Dow futures swing from 323-point drop to 1,100-point surge on midterm results
The gist
Dow futures jumped 1,100 points, about 2.1%, after Democrats' midterm wins and falling oil prices.
Investors read divided government as a brake on big spending and policy swings.
How it unfolded
- Nov 2, 2026Dow, S&P 500 and Nasdaq futures rose Monday morning while oil prices tumbled, with Apple earnings, a jobs report and midterm elections ahead.
- Nov 3, 2026Dow futures pointed to a weak start on Election Day, down 323 points early, as Apple's disappointing margin forecast and an oil jump after a reported U.S. strike on Iran's Qeshm Island hit the Dow.
- Nov 3, 2026At about 7:53 a.m. ET, S&P 500 futures were down 0.1%, Dow futures down 0.5%, Nasdaq 100 futures up 0.4%, and the VIX about 21, up from 19 at Friday's close.
Key terms
- Dow futures
- Financial contracts to buy or sell the Dow Jones Industrial Average stock index at a set price on a future date.
- midterm results
- US general elections held near the midpoint of a president's four-year term, when all House seats and about a third of Senate seats are contested.
- VIX
- A volatility index based on S&P 500 options, often called the fear gauge.
Source: Wikipedia