Global financial markets traded with heightened volatility on Tuesday, November 3, 2026, as voters across the United States headed to the polls for midterm congressional elections. The vote serves as a test for the administration of Donald Trump, pitting economic anxiety over the cost of living against uncertainty surrounding corporate tax policies, federal debt limits, and the infrastructure boom driving artificial intelligence.
Wall Street Gains Ground on Oil Slump and Poll Expectations
Wall Street indices opened higher on Tuesday, with the S&P 500 rising roughly 0.5 percent and the Nasdaq 100 climbing nearly 0.9 percent, according to XTB research. The rally was supported by a notable decline in crude oil prices.
Since the return of Donald Trump to the White House in 2025, the S&P 500 had surged roughly 27 percent, fueled by strong corporate earnings and heavy capital expenditure on AI infrastructure.
Dollar Fluctuates as Strong Labor Data Counterbalances Political Uncertainty
In currency markets, the US dollar traded within narrow bands as traders weighed the electoral outlook against shifting economic indicators. The dollar index, which tracks the greenback against a basket of six major currencies, edged up 0.1 percent to 101.86, according to Reuters reporting carried by Asharq.
Job openings rose by 333 thousand to reach 7.523 million, comfortably exceeding the consensus forecast of economists surveyed by Reuters and signaling continued resilience in the American labor market.
Foreign exchange traders, meanwhile, dealt with mixed messaging from policymakers.
Technology Sector Valuations and Capital Spending Under Scrutiny
The intersection of politics and technology dominated discussions on trading desks, particularly regarding corporate expenditure on artificial intelligence. Analysts note that a Democratic-controlled Congress could increase legislative oversight on data center expansion and safety protocols for advanced AI models.
Robertsen further cautioned that capital expenditure plans for data infrastructure face potential hurdles at the state level if Democrats sweep congressional seats, adding that upcoming debates over raising the US debt ceiling promise to rank among the most contentious in 2027.
Broader Asset Classes React to Geopolitical and Monetary Shifts
Beyond equities and foreign exchange, gold prices experienced renewed turbulence ahead of the midterm results. Spot gold rose approximately 2.1 percent during Monday’s session to reach 3,954.41 dollars per ounce, recovering from a 3.6 percent decline on Friday that marked its lowest level since October 2025, according to data cited by Mobtada. US gold futures for December delivery similarly advanced 1.8 percent to 3,969.60 dollars per ounce, supported by retreating oil prices and easing inflation concerns.
With voting under way across all 435 House seats and 35 Senate contests, investors await the final results. The outcome will determine whether the federal government maintains its current fiscal trajectory or enters an era of divided rule and heightened legislative confrontation.