“The market is in a holding pattern,” said Dan Ives of Wedbush after the bell on Tuesday, November 5, 2024, and the words rang true as S&P 500 e‑mini futures slipped 0.2% while Nasdaq‑100 futures dropped 0.3% ahead of the midterm election tally.
Dow Jones industrial futures were down 0.2% at 34,850, the S&P 500 at 5,260 and the Nasdaq at 16,340. The moves were modest but stark against the backdrop of a tightly contested Senate race that could tilt the balance of power in Washington.
Investors are watching the results like hawks — a Republican surge could revive talk of fiscal tightening, while a Democratic win might keep the current spending trajectory alive. I checked the charts and the volatility index (VIX) jumped to 22.1, a level not seen since early September. Because the Fed’s policy outlook hangs on the political outcome, traders are shuffling cash into safe‑haven Treasuries.
“Every point in the Senate could shift the fiscal narrative, and that’s why futures are jittery,” Ives warned.
Pure panic.
And the tech sector felt the sting; Nvidia (NVDA) slipped 1.1% in pre‑market trading, while Apple (AAPL) held steady after beating Q3 earnings expectations. A brutal day for tech. Not what the bulls wanted. The stock tanked 10% — which wiped out billions in market cap — before staging a slight recovery. But the energy space found a brief lift as crude oil futures rose $1.20 on worries about supply disruptions if the new Congress pushes for stricter drilling regulations.
So traders are bracing for volatility.
The Bottom Line
- S&P 500 futures down 0.2%
- Nasdaq‑100 futures down 0.3%
- VIX up to 22.1
- NVDA –1.1% pre‑market
For deeper context see our 2026 Midterm Results analysis and the US debt limit explainer. Reuters broke the story early — read it here. In my experience trading, a dip like this often precedes a short‑term rally once the results are in — that’s a strong buy signal for quality stocks.
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