U.S. stock futures steady with midterms in focus; AMD rallies on strong earnings

Investing.com-- U.S. stock index futures moved little on Tuesday evening as markets awaited early results from the midterm elections, while chipmaker AMD firmed on clocking strong third-quarter earnings.

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S&P 500 Futures rose 0.07% to 7,601.25 points by 19:01 ET (00:01 GMT), Nasdaq 100 Futures rose 0.09% to 28,331.0 points, and Dow Jones Futures fell 0.14% to 51,822.0 points.

Futures steadied after a positive session on Wall Street, where tech shares rebounded after several sessions of bruising losses. Markets were also encouraged by a sharp drop in oil prices this week amid some signs of diplomatic progress between the U.S. and Iran.

But overall sentiment still remained subdued, with the midterm elections broadly expected to determine the regulatory environment for the remainder of President Donald Trump's term.

Trump and the Republicans were seen facing an uphill battle going into the midterms, amid growing voter discontent over high fuel prices, rising inflation, government corruption, and a prolonged war with Iran.

33 seats were up for election in the Senate, while all 435 districts were up for election in the House of Representatives.

While the Republicans held slim majorities in both bodies of Congress, opinion polls leading up to Tuesday's vote showed the Democrats poised to take both levels.

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A Democrat majority in Congress could severely limit Trump's ability to pass new legislation in the remainder of his term– a scenario that could see the president resort to more executive measures.

But these measures are subject to change with administrations, and could present more near-term uncertainty for Wall Street.

AMD (NASDAQ:AMD) was a standout performer in aftermarket trade on Tuesday, rising as much as 7% after the chipmaker clocked bumper, stronger-than-expected third-quarter earnings.

The chipmaker benefited greatly from increased artificial intelligence demand, with CEO Lisa Su reiterating that data centers were now the company's primary revenue driver.

AMD also forecast above-consensus earnings for the fourth quarter.

The print helped clear some recent concerns over AI demand and spending, amid growing questions over whether the hundreds of billions of dollars poured into AI will bring adequate returns.

Said concerns had battered Wall Street through October, as the AI trade came unwound. AMD was nursing a 23% drop over the past 30 days.

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