S&P 500 Futures Steady as US Midterm Elections and Apple Earnings Drive Markets
S&P 500 Futures Hold Flat as Markets Weigh Apple Guidance and U.S. Midterms
S&P 500 futures hovered near flatlines early Tuesday, November 3, 2026, as investors parsed a disappointing margin forecast from Apple alongside looming U.S. midterm elections, CNBC reported. Dow Jones Industrial Average futures slipped 161 points, while S&P 500 futures eased by less than 0.1% and Nasdaq-100 contracts added 0.12%.
Apple Shares Retreat as iPad Sales Miss Estimates
Apple shares retreated 2% in extended trading after the consumer technology giant reported fiscal fourth-quarter iPad sales that missed Wall Street consensus estimates alongside a softer-than-expected gross margin outlook. TradingView noted that Apple set its December-quarter gross margin forecast at 45% to 46%, down from 47.9%, pointing to higher memory costs and Siri artificial intelligence expenses on revenue of $114.5 billion.
The broader technology sector faced ongoing pressure following a sharp monthly pullback. Business Recorder highlighted that the tech-heavy Nasdaq shed almost 7% in October, marking its worst monthly performance since the tariff rout of April 2025. Corporate dealmaking added to the sector’s friction. Marvell Technology shares dropped about 12% and Lumentum fell 18% after Marvell announced an all-stock acquisition valued at $115 billion, including debt. Oracle shares similarly retreated 8% following plans to issue $10 billion in common stock and $10 billion in bonds to finance an aggressive artificial intelligence infrastructure build-out.
US Midterm Elections Trigger Anxiety Across Trading Desks
Attention across trading desks shifted firmly toward the U.S. midterm elections. Prediction market traders estimated a nearly 75% likelihood of Democrats taking control of the Senate, according to CNBC reporting. JPMorgan warned clients that a congressional sweep by Democrats could trigger a sell-off across artificial intelligence equities. There’s some anxiousness before these elections,
he told CNBC. Once you are through it, it’s a big relief and markets tend to do pretty well.
However, an outright sweep by either party could shake up stocks. If you have a huge red wave or a big blue wave, markets actually kind of don’t like that as much because you have too much spending one way and too much power,
Detrick said.
Equity markets across Asia retreated overnight. South Korea’s Kospi index dropped 3.59% to finish at 5,648.79, and Taiwan’s Weighted Index fell 3.59% to 43,307.54, driven by steep losses among local technology suppliers. Mainland China’s CSI 300 slipped 0.2% to close at 4,008.87. Conversely, Australia’s S&P/ASX 200 gained 0.34% to end at 8,886.8 after the Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.85%, an 18-year high, while Hong Kong’s Hang Seng Index ticked up 0.37% in late trading. Japanese markets remained closed for a public holiday.
Upcoming Economic Data Releases
Market participants awaited fresh domestic indicators, including the September Job Openings and Labor Turnover Survey and official factory orders data. Tuesday’s corporate calendar features pre-open earnings reports from Pfizer, Shopify, Eaton, and Marathon Petroleum, followed by afternoon updates from Advanced Micro Devices and Super Micro Computer.
More on Apple
Related reading