US stock futures traded mixed on Tuesday, November 3, as Apple shares fell after earnings and Americans voted in congressional midterm elections. Dow futures dropped 0.42% at 5:06 a.m. ET, while S&P 500 futures edged up 0.02%. 

Nasdaq-100 futures gained 0.46%, supported by a partial rebound in semiconductor stocks. Investors also monitored rising oil prices and another busy corporate earnings schedule.

Dow Futures Slip as Nasdaq Attempts Recovery

The uneven premarket moves followed a weak Monday session on Wall Street. The Nasdaq Composite lost 1.07%, while the S&P 500 declined 0.51%. However, the Dow Jones Industrial Average gained 214 points, or 0.41%.

The Nasdaq-100 ended Monday more than 10% below its record closing high, entering correction territory. Technology shares have faced renewed pressure over the rising cost of artificial intelligence projects and questions about future returns.

Some chipmakers recovered before Tuesday's opening bell. Nvidia rose 1.6% after four declining sessions, while Advanced Micro Devices gained 2.8%. Marvell Technology and Intel also traded higher.

Apple Shares Fall After Earnings Forecast

Apple dropped 4.5% in premarket trading after warning that higher memory-chip prices would reduce its holiday-quarter profit margin. The company expects a gross margin of 45% to 46%, compared with 47.9% in its latest quarter.

The forecast overshadowed stronger quarterly sales. Apple reported revenue of USD 114.48 billion and earnings of USD 2.10 per share. However, its projected services revenue growth of 8% to 9% fell below analysts' expectations.

Palantir also lost 6.3% before the bell despite beating quarterly estimates and issuing a stronger-than-expected revenue forecast.

Meanwhile, Aehr Test Systems rose 14.6% and Harmonic gained 16.1% after both companies raised their annual revenue outlooks. Oracle had fallen 8% on Monday after announcing plans to raise USD 20 billion through share and bond sales.

US Midterm Elections Keep Investors Cautious

Voters headed to polling stations to decide control of the House of Representatives and Senate. The results could change the legislative path for spending, taxes and oversight of technology companies during President Donald Trump's remaining term.

Polls and nonpartisan forecasts favored Democrats to win the House, although Senate control remained uncertain. Those forecasts do not establish the election outcome, and voting continued during Tuesday's premarket session.

Societe Generale analysts said, “Concerns around government spending and deficits have continued to build, contributing to market volatility.”

Morgan Stanley strategists described the ongoing US stock market correction as being in its “final innings.” However, that assessment remains a forecast rather than a confirmed market recovery.

Oil, Treasury Yields and Earnings in Focus

Brent crude rose 1.6% to USD 106.44 per barrel after sharp losses on Monday. Prices reacted to conflicting developments surrounding possible US-Iran talks and strikes on Iran's Qeshm Island.

The benchmark 10-year Treasury yield also edged higher to approximately 4.91%, while investors monitored developments in the Middle East.

Investors await September's US job opening figures and factory orders, both scheduled for 10 a.m. ET. These releases will provide further information on hiring and manufacturing conditions.

AMD and Super Micro Computer are due to report earnings after the closing bell. Their results will provide another update on AI hardware demand as Wall Street monitors election returns and technology stocks.

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