U.S. stocks recover, Dow Jones futures soar 700 points

U.S. stock index futures rose sharply Wednesday, reversing early losses. (Bloomberg)

On Wednesday, U.S. stock index futures rose sharply, reversing early losses. The Dow Jones Industrial Average rose 724 points, or 1.4%; S&P 500 Index futures rose 1%, and Nasdaq 100 Index futures also rose simultaneously.

Traders are weighing the impact of Democratic control of Congress and victories for several key governors in the 2026 U.S. midterm elections. The Democrats swept to victory and took control of Congress overnight. The Associated Press also predicts that Texas Democratic gubernatorial candidate Gina Hinojosa will defeat Republican incumbent Gov. Greg Abbott. Hinojosa pledged to suspend the construction of data centers in the key technology hub.

Wall Street analysts said Democratic control of the House and Senate could weigh on some market sectors, especially stocks related to the construction of artificial intelligence. Investors worry that a Democratic sweep could mean more restrictions on data centers across the country. Artificial intelligence-related stocks have retreated in recent weeks on concerns about slowing growth in data center spending.

Super Micro, an important player in the field of artificial intelligence, reported third-quarter profit and revenue that far exceeded analysts' expectations. Boosted by the news, its stock price soared by double digits in after-hours trading. The stock last rose 6.3% in premarket trading.