U.S. stock futures moved higher early Wednesday as investors assessed reported Democratic wins in both chambers of Congress and potential effects on taxes and oversight of artificial intelligence and cryptocurrencies.
FXStreet's 3:51 a.m. ET (08:51 UTC) reading put Dow futures near 52,100 points, a 0.4% gain. At that time, S&P 500 futures stood around 7,610 points, up 0.15%, and Nasdaq 100 futures were near 28,340 points, up 0.14%.
Reuters reported earlier session declines of as much as 2.4% for Nasdaq-100 futures and 1.4% for S&P 500 futures, followed by a rebound.
The Associated Press and Reuters reported that Democrats won control of the House and Senate in the Nov. 3 midterm elections. Reuters said investors were weighing the possibility of higher taxes and tighter oversight of artificial intelligence and cryptocurrencies.
Aidan Yao, senior investment strategist for Asia at the Amundi Investment Institute, told Reuters, “The significance of these midterm elections is more like a referendum on AI than a referendum on Trump.”
Stephen Brown of Capital Economics told the AP that the result would have limited effect on near-term policy because Democrats lack a filibuster-proof Senate majority and President Donald Trump can veto legislation.
