Stock futures rose on Tuesday after a successful day for markets as investors looked ahead to the US midterm elections.
Futures tied to the Dow Jones industrial average gained 107 points, or 0.33%. S&P 500 futures rose 0.35%. Nasdaq 100 futures advanced 0.63%.
Shares Lift Almost 20% premarket down Take-Two Interactive And Trip Advisor Each fell more than 18% after reporting disappointing quarterly results.
Meanwhile, Cole’s shares rose more than 7% in the premarket After the department store chain announced the departure of its CEO next month.
The moves come a day after all major indices hit a second straight positive session. The Dow Jones Industrial Average rose 423.78 points, or 1.31%. Meanwhile, the S&P 500 rose 0.96% and the Nasdaq Composite rose 0.85%.
Investors await Tuesday’s midterm election results. They determine which party controls Congress and direct future policy and spending. Market participants will be watching to see if Republicans take back the House, Senate or both.
“Financial market reaction to a Republican victory should be muted because the House effect is already widely expected, and if Republicans control the House, the Senate effect makes less of a difference to policy outcomes,” said Goldman Sachs’ John Hatchius. wrote in a Monday note.
“A surprise Democratic win in the House and Senate could weigh on stocks as market participants expect additional corporate tax increases,” Hatchius added.
Wall Street will be closely watching Thursday’s consumer price index report for the latest data on how the Federal Reserve’s interest rate hikes have curbed higher inflation. The reading could also signal the Fed’s path forward — another warmer-than-expected report could encourage the Fed to raise rates aggressively in December.
Earnings season continues this week. On Tuesday, Lordstown Motors, Lucid Group, Walt Disney And AMC Entertainment All report the latest quarterly results.