futures roughly flat, up about 0.1 percent, underlining how tentative the premarket mood was rather than pointing to a decisive move in either direction.

Key Points

• US stock futures fell early on Election Day: Nasdaq 100 futures down 0.20 percent, S&P 500 futures down 0.25 percent and Dow futures down 0.47 percent at 1:33 a.m. ET.
• Apple shares fell about 2.7 percent in after-hours trading on November 2 after a weaker holiday-quarter margin outlook, despite beating quarterly estimates.
• Monday's session was mixed: the Dow rose 0.41 percent to 51,983.98, while the S&P 500 fell 0.51 percent to 7,541.40 and the Nasdaq fell 1.07 percent to 25,164.32.
• Oil rebounded in early Asian trading, with Brent crude up 0.95 percent to $105.76 a barrel and West Texas Intermediate up 0.95 percent to $97.38.
• Tuesday also brings September job openings data, factory orders and earnings from AMD, Super Micro, Pfizer, Block and Amgen.

What Happened

The overnight slip followed a mixed Monday on Wall Street. The Dow gained 213.67 points, or 0.41 percent, to close at 51,983.98, the only major benchmark to finish higher. The S&P 500 slipped 38.67 points, or 0.51 percent, to 7,541.40, while the Nasdaq Composite dropped 272.68 points, or 1.07 percent, to 25,164.32. Seven S&P 500 sectors advanced, but technology fell 2.7 percent and energy dropped about 4 percent, while consumer discretionary shares gained around 2 percent.

Apple was the centre of the after-hours story. It reported revenue of $114.5 billion and earnings of $2.10 a share, beating estimates, but forecast a December-quarter gross margin of 45 to 46 percent, down from 47.9 percent, citing higher memory costs and spending on its Siri artificial-intelligence work. Shares fell roughly 3 percent in extended trading, with TipRanks putting the drop at 2.7 percent, and iPad sales also missed Wall Street estimates.

Palantir offered a similar lesson. Its revenue jumped 96 percent to $2.3 billion, with US commercial sales rising 148 percent and overtaking government sales for the first time, yet its shares still slid about 4 percent in extended trading despite higher guidance. The chip sector added pressure, with Marvell down about 12.7 percent and Lumentum down about 18.6 percent after Marvell announced a $115 billion all-stock deal to acquire Lumentum Oracle fell 8.8 percent on plans to raise $20 billion for AI expansion.

Background and Context

October was already bruising for technology shares: the Nasdaq fell 5.3 percent in the month, the S&P 500 slipped 0.9 percent and the Dow gained 1.7 percent, as money rotated from high-growth names into steadier industrial and consumer shares.

The election is the other great unknown. All 435 House seats, 35 Senate seats and 36 governorships are at stake, and polls favour Democrats taking the House while Senate control remains uncertain. Prediction markets tracked by TipRanks put Democrats at roughly a 75 percent chance of gaining Senate control, a figure less certain in polling-based forecasts. Results will emerge overnight rather than in a single announcement, leaving traders exposed to shifting expectations through the night. Control of Congress shapes spending, regulation and energy policy.

US Stock Futures Election Day: What Traders Are Watching

Beyond the vote, Tuesday brings a crowded calendar. Investors will watch September's Job Openings and Labor Turnover Survey, known as JOLTs, and factory orders data for fresh signals on hiring and manufacturing demand. Wednesday brings the Treasury borrowing announcement and Friday the October payrolls report.

On earnings, results from Advanced Micro Devices, Super Micro Computer, Pfizer, Block and Amgen are scheduled for Tuesday, with AMD's report the next major semiconductor test after Monday's chip sell-off. Oil traded around $105 a barrel for Brent and about $97.38 for West Texas Intermediate early on Tuesday. Both benchmarks rose about 0.95 percent in early Asian trading after reports that the US had struck Iran's Qeshm Island, raising fears of further escalation, even as the US and Iran continue diplomatic talks and President Donald Trump has indicated that a deal remains possible.

Reactions and Market Mood

No single voice summed up the overnight mood, but the market's own moves did. The split between a rising Dow and a falling Nasdaq on Monday, followed by lower futures across all three benchmarks early on Tuesday, pointed to caution rather than panic: investors trimming risk, not fleeing it. Apple and Palantir both fell after beating estimates, showing how demanding investors have become.

Why It Matters

Election Day rarely settles a market debate in one session, but it can reset its terms. If Democrats take one or both chambers, the final two years of President Trump's second term would face a Congress far less willing to advance his agenda, with implications for spending, regulation and investigations. If Republicans hold both chambers, the administration's programme would keep a clearer path, though narrow majorities would still demand compromise. Either outcome will be priced in stages as results arrive. For ordinary investors, futures are a guide, not a verdict: early moves often reverse once the cash market opens.

What Happens Next

Polls open across the United States on Tuesday morning and close through the evening, with results emerging overnight. Traders will watch early returns for control of the House and Senate, and for governorships that shape state policy. The cash market opens at 9:30 a.m. Eastern Time. After the vote, attention turns to Wednesday's Treasury borrowing announcement and Friday's payrolls report.

Frequently Asked Questions

Why did US stock futures fall on Election Day? Futures slipped as investors reacted to Apple's weaker holiday-quarter margin outlook and to uncertainty over the midterm results.

How did Wall Street close on Monday? The Dow rose 0.41 percent to 51,983.98, while the S&P 500 fell 0.51 percent to 7,541.40 and the Nasdaq fell 1.07 percent to 25,164.32.

Why did Apple shares fall if earnings beat estimates? Apple beat estimates with $114.5 billion in revenue, but forecast a December-quarter margin of 45 to 46 percent, down from 47.9 percent, citing higher memory costs and Siri AI spending, and iPad sales missed estimates.

What economic data is due on Tuesday? September's JOLTs job openings report and factory orders data, alongside earnings from AMD, Super Micro, Pfizer, Block and Amgen.

When will election results affect markets? Results will emerge overnight rather than in a single announcement, so traders will react in stages as House, Senate and governors' races are called through the night and into Wednesday.

Related coverage: Wall Street closes mixed on Monday as the Dow rises and the Nasdaq falls, Apple's fourth-quarter results and Americans vote in the 2026 midterm elections.