Stock futures ripped higher on Wednesday, reversing earlier losses, as a decisive victory by Democrats in the U.S. midterm elections allowed investors to look past the political risk hanging over the market.
Futures for the 30-stock index skyrocketed 908 points, or 1.8%, Wednesday, to 52,803.
Futures for the S&P 500 grabbed 69.5 points, or 0.9%, to 7,665.75.
Futures for the NASDAQ Composite increased 40 points, or 0.2%, at 28,345.75.
Democrats took control of Congress Tuesday night, winning majorities in both the House and Senate. They also scored victories in key gubernatorial races, including Texas.
Heading into the election investors worried a Democratic sweep could weigh on some areas of the market, especially stocks related to the artificial intelligence buildout. Wall Street also worried that a clear winner would not emerge Tuesday night.
However, those concerns eased after President Donald Trump said he was willing to accept the election results and work with Democrats.
Elon Musk’s SpaceX was down 4.8% in pre-market trading, while Tesla shares shed 4.9%. Neocloud stocks CoreWeave and Nebius fell 3.6% and 1%, respectively.
But other parts of the tech trade gained. Microsoft advanced 0.3%, and Amazon climbed 1.1%, as Nvidia moved 0.5% higher. Alphabet was the outlier, trading around 0.4% lower.
U.S. health insurers and hospital operators also advanced, with United Health up 1.4%, Molina Healthcare rising 6.3%, Centene adding 4.7% and HCA Healthcare up 1.44%
AMD shares popped 6% after the chipmaker reported third-quarter earnings and revenue that blew past analyst expectations.
In Japan, the Nikkei 225 returned from holiday, but withered 893.23 Wednesday, or 1.4%, to 62,188.63, while in Hong Kong, the Hang Seng shot higher 393.53 points, or 1.7%, to 23,919.50
Oil prices dished off $1.85 to $94.24 U.S. a barrel.
Gold prices jumped $110.00 to $4,050.40 U.S an ounce.
