Pre-Market Report: Futures Rise as Midterm Dust Settles, Gold Jumps

Stock futures point to a higher open on Wednesday, with S&P 500 futures up 0.92% as investors assess the aftermath of midterm elections. Nasdaq 100 futures are up 0.21% and Russell 2000 futures lead the gains at 1.66%, while the volatility index (VIX) has dropped sharply, down 11.81% to 18.37, suggesting easing uncertainty. Gold is sharply higher, up 2.83% to $4,051.80 an ounce, while West Texas Intermediate (WTI) crude oil has slipped 1.76% to $94.40 a barrel. Bitcoin is up 1.29% to $78,340.

Reuters reported that futures reversed early sharp losses as investors weighed the outcome of Democrats' sweeping midterm victories and their possible implications for policy.

The biggest S&P 500 moves

Block is up sharply before the open after Investor's Business Daily reported that the payments company's third-quarter earnings and revenue topped Wall Street estimates, with several key metrics also beating targets. Arista Networks is higher, with CNBC noting the networking equipment maker's shares rose among those making notable after-hours moves tied to the latest earnings season.

On the decliner side, Skyworks Solutions is down sharply after Business Insider and CNBC both pointed to current-quarter guidance that fell short of expectations, with CNBC noting the chipmaker's forecast of adjusted earnings and revenue for its fiscal first quarter trailed consensus following its recent combination with Qorvo. Fidelity National Information Services is lower; Benzinga had flagged ahead of the report that options markets were pricing in a large potential swing around its results. Comfort Systems USA is down, according to data on the stock from MarketWatch, though no source gives a specific reason for the move. Datadog and Trimble are also among the biggest decliners, with no source explaining those moves; CDW is up on the gainers list after Benzinga listed it among the companies set to report this week.

On the calendar today

Already released

The ADP Employment Change report for October showed private-sector payrolls up 86,000, ahead of consensus, according to CNBC, which reported that trade, transportation and utilities led job gains, followed by education and health services and leisure and hospitality, while professional and business services saw a decline. The Balance of Trade for September came in at -105, narrower than the -108 estimate. Imports for September totaled 426.6, below the 429.1 estimate, while Exports for September reached 321.5, above the 320.3 estimate.

Still ahead

The Institute for Supply Management (ISM) Services purchasing managers' index (PMI) for October is due at 10:00 AM ET, with an estimate of 54.8 against a previous reading of 54.9. The Energy Information Administration (EIA) Crude Oil Stocks Change for the week ending October 30 is due at 10:30 AM ET, estimated at 0.9 versus a prior decline of 1.892. The EIA Gasoline Stocks Change for the same week is also due at 10:30 AM ET, estimated at 0.2 versus a prior rise of 3.87.

Earnings

Of the 45 S&P 500 companies reporting today, 19 have already posted results. AES Corporation, CDW, Cencora, Charles River Laboratories, CVS Health, Datadog, Emerson Electric, Fidelity National Information Services, W. W. Grainger and The Kraft Heinz Company have all reported, each beating their earnings-per-share (EPS) estimates, a measure of a company's profit allocated to each outstanding share.

Companies still due to report include Aflac, Albemarle Corporation, Allstate, Amcor, APA Corporation, AppLovin Corporation, Atmos Energy, CF Industries, Coherent, Corpay, Eversource Energy, Edwards Lifesciences, Expedia Group, Fair Isaac and Host Hotels & Resorts, among others not individually listed.

The latest graded results

In the latest graded recap, names screened before the open on Tuesday, November 3, 2026 showed mixed results by the close. LSCC gained about 11% before the open and its best move after the open reached nearly 5%, while MDGL rose over 4% before the open but fell nearly 12% from the open to the close, despite a best move after the open of more than 7%.