US stock futures extended gains on Wednesday as investors weighed the implications of a Democratic sweep in Congress. S&P 500 futures rose 0.2%, Nasdaq 100 futures climbed 0.9%, and Dow Jones futures jumped 700 points. Contracts initially traded lower but later reversed into positive territory, reportedly supported by dip-buying.
Democrats secured control of both the Senate and the House in the midterm elections. The outcome increases the likelihood of tighter regulatory scrutiny, particularly in the AI sector, and is expected to curb the potential for additional tax cuts and expansive government spending.
Healthcare and renewable energy stocks were among the session’s strongest performers. Major technology names also rebounded from early losses, including Nvidia (up 1.9%), Apple (0.2%), Microsoft (1.3%), Alphabet (1.3%), Amazon (3.5%), and Meta (2.1%). AMD surged more than 6% after posting better‑than‑expected earnings and revenue.
On the downside, Tesla shares fell 3.8%, while SpaceX slipped 3.6%.
