Benchmark indices on Wall Street ended mixed on Tuesday, November 3, while the Nasdaq futures have edged higher in post-market trading ahead of the midterm election results outcome, which will be declared in a few hours from now.
The Dow Jones ended Tuesday’s session with losses of close to 200 points, reversing most of Monday’s gains. The S&P 500 gained 0.4%, Nasdaq Composite gained 0.8%, while the Nasdaq 100 index ended 0.7% higher, but remained in “correction territory.”
Why Are The Nasdaq Futures Surging?
Nasdaq 100’s futures though, are trading with gains of close to 200 points after strong results, and an equally strong, if not better commentary from AMD and its MD & CEO Lisa Su. The stock is up 8% in extended trading after its third quarter results beat street expectations, as did the company’s guidance for the fourth quarter.
The surge in AMD’s shares in afterhours trade comes after the stock had snapped a three-day losing streak during Tuesday’s regular session, ending nearly 4% higher.
Economic Data Remains Strong
Macro data that has been reported over the last two days has been very strong, indicating that the US economy and the labor market continue to remain on a firm footing.
The JOLTS job openings data on Tuesday showed vacancies unexpectedly jumping in September to a four-month high of 7.52 million, compared to a revised 7.19 million figure of August, while layoffs fell to the lowest since March 2025. However, the “quit rate” or a measure of people voluntarily leaving their jobs each month, rose to 2.1%, the highest in over a year.
This report follows the manufacturing PMI print reported a day earlier, where the metric in October rose to 55.5, the second-highest in the last four years.
With the economy remaining stable and strong, the US Dollar rallied, while bond yields rose as well. The probability of the US Federal Reserve raising interest rates in the December policy currently stands at 78.4%, according to the CME FedWatch tool.
Iran-US Pursue Diplomacy
Crude oil prices eased again after a brief rebound on Tuesday after both the US and Iran received fresh proposals from mediators on how the war can be brought to an end. According to a Bloomberg report, Qatari mediators flew to Tehran once again to talk to Iranian officials.
Iran’s Parliament Speaker Ghalibaf said that Iran has delivered a strong and rational response to the US and now the ball is in their court to prevent a return to an all-out war.
US President Donald Trump also highlighted that Tuesday’s attacks on Qeshm Island were minor and not a return to war.
The Biggest Wall Street Trigger
The outcome of the midterm elections remains the biggest Wall Street trigger, while companies such as Qualcomm, ARM Holdings, McDonalds, Uber and others will be reporting their quarterly results today.
ADP’s Employment data report, the US trade balance and Services PMI data will also be reported during the course of the day.
Nasdaq futures jump 200 points after cautious rebound on Tuesday; Here’s what provided the boost