Stock futures were slightly higher on Tuesday morning after a successful day for markets as investors looked ahead to Tuesday’s US midterm elections.
Futures linked to the Dow Jones industrial average were up 65 points, or 0.2, the same as S&P 500 futures. Nasdaq 100 futures rose 0.45%.
Lyft shares fell nearly 20% premarket, while Take-Two Interactive and Tripadvisor each fell more than 18% after reporting disappointing quarterly results.
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.
Any market reaction will depend on whether Republicans take back the House of Representatives, the Senate, or both.
“That idea [Republicans are] “The home repossession is going to come down to the market,” RBC Capital Markets’ Lori Galvacina said on CNBC’s “Fast Money” on Monday. “It’s not going to be a good thing, I’m not saying we’re going to win. It’s going to feel good for a few days or it’s going to provide some stability, but I think a big kicker in the S&P is that they’re going to have to take back the Senate as well.”
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.