Wall Street Steadies After Tech Selloff as Midterm Results and AI Earnings Drive Sentiment

US tech shares recovered after an AI-spending selloff while investors weighed Democratic midterm gains, mixed earnings from AMD, Apple and Shopify, and softer European futures.

Maz Vantage · 4 Nov 2026

Wall Street: midterms and AI in focus

US tech stocks recovered on Tuesday afternoon after a selloff that had unsettled investors over AI spending, and the midterm elections did not appear to have a large immediate effect on Wall Street, according to The Guardian. The same report notes that investors expect Democrats to hold at least a House majority and possibly gain Senate seats, which could mean more AI regulation. MarketWatch's early-Wednesday coverage describes Democrats winning both chambers and looks at what that could mean for investments and household finances.

On the technical side, a J.P. Morgan strategist cited by MarketWatch warns that a fall in the S&P 500 below 7,500 could sharply raise selling pressure and volatility and might lead to a deeper correction.

Company earnings

AMD: shares rose as the chip maker showed what MarketWatch calls "real" AI revenue and gave an upbeat forecast.
Super Micro: shares rose on earnings that pointed to strong demand for AI servers.
Apple: shares fell nearly 2% on Tuesday as investors were disappointed by the gross margin outlook and slower services growth.
Shopify: shares slid after the company missed revenue expectations.
3M: the company agreed to settle PFAS-related personal injury claims and expects a pre-tax charge of $5.8 billion in the fourth quarter.

Bonds, the Fed and the ECB

MarketWatch reports that large technology companies' bond issuance is increasingly influencing the bond market, as these firms have spent heavily and now raise cash through debt. On central banks, the Fed published its FOMC statement on 28 October. The ECB released its monetary policy decisions on 29 October and announced that Christine Lagarde will step down on 7 February 2027.

Europe, Asia, commodities and crypto

RTTNews on Nasdaq says European stocks were expected to open notably lower on Wednesday as investors weighed the risk to President Trump's legislative agenda from Democratic gains. In Japan, Mitsui & Co raised its outlook although its shares dropped, and ITOCHU reported higher first-half profit.

Investing.com reports that oil edged higher as markets weighed the US election outcome and Iran war risks, and that Bitcoin recovered to near $78,000 after the midterm results. Separately, Binance said the hackers behind a $6.3 billion crypto heist used fake job interviews to compromise the exchange.

Sources

Wall Street Steadies After Tech Selloff as Midterm Results and AI Earnings Drive Sentiment

US tech shares recovered after an AI-spending selloff while investors weighed Democratic midterm gains, mixed earnings from AMD, Apple and Shopify, and softer European futures.

Maz Vantage · 4 Nov 2026

Wall Street: midterms and AI in focus

Company earnings

AMD: shares rose as the chip maker showed what MarketWatch calls "real" AI revenue and gave an upbeat forecast.
Super Micro: shares rose on earnings that pointed to strong demand for AI servers.
Apple: shares fell nearly 2% on Tuesday as investors were disappointed by the gross margin outlook and slower services growth.
Shopify: shares slid after the company missed revenue expectations.
3M: the company agreed to settle PFAS-related personal injury claims and expects a pre-tax charge of $5.8 billion in the fourth quarter.