Overnight US Stocks | Investors Await US Midterm Election Results, S&P 500 Index Ends Three-Day Losing Streak, AMD (AMD.US) Surges Over 9% After Hours

According to Zhitong Finance APP, on Tuesday, the three major indexes closed mixed, with the S&P 500 ending its three-day losing streak and a rebound in previously battered chip stocks. Investors are awaiting the results of the U.S. midterm elections, which will decide the control of Congress for the remaining two years of President Trump's term. The earliest polling stations in the U.S. closed at 6 p.m. Eastern Time. Trading prices on the prediction platform Polymarket show a roughly 95% probability of the Democrats retaining control of the House of Representatives and about a 77% chance of winning the Senate.

[U.S. Stocks] At the close, the Dow Jones index fell 197.12 points, or 0.38%, to 51,786.86 points; the S&P 500 index rose 27.55 points, or 0.37%, to 7,568.95 points; the Nasdaq Composite Index rose 207.65 points, or 0.83%, to 25,372.01 points. Micron Technology (MU.US), SK Hynix (SKHY.US), and Nvidia (NVDA.US) all gained over 2%, AMD (AMD.US) gained 3.6%, Oracle (ORCL.US) surged 5.8%, while Apple (AAPL.US) fell nearly 2%. The Nasdaq Golden Dragon China Index rose 0.21%, with JD.com (JD.US) up 2.3%.

[European Stocks] Germany’s DAX30 index fell 118.94 points, or 0.46%, to 25,863.93 points; the UK FTSE 100 index lost 121.06 points, or 1.12%, to 10,640.27 points; France's CAC40 index dropped 27.38 points, or 0.34%, to 8,020.31 points; the Euro Stoxx 50 index slid 37.51 points, or 0.61%, to 6,138.55 points; Spain’s IBEX35 index lost 171.90 points, or 0.91%, to 18,800.00 points; Italy’s FTSE MIB index shed 30.44 points, or 0.06%, to 49,917.50 points.

[Forex] The U.S. dollar index, which measures the greenback against six major currencies, rose 0.15% on the day, settling at 101.867 in late trading. As of the New York forex market close, 1 euro traded at $1.1190, down from $1.1194 in the previous session; 1 pound sterling exchanged for $1.3415, up from $1.3410 previously. 1 U.S. dollar traded at 158.73 yen, up from 157.91 yen; 1 U.S. dollar exchanged for 0.8209 Swiss francs, up from 0.8183 Swiss francs; 1 U.S. dollar was equal to 1.4003 Canadian dollars, rising from 1.3987 Canadian dollars; 1 U.S. dollar was worth 9.7940 Swedish kronor, up from 9.7807 in the previous session.

[Cryptocurrency] Bitcoin rose 1.4%, surpassing the $77,000 mark, and was at $77,748 at the time of reporting; Ethereum surged over 1.8% to $2,290.

[Precious Metals] Spot gold fell 0.39% to $3,930.47; spot silver dropped 1.67% to $49.792 per ounce.

[Crude Oil] Light sweet crude oil futures for December delivery on the New York Mercantile Exchange fell $0.37 to settle at $96.09 per barrel, a decline of 0.38%; London Brent crude oil futures for January delivery dropped $1.17, closing at $103.60 a barrel, down 1.12%.

[Macroeconomic News]

U.S. Labor Demand Unexpectedly Rebounds as Job Openings Increase by 333,000. U.S. job openings in September unexpectedly surged to a four-month high, while layoffs dropped to their lowest level in more than a year, indicating that labor demand strengthened heading into Q4. According to data released Tuesday by the U.S. Bureau of Labor Statistics, job openings increased by 333,000 in September, reaching 7.52 million, up from a revised 7.19 million in August and surpassing all economists' estimates in the survey. The report also showed that layoff numbers fell to their lowest since March 2025, while voluntary quits increased. The quits rate, which measures voluntary departures as a share of total employment, rose to 2.1%, the highest in over a year. Increases in job openings and hiring are positive signals, but confirmation of a stronger labor market phase requires these gains to persist for several months. Over the past year, with high prices and geopolitical uncertainties, many employers have hesitated to add or reduce staff. However, as economic growth accelerates and consumer spending remains resilient, businesses may gradually regain confidence and begin to expand their workforce.

Goldman Sachs Warns of ‘Stealth Bear Market’ as About 60% of S&P 500 Constituents Enter Bear Territory. The S&P 500 index is just about 3% off its recent all-time high, yet roughly 60% of its components have entered bear market zones. Goldman Sachs trader Bobby Molavi described this market dynamic as quite astonishing. He noted the “strange” phenomenon where stocks of both the Big Tech firms driving AI-related spending and the companies receiving such investment are declining simultaneously. In a note to clients, Molavi, head of Execution Services for EMEA at Goldman Sachs, wrote: “I don’t understand why both sides are being punished by the market at the same time, especially with AI expected to change everything as the baseline scenario.” He characterized the current market environment as a "stealth bear market." As investors withdraw from AI-linked stocks due to questions about the sustainability of massive spending, a broad rotation has occurred, hitting tech stocks especially hard in recent weeks. On the other hand, most S&P 500 constituents have risen in the past month, as money shifts from crowded trades into defensive and previously underweighted sectors.

[Stock-Specific News]

AMD Revenue and Earnings Outlook Beat Expectations, Shares Surge Over 9% After Hours. AMD (AMD.US) reported Q3 2026 revenue of $13.38 billion, up 45% year-over-year and above the market expectation of $13.09 billion; adjusted EPS was $2.09, beating the expected $1.95. Data center business revenue nearly doubled year-over-year to $8.5 billion, accounting for 64% of total revenue, up from 47% a year ago, mainly driven by growing AI processor demand. CEO Lisa Su stated that demand for data center processors is expected to accelerate further, and the company is poised to meet AI chip demand. AMD expects Q4 revenue of around $17 billion, surpassing the market estimate of $16.2 to $16.3 billion, but its gross margin guidance of 55% falls slightly below the expected 55.3%. Meanwhile, due to tight memory chip supply and higher prices, the PC market remains under pressure, with revenue from Personal Computer and Gaming businesses down 8% year-over-year to $3.7 billion, including a 40% drop in gaming revenue. After the report, AMD’s shares jumped over 9% after hours, boosting Nvidia, SK Hynix, and other chip stocks.

Meta’s Dollar Bonds See Up To $58 Billion in Orders, Though Financing Costs Rise Significantly Versus April. According to sources, Meta Platforms (META.US) attracted as much as $58 billion in orders for its dollar bond issuance, about four times its at least $15 billion offering size. The total cross-border financing amount is expected to reach at least $20 billion and Meta plans to issue its first-ever euro bonds as soon as Wednesday. Despite robust demand, Meta must offer higher yields to attract investors, with its 2056 bonds yielding a premium of about 2.2 percentage points over comparable U.S. Treasuries—roughly 0.9 percentage points higher than similar bonds issued in April. AI investment expansion is raising financing costs for tech giants, and yields on their bonds are at their highest spread over Treasuries since 2003, with some companies approaching record credit-default swap levels. Analysts expect related companies’ AI investments to total $4.5 trillion over the next three years, of which Meta’s contribution will exceed $740 billion. Meta has also raised $37.5 billion via common and preferred stock offerings and plans to issue up to $60 billion more in equity; S&P has downgraded its outlook to negative due to the pressure from AI spending.