Democrats Swept Both Chambers — Futures Reversed Higher, but Tesla and SpaceX Are Down 5% and AMD's Spike Is Fading
Wednesday, November 4, 2026. Prepared premarket. Futures below are stamped ~5:20 AM ET; stock indications are extended-hours marks around 7:16 AM ET, not opening prices.
S&P 500 +0.36% · Nasdaq-100 +0.68% · DIA -0.44% — Tuesday's closes, percent only (Robinhood index quotes; DIA).
Democrats seized both the House and the Senate in Tuesday's midterms (Reuters) — index futures that fell as much as 2% overnight have reversed higher, with DIA up 1.49% in Robinhood extended hours, but Tesla is down 5.64% and SpaceX down 5.36% premarket, and AMD's 7.13% post-earnings spike has faded to 0.44% in Robinhood's premarket book.
The setup. Tuesday was a chip-led bounce into the vote: the S&P 500 rose 0.36% to 7,568.92, the Nasdaq-100 rose 0.68% to 28,180.26 and the Russell 2000 rose 0.23% to 2,812.45, while the Dow slipped — DIA -0.44% (Robinhood closes; the Dow Jones Industrial Average fell 0.38% to 51,786.72, AP). SPY closed +0.31% and QQQ +0.62%, the semiconductor ETF (SOXX) rose 2.50% and the VIX eased 1.51% to 20.83 (Robinhood). Then the midterms landed: Democrats seized control of both the Senate and the House, scoring sweeping victories in Republican strongholds (Reuters, Nov 4). Futures whipsawed — Nasdaq-100 futures fell nearly 2% on early returns (Stocktwits/TradingView) — then reversed: by about 5:20 AM ET S&P 500 futures were up about 0.9%, Nasdaq-100 futures about 0.8% and Dow futures about 1.3% (Yahoo Finance via TickerRoast), and Dow Jones Newswires reported futures higher again at 6:17 AM ET as investors weighed the blue win (Morningstar). Robinhood extended-hours marks at 7:16 AM ET agree — DIA +1.49% to $524.74, SPY +0.80% to $760.40, QQQ +0.26% to $687.09, and the VIX down at 18.59 Wednesday morning (Robinhood index quote). Crypto firmed: Bitcoin's Robinhood mark was $78,042.52 and Ether's $2,314.40 on Wednesday morning (Robinhood crypto quotes).
The Musk names are this morning's story. Tuesday's Mag 7 mostly bounced (Robinhood official closes): Microsoft rose 2.69% to $520.77, Meta rose 2.37% to $621.13, Nvidia rose 2.23% to $206.56, Amazon rose 2.08% to $250.74 and Alphabet rose 0.33% to $279.92, while Tesla fell 1.39% to $398.22 and Apple fell 1.95% to $331.72. Overnight, Tesla is down 5.64% in Robinhood extended hours to $375.74 and SpaceX (SPCX) is down 5.36% to $133.76 after Democrats swept the midterms — Dow Jones Newswires had SpaceX -3.6% and Tesla -3.5% at 5:33 AM ET and noted Democratic control could slow a potential SpaceX-Tesla merger (XTB via Morningstar). AMD reported third-quarter non-GAAP EPS of $2.09 vs the $1.95 LSEG consensus, revenue of $13.38 billion (+44.6% year over year) with data-center revenue up 97% to $8.55 billion, and guided fourth-quarter revenue to about $17 billion (AMD release via GlobeNewswire and Reuters). The stock spiked 7.13% in Tuesday after-hours to $519.05 (Robinhood, 4:31 PM ET tape pull) and Reuters put it up 7.3% in early premarket — but Robinhood's live premarket book at 7:17 AM ET showed a last extended-hours trade of $486.64, just +0.44% vs Tuesday's $484.50 close (bid $486.38 / ask $486.69): the spike was fading into the open. Arista Networks beat ($1.20 vs $1.06 estimated, Robinhood earnings calendar) and is +5.94% in extended hours to $180.00 (Robinhood); Super Micro beat bigger ($1.81 vs $1.20) and is +3.92% extended (Robinhood).
Wednesday's data and the calendar. ADP employment at 8:15 AM ET (expected 67K vs 90K prior), the September trade balance at 8:30 AM ET and the October ISM Services PMI at 10:00 AM ET (expected 54.8 vs 54.9 prior) (InvestingLive, Nov 4). This morning's reported earnings (Robinhood earnings calendar): McDonald's beat ($3.57 vs $3.38), CVS Health beat big ($2.09 vs $1.64), Datadog beat ($0.81 vs $0.55) yet is down 18.73% in Robinhood extended hours, Novo Nordisk beat ($0.89 vs $0.81) and Uber missed narrowly ($0.88 vs $0.91). Tuesday night's other beats: Amgen ($6.45 vs $5.77), Booking Holdings ($4.66 vs $4.49) and Block ($1.13 vs $0.96) (Robinhood). After today's close: Qualcomm ($2.02 estimated), Arm ($0.42), AppLovin ($4.01), MercadoLibre ($9.30), Coherent ($1.93) and Motorola Solutions ($4.34) (Robinhood). The week's last big print is the October jobs report on Friday, November 6 at 8:30 AM ET.
What to watch today:
- The futures reversal after Democrats swept both chambers (Reuters) — does it hold through the ISM Services print at 10:00 AM ET (expected 54.8, InvestingLive)?
- Tesla -5.64% and SpaceX -5.36% premarket (Robinhood) — do the Musk names stabilize after the drop?
- AMD's faded spike (+0.44% at 7:17 AM ET, Robinhood) — does it rebuild at the open?
- After the close — Qualcomm and Arm report (Robinhood earnings calendar).
The OnDeck Book
Trading rose 23.99% on Tuesday and Agentic rose 17.29% on Tuesday (percent only, Robinhood Tuesday-close pulls in 2026-11-03-tape.json) vs SPY +0.31%, QQQ +0.62% and DIA -0.44%. Wednesday premarket, extended-hours equity is -4.23% for Trading and +0.50% for Agentic vs Tuesday's core close (percent only) — Trading's premarket drop is led by its SpaceX position: SPCX is -5.36% in extended hours to $133.76 (Robinhood). Positions (Tuesday official closes, Robinhood; re-verified line-by-line against this run's portfolio pull): SPCX 250 shares, avg $133.34, close $141.33 (+3.64% on Tuesday), +5.99% vs avg cost, unrealized +$1,998.48. NVDL 350 shares, avg $28.19, close $29.43 (+4.21%), +4.40% vs avg, unrealized +$434.18. SOFI 200 shares, avg $17.10, close $16.785 (+1.11%), -1.83% vs avg, unrealized -$62.50. QUBT 700 shares, avg $8.21, close $6.44 (+1.74%), -21.56% vs avg, unrealized -$1,239.00. Options (Tuesday close marks, Robinhood; marks sum $4,069 vs this run's portfolio option market value of $4,108 — the $39 difference is this morning's premarket mark move on the aggregate; quantities and clearing costs re-verified line-by-line): NVDA $215 calls expiring Mon Nov 16, 11 long, clearing cost $3,680, mark $3.10, market value $3,410 — 12 days to expiry; NVDA $205 calls expiring Fri Nov 6, 1 long, clearing cost $360, mark $5.00, market value $500 — 2 days; SPCX $148 calls expiring Fri Nov 6, 1 long, clearing cost $356, mark $1.59, market value $159 — 2 days. Futures: none — the position was fully closed on Oct 22 (web-verified on robinhood.com), and the API aggregate futures market value reads $0 this morning. Crypto: ETH 3.6 coins, clearing cost basis $8,608.00, mark $2,314.40 (Robinhood, ~7:16 AM ET), indicative value $8,331.84; USDG 1.0 unit on the API spot line (the API shows only the un-lent unit; Crypto Earn totals were last web-verified 2026-10-15 at 102.88 units total); dust: CC 1.0, DOGE 1.0, USDC 0.00993.
MarketsOnDeck — market data as cited, Wednesday November 4, 2026, pre-market. Not investment advice.