Dow, S&P 500, Nasdaq futures hint mixed opening with US Midterm Elections in focus; AMD, Amgen, stocks to watch

US equity market futures indicate a mixed opening on Tuesday, November 3, as investors focus on the Midterm Elections today amid a rebound in global crude oil prices, rising US Treasury yields, and latest reports of attacks in West Asia.

Dow Jones futures were trading 0.75% lower at 51,742 points ahead of the opening bell on Tuesday’s market, indicating a potential for negative performance during the trading session amid mixed global market cues.

The S&P 500 index futures were trading 0.12% lower at 7,565 points, while in contrast, the Nasdaq 100 futures were up 0.28% at 28,206 points, according to the exchange data.

Equity market investors will continue to monitor crude oil prices, geopolitical developments from West Asia, and the selling momentum from Asian markets amid reports of the US attacking Iran.

TradingView data showed that the benchmark Brent crude oil prices were trading over 2% higher at $110 per barrel (bbl) on Tuesday’s market, in comparison to $108.25 per bbl at the previous commodity market close.

Key things to know before US market open

US stocks to watch

US Midterm elections in focus

The Midterm Elections in the United States are in key focus on Tuesday, November 3, as voters from across the country will vote and elect the members of the House of Representatives, Senate, and State Governors.

This time, the elections are set to be significant as the votes will determine the balance of power in the US Congress during the second half of US President Donald Trump’s presidency at the White House.

The US Midterm Elections will determine all 435 seats in the US House of Representatives and 35 seats in the 100-member Senate.

Asian markets today

The equity market indices in Asia witnessed major selling pressure from investors exiting tech and AI stock bets after weak cues from Wall Street and rising fears over AI technology.

MarketWatch data showed that Japan’s Nikkei 225 ended 0.33% lower, Shanghai Composite closed 0.82% lower, South Korea’s KOSPI ended 3.59% lower, and Singapore’s FTSE ended 0.65% lower after Tuesday’s trading session.

In contrast, Hang Seng closed 0.57% higher, and India’s SENSEX ended 1.62% higher on November 3.

US Treasury yields in focus

The benchmark 10-year US Treasury yield witnessed a marginal 2-basis-point increase to the 4.92% level as of Tuesday’s trading session, in comparison to 4.89% at the previous market close, according to the official data.

Investors were focused on elevated uncertainty in the market, following reports of the latest attack on Qeshm Island, Iran, on Monday evening and the US midterm elections in the cards on Tuesday.

After remaining stable for the last few days, yields resumed their climb due to the rising risk sentiment among investors.

How did US markets end on Monday?

US equity market indices ended on a mixed sentiment, with the Dow Jones closing in the green due to the cooldown in crude oil prices, while the S&P 500 and Nasdaq closed in negative territory due to major selling pressure in tech and chipmaking stocks due to AI fears on Wall Street.

MarketWatch data showed that the Dow Jones Industrial Average closed 0.41% higher at 51,983.98 points after Monday’s trading session, in comparison to 51,770.31 points at the previous equity market close.

In contrast, the S&P 500 index ended 0.51% lower at 7,541.40 points after the trading session on November 2, compared to 7,580.07 points at the previous US equity market close.

The tech-heavy Nasdaq 100 index closed 1.39% lower at 27,989.82 points after the trading session on Monday, in comparison to 28,384.85 points at the previous Wall Street close, as per the exchange data.