US stock futures slip as traders wait for midterm election results

what happened

S&P 500 futures dropped 0.5% and Nasdaq futures lost 0.9% on Wednesday, while the dollar softened, according to Reuters. Traders were positioning ahead of the US midterm results in Congress.

Democrat Jon Ossoff won re-election in Georgia, the first major race call of the night. Democrats are seen as likely to take the House, while the Senate fight is tight, with at least nine races viewed as competitive and Democrats needing a net gain of four seats for control.

Chris Weston, head of research at Pepperstone, said the margin of any Democratic win could matter more to markets than who controls Congress, adding that a modest result may already be priced in.

Asian shares edged up, with South Korea leading gains after AMD's strong quarter eased worries about the AI trade. Japan's Nikkei fell 1.5% after returning from a holiday.

why it matters

Election outcomes are widely expected, so the size of the margin matters more to markets than the headline result. Strong AMD guidance also helped calm doubts about whether the AI boom is losing steam, a theme that could steer tech stocks in the coming sessions.

market impact

US stock futures: pre-election caution weighs on index futures and the dollar

• ▼S&P 500 futures pressure down — investors are cutting risk ahead of the congressional election results
• ▼Nasdaq futures pressure down — tech stocks stay sensitive to doubts about the AI spending cycle
• ▼Dollar index pressure down — market participants are cautious and waiting for the vote outcome

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