AMD (AMD) Q3 Earnings Boost S&P 500 Futures 0.1% Amid 2026 Election

S&P 500 futures rose 0.1% Tuesday evening, helped by Advanced Micro Devices (AMD) posting strong third-quarter earnings. AMD's shares surged double digits in after-hours trading following earnings and revenue that exceeded analyst expectations, with data center revenue nearly doubling year over year. Nvidia, Intel, and Micron Technology also rose following AMD's results.

The market reacted amid the start of vote counting in the 2026 U.S. midterm elections. Polls and prediction markets indicate Democrats are highly likely to gain control of the House, with over 90% probability. Senate control is less certain but leans more than 70% toward Democrats. Futures tied to the Dow Jones fell 50 points, or 0.1%, while Nasdaq-100 futures matched the S&P 500's 0.1% gains.

Market strategists noted that if Democrats achieve a sizable Senate majority, AI-related stocks could face pressure due to potential restrictions on data centers. This would affect stocks linked to the AI infrastructure buildout, which have recently declined on concerns over slowing spending. Conversely, a divided Congress could support some short-term momentum in stocks, especially if Republicans maintain control of either chamber. The election outcomes remain unofficial as polls have not closed in all states.