In premarket trading, Trump Media & Technology Group saw its shares decline by 11% following the Democrats' success in the midterm elections, which could hinder President Trump's policies. Tesla and SpaceX also experienced drops of nearly 6% and over 7%, respectively, as the new Congress may impose stricter regulations on data center expansions, impacting their AI infrastructure projects.
Neocloud companies like CoreWeave, Iren, and Nebius faced declines of 7%, 6%, and 5%, respectively, due to anticipated challenges in the data center sector. Conversely, Novo Nordisk's shares rose over 6% after reporting earnings that exceeded expectations and raising its fiscal outlook.
CVS Health's shares fell more than 2% after announcing plans to split into two publicly traded companies by 2028, reversing its $78 billion acquisition of Aetna. McDonald's shares increased by 2% despite mixed quarterly results, while Duolingo surged 18% after beating revenue expectations. Alight's shares jumped 22% after raising its revenue outlook for 2026.
Avis Budget Group's shares slid about 2% on mixed results, while Advanced Micro Devices remained stable after reporting better-than-expected earnings. Toast's shares dropped 5% despite positive results, and Skyworks Solutions fell about 11% due to disappointing guidance. Super Micro Computer's shares rose 2% after beating earnings estimates, while Arista Networks gained 4% on strong guidance.
Block's shares rallied 9% after exceeding earnings expectations, while Freshworks tumbled about 10% despite strong results. Renewable energy stocks saw gains following the Democratic sweep, with companies like Sunrun and First Solar climbing around 6% to 8%.
Amdocs' shares plummeted 37% after warning of potential revenue declines, and Datadog's shares sank 17% despite beating earnings expectations due to soft revenue guidance. Kraft Heinz gained 3% after divesting its North America coffee business and reporting strong earnings