🌅 Pre-Market Pulse
S&P Futures
7,560.00
▼ -4.00 (-0.05%)
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Nasdaq Futures
28,173.50
▲ +45.00 (+0.16%)
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Dow Futures
51,686.00
▼ -253.00 (-0.49%)
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10Y Treasury
4.89%
▼ -0.03%
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US Dollar
101.85
▲ +0.07 (+0.07%)
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Bitcoin
$76,939
▲ +$265 (+0.35%)
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Data as of 7:06 AM ET
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Good morning! It's Election Day, and futures are sending mixed signals: the Dow is lagging while the Nasdaq edges higher. Americans are voting in the midterms, and that's the backdrop for everything else on today's tape. Grab your coffee, here's what matters before the bell.
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👀 What to Watch Today The midterm elections are today's main event. Results will mostly come in after the close, so expect cautious, range-bound trading as investors try to guess how a new Congress might shape fiscal policy, spending, and regulation. Don't be surprised if volume stays light into the afternoon.
Earnings also matter. Pfizer (PFE) raised its 2026 profit and revenue forecasts on strong demand for its blood thinner Eliquis, which gives healthcare bulls something to work with. Watch how PFE trades at the open and whether other big pharma names get a sympathy lift.
AI infrastructure financing is another theme. Blackstone (BX) President Jon Gray said the AI buildout will need more equity because debt investors face concentration risk, and Pimco CEO Emmanuel Roman warned about the sheer scale of the spending. That conversation could shape how traders price the AI capex trade today.
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🌏 Overnight Recap Treasury yields climbed in early European trading as U.S. voters headed to the polls, but they've since eased. The 10-year now sits at 4.89% and the 30-year at 5.27%, both slightly lower. Oil recovered a bit after Monday's sharp drop, helped along by a Ukrainian drone attack that damaged a Russian refinery in Yaroslavl.
Energy headlines kept coming. Saudi Aramco reported a 34.5% jump in third-quarter profit, and TotalEnergies (TTE) signed a five-year LNG supply deal with ADNOC Gas. Meanwhile, Germany is lagging its EU neighbors on refilling gas storage as winter begins, which could keep European energy prices jumpy.
In Europe, Bayer (BAYRY) raised its 2026 profit outlook, and UK power producer Drax jumped 8% after Brookfield (BAM) said it is planning a data center of more than one gigawatt at an English power station. The investment could top £20 billion, or about $26.8 billion.
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📊 Pre-Market Movers Pfizer (PFE) is the headline mover after raising its full-year profit and revenue outlook. Eliquis keeps delivering, and investors who've waited a long time for good news from this stock finally got some.
Brookfield (BAM) is in focus after unveiling plans for a $27 billion AI data center in England, a project that sent Drax up 8% in London. Apollo (APO) could also get attention after reporting $1.07 trillion in assets on strong demand for alternatives. Blackstone (BX) stays in the conversation thanks to Jon Gray's comments on AI financing.
In energy, TotalEnergies (TTE) has its new ADNOC Gas LNG deal, and Aramco's profit jump is a reminder that oil majors are still minting cash. Bayer's (BAYRY) raised outlook adds to an encouraging morning for global healthcare.
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🔍 Today's Watchlist
- Midterm election results: expect the real reaction after hours and in Wednesday's futures, so keep position sizes reasonable today.
- Pfizer (PFE): the Eliquis-driven guidance raise could set the tone for large-cap pharma sentiment.
- AI infrastructure money: Brookfield's (BAM) mega data center plan and Blackstone's (BX) push for more equity funding keep capital-hungry AI plays in focus.
- Rates and oil: the 10-year at 4.89% and crude's rebound after Monday's drop are the macro gauges to watch, especially for TTE and other energy names.
- Alternative asset managers: Apollo (APO) crossing $1.07 trillion in assets shows private markets demand is still strong, which is a tailwind for BX and BAM.
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🎯 The Morning Playbook The playbook today is patience. The Dow is down about 0.5% in futures while the Nasdaq is up 0.16%, and that split reflects uncertainty, not conviction. With election results arriving after the close, the market's real verdict probably shows up tomorrow.
Until then, stick with stories backed by fundamentals: raised guidance at PFE and Bayer, record assets at Apollo, and big real-world AI spending at Brookfield. Watch yields too. If the 10-year keeps easing below 4.9%, rate-sensitive stocks could get a little room to run.
Elections make a lot of noise, but earnings pay the bills over time. Vote if you haven't yet, and let the data, not the headlines, drive your decisions.
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