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OffbeatUS stocks set to open mixed as midterm elections approach

12:31  06 november  2018
12:31  06 november  2018 Source:   cnbc.com

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US stocks set to open mixed as midterm elections approach© Provided by CNBC LLC

U.S. stock futures traded mixed on Tuesday as voters are set to head to the polls for midterm election which could send ripples throughout capital markets.

As of 4:00 a.m. ET, Dow futures were down by 2 points, but indicated a slightly higher open of 17 points. Meanwhile, S&P 500 and Nasdaq futures traded mildly lower.

Futures mimicked action seen around the world, with both European and Asian stocks navigating through choppy trade as investors kept a wary eye on political uncertainty.

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Focus is very much attuned to Tuesday's midterm elections. The Democrats are broadly forecast to take the House while the GOP is expected to maintain its slim majority in the Senate. This outcome would likely be seen as positive for U.S. equity markets as, historically, stocks have made solid gains in the event of a government gridlock.

If Republicans maintains a majority in both chambers, it could lift stocks in the short term as it increases the likelihood of further tax cuts. Meanwhile, a so-called Democratic sweep could pressure stocks as it could result in a reversal of some of the policies passed by Trump administration to boost the economy in the near-term.

The Democrats were leading with a 7 point advantage ahead of the vote, according to an NBC News/Wall Street Journal poll released Sunday. Data released on Monday showed that more than 35 million people have already cast their vote in early voting, indicating a record turnout for the 2018 midterms. In 2014, fewer than 20 million early votes were counted the day prior to the midterms.

On the earnings front, CVS Health, Eli Lilly and Ralph Lauren are set to report results before the bell, while Match Group and Pioneer Natural Resources post their financials after the bell.

Separately, in data, Redbook Index figures are due to be released at 8:55 a.m. ET, while the Labor Department will publish JOLTs jobs numbers at 10 a.m. ET.

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Election Day has passed, but tight races in Arizona, Florida and Georgia are still undecided

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