Before the Bell
Stock futures are split as Americans vote in the midterm elections. Dow futures are down about 0.8%, S&P 500 futures are off 0.1% and Nasdaq 100 futures are up about 0.3%. The weight on the Dow comes mostly from Apple, down about 3.8% before the open after its quarterly report: revenue beat estimates, but the company guided to thinner profit margins, citing memory costs, and iPad sales fell short. Oil is rebounding after Monday's sharp drop, with WTI crude up about 2% near $98.50 a barrel, and polls close tonight with prediction markets pricing roughly a 75% chance that Democrats take the Senate.
Monday set a cautious tone. The S&P 500 fell 0.51% to 7,541.40, and the Nasdaq Composite dropped 1.07% to 25,164.32 as investors kept rotating out of technology. The Dow rose 0.41% to 51,983.98. Marvell fell almost 13% after agreeing to buy Lumentum in a $115 billion all-stock deal, Oracle lost 8% on plans to sell $20 billion of stock and bonds to fund its AI buildout, and Sherwin-Williams gained almost 6%. Overnight, the chip selloff spread abroad: South Korea's Kospi and Taiwan's main index each fell 3.6%, Japan was closed for a holiday, and Europe's Stoxx 600 opened 0.6% lower with ASML down 3.4%.