Stocks Moving Premarket: Democrats' Sweep Hits Trump Media and SpaceX, AMD Jumps on AI Outlook, CVS Plans a Split
Democratic midterm gains weigh on Trump Media & SpaceX, AMD jumps roughly 6% on its 2027 AI outlook, and CVS slips on a plan to split in two. Futures are modestly higher ahead of ADP and ISM services.
U.S. stock futures are modestly higher Wednesday morning after Democrats won control of both the House and the Senate in the midterm elections, as reported by multiple outlets. Early swings were sharpest in politically exposed names: Trump Media and SpaceX are lower premarket, while AMD is jumping after a strong forecast that lifted other chip stocks in extended trading. All moves below are premarket and can change by the 9:30 a.m. ET open.
Index futures
As of about 3:30 a.m. ET, S&P 500 futures were up about 0.2%, Nasdaq 100 futures up about 0.2% and Dow futures up about 0.5%, per Yahoo Finance. Another report put the Nasdaq 100 gain nearer 0.1% at an earlier hour, and some live tickers showed larger gains, so levels have moved around overnight. Oil is firm, with Brent near $104 and WTI near $96 per barrel in early reports, as traders watch U.S.-Iran developments.
Biggest premarket movers
| Stock | Premarket move | Why |
|---|---|---|
| AMD | +6% to +7% | Beat third-quarter estimates and forecast 2027 revenue growth above 80% versus about 77% expected. It also took a non-cash charge above $1 billion tied to OpenAI and Meta warrants. |
| Super Micro (SMCI) | +6% | Reported quarterly revenue of $19.9 billion, up 298% from a year earlier, on AI server demand (as reported by Stocktwits). |
| Palantir (PLTR) | -2.3% | Concern that a Democratic Congress could tighten data-center rules, plus broader doubts about AI spending. |
| SpaceX (SPCX) | -4.5% to -5.2% | Worry about tighter congressional scrutiny of government contracts and data-center plans. TheStreet put the price near $133.92. |
| Trump Media (DJT) | -7% to -11% | Democratic midterm gains seen as a political setback for Trump. Sources differ on the size of the drop. |
| Tesla (TSLA) | -4.9% | Tied to the election results, per TheStreet, with the stock near $378.93. Another outlet showed a smaller decline, so treat the size with caution. |
| CVS Health (CVS) | -2.4% | Plans to split into two public companies, separating pharmacy from insurance, by the first half of 2028. It also reports earnings this morning. |
Nvidia, Intel and Broadcom also gained in extended trading after AMD's outlook, according to Yahoo Finance, though no percentage moves were given. I could verify only seven premarket moves with a stated cause, so the list is shorter than usual rather than padded with unconfirmed figures. Some sources list different percentages for the same stock because quotes were captured at different times.
Analyst and market commentary
No specific rating changes or price targets from major firms were available in the sources I could read this morning. ING analysts linked early weakness to speculation that Democrats could slow AI capital spending, and said the recovery reflected the delay until the new Congress takes office in January. Another analyst quoted by TheStreet noted that a change in congressional control does not necessarily bring an immediate change in economic policy.
Earnings to watch
Before the open, Novo Nordisk, McDonald's, Uber, CVS, Datadog and Emerson Electric are scheduled to report. After the close, Qualcomm, Arm, McKesson, MercadoLibre, AppLovin and Expedia are among the names scheduled, per earnings calendars. Report dates can shift, so confirm with each company.
Economic calendar: today and the next week
| Date (ET) | Event | Notes |
|---|---|---|
| Wed, Nov 4 | ADP employment, S&P Global services PMI, ISM services PMI (10:00 a.m.) | ISM services consensus is 54.8 for October versus 54.9 prior, per Reuters via Yahoo. |
| Thu, Nov 5 | Weekly jobless claims (8:30 a.m.) | Standard Thursday release. |
| Fri, Nov 6 | October jobs report (8:30 a.m.) | Nonfarm payrolls from the Bureau of Labor Statistics. |
| Tue, Nov 10 | October CPI (8:30 a.m.) | Date from a third-party calendar; confirm with the BLS. |
| Wed, Nov 11 | Veterans Day | Bond market closed; stocks trade normally. |
| Wed, Nov 18 | FOMC minutes (2:00 p.m.) | Covers the Oct. 27-28 meeting, just outside the seven-day window. |
On the Fed, I could not open a reliable account of the October 28 decision. One outlet's headline said the Fed held rates and that markets were pricing a December hike, but I could not confirm that, so check the Fed's statement and the jobs and CPI reports for the latest signals.
This list excludes leveraged and inverse ETFs and microcap stocks, and it is informational only, not a recommendation to buy or sell any security.