U.S. Stocks Rise as Crude Oil Declines Ahead of Midterm Elections

By EC Assets · Published 3 November 2026

The S&P 500 and the Nasdaq opened higher on Tuesday, November 3, 2026, as crude oil prices fell further. The morning advance occurred as the United States headed directly into the midterm elections. Equity markets found initial support at the opening bell, even as broader technical indicators and political dynamics pointed to ongoing uncertainty across asset classes. Crude oil prices extended their downward trajectory during the session, sliding further as stock trading commenced. Lower crude prices coincided with the opening rebound in both the S&P 500 and the Nasdaq. In corporate developments, Apple joined the list of Big Tech companies facing notable market shifts as the trading day got underway. The morning move represented an upward bounce for major benchmarks following a difficult previous trading week. Both the S&P 500 and the Nasdaq Composite logged nice bounces after last week's declines. These early gains helped the benchmark indexes stabilize and recover a portion of the ground lost during that prior five-day retreat. Despite the early bounces, technical momentum signals indicate that downside risks remain present for the equity market. Both the S&P 500 and the Nasdaq Composite remain below widely followed short-term trend trackers. Furthermore, both indexes are set to close below their respective 50-day moving averages for a third straight day, underscoring persistent technical hurdles beneath the morning rally. The trading session unfolds against the backdrop of the 2026 midterm elections. Historical data for the S&P 500 outlines distinct stock market performance patterns that typically follow midterm election cycles. At the same time, legal scrutiny and administrative friction mark the current contest, as Trump Department of Justice election lawsuits and monitors loom over the 2026 midterms as voting proceeds. Political expectations around the voting outcome have drawn pointed public assessments. Anthony Scaramucci stated that Donald Trump is going to get trounced in the midterms and knows it. International security considerations are also tied to the post-election timeline, with Israeli Prime Minister Benjamin Netanyahu having urged the United States to resume strikes against Iran after the midterms conclude. Upcoming developments center on whether the S&P 500 and the Nasdaq Composite can break above their 50-day moving averages following three straight days below those levels. Observers also face the outcome of the 2026 midterms amid pending Trump Justice Department lawsuits and election monitors. Post-election developments will additionally determine whether the United States acts on calls from Benjamin Netanyahu to resume strikes against Iran. This article is intended for informational purposes only. It does not constitute investment advice.