Oil Stabilization and Tech Gains Offset by Midterm Election Uncertainty

Here is a look at the global market trends.

Let's start with the New York stock market.

The three major U.S. stock indices closed mixed.

While the Nasdaq and the S&P 500 rose for the first time in four sessions, gaining 0.8% and around 0.3% respectively, the Dow Jones Industrial Average finished slightly lower in a flat-to-negative trend.

By sector, technology and industrial stocks rose in tandem by over 1% each, driven by a rebound in semiconductors and large-cap tech stocks.

On the other hand, materials and consumer staples sectors fell by 1%, showing a downward trend.

Today (November 4), the New York stock market showed mixed movements across indices as bargain hunting flowed mainly into semiconductor stocks amid the ongoing U.S. midterm elections.

As AI-related stocks that had plunged recently rebounded, the Philadelphia Semiconductor Index also rose more than 2%.

A drop in international oil prices also supported investor sentiment.

With tensions in the Middle East easing somewhat following the possibility of resumed talks between the U.S. and Iran, Brent crude fell to around $103 per barrel.

However, the upside was limited as differences between the two sides over key issues remained, and policy uncertainty stemming from the midterm election results persisted.

Next, let's take a look at the U.S. futures market, which closed just a moment ago.

Amid a wait-and-see stance awaiting the results of the U.S. midterm elections, a rebound in semiconductor stocks bolstered tech-centric investor sentiment.

Against this backdrop, U.S. stock index futures closed mixed.

Dow futures stood alone in dropping 325 points, closing in the 51,800 range.

Nasdaq 100 futures jumped significantly, gaining 288 points to finish in the 28,400 range.

S&P 500 futures also rose by 34 points, wrapping up trading in the 7,600 range.

Russell 2000 futures moved slightly in the 2,800 range.

In the small-cap stock market, potential changes in tax and regulatory policies following the election are cited as major variables.

In the U.S. Treasury market, yields on both the 10-year and 30-year notes rose.

This is interpreted as the impact of caution surrounding changes in fiscal policy and Treasury supply and demand due to the midterm elections.

Meanwhile, the 10-year U.S. Treasury note futures recorded 4.956%.

Lastly, let's examine the performance of major stocks in the U.S. stock futures market.

Apple's third-quarter earnings beat market expectations, but its stock fell in regular trading due to concerns over future profitability deterioration driven by rising memory semiconductor prices.

Apple futures closed 2% lower.

That concludes our look at the CME futures market.

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