Stocks Rise Pre-Bell as Democrats Seen Sweeping Congress

07:54 AM EST, 11/04/2026 (MT Newswires) -- The main US stock measures were pointing higher in Wednesday's premarket activity as traders parsed preliminary midterm election results that showed the Democratic Party securing control in both chambers of Congress. The S&P 500 and the Nasdaq 100 gained 1.1% each before the opening bell, while the Dow Jones Industrial Average added 1.4%. The Nasdaq Composite and the S&P 500 finished Tuesday trading in the green, while the Dow closed lower. The Democratic Party secured 54 seats in the 100-member Senate and 228 seats in the 435-member House of Representatives, ending Republican majorities in both chambers, preliminary election results by the Associated Press showed early Wednesday. The AP had yet to call 2 Senate and 68 House races as of 7:30 am ET. A Democratic Congress is likely to bring greater scrutiny on technology and artificial intelligence spending, Saxo Bank Investment and Options Strategist Koen Hoorelbeke said in a note. Shares of SpaceX (SPCX), Tesla (TSLA) and CoreWeave (CRWV) were all down before the open, while healthcare stocks gained. Treasury yields declined early Wednesday, with the two-year rate falling 0.8 basis points to 4.61% while the 10-year rate decreased 3.5 basis points to 4.92%. Advanced Micro Devices' (AMD) shares advanced 1.2% pre-bell as the chip maker issued a stronger-than-expected fourth-quarter revenue outlook, while its results in the previous three-month period topped Wall Street estimates. Arista Networks (ANET) climbed 11% as the cloud computing firm posted robust third-quarter results. McDonald's (MCD), Uber Technologies (UBER), CVS Health (CVS), Emerson Electric (EMR), Datadog (DDOG), Kraft Heinz (KHC), Performance Food (PFGC) and Wayfair (W) post their quarterly earnings before the bell, among others. Arm (ARM), Qualcomm (QCOM) and McKesson (MCK) release their results after the markets close. West Texas Intermediate crude oil declined 0.8% to $95.28 a barrel, while Brent decreased 1.3% to $102.25 a barrel. President Donald Trump told the Financial Times on Tuesday that the US has no immediate plans to strike Iran. A senior Iranian official told Reuters that the two countries remain far from a deal to end their war. The ADP Employment report for October is scheduled to be released at 8:15 am ET. On Tuesday, official data showed job openings increased in September as all key metrics improved, with Oxford Economics calling labor market conditions "solid." The Challenger Job Cut and the government's nonfarm payrolls data, both for October, are due on Thursday and Friday, respectively. Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the international trade in goods and services report for September at 8:30 am. The purchasing managers' index composite final report from S&P Global (SPGI) for October is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am. Spot gold gained 2.9% to $4,054 per troy ounce, while bitcoin increased 1.1% to $78,518.