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Major Averages Surge After Midterm Elections

The major averages finished sharply higher following the midterm elections as Democrats retook the Senate and House of Representatives and won multiple state governorships. The conclusion of the midterms, as well as President Donald Trump's acceptance of the results, has removed a political uncertainty risk hanging over the markets. The election results are fueling optimism that a divided government will limit major policy shifts and reduce uncertainty.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Following a slew of victories for Democrats in the Senate, House, and multiple governorships, shares of Elon Musk-associated companies Teslaand SpaceXwere slipping, as were those of several data center operatorsAMDreported better-than-expected Q3 results and provided an upbeat outlook for Q4 revenueMcDonald'sreported upbeat Q3 results, with global comp sales rising 1.5% during the quarterCVS Healthprovided a "beat and raise" report for Q3 and announced it will separate into two independent, publicly traded companiesArrayand Shoalsagreed to combine in a stock-for-stock merger, while Empower Brands, jointly owned by Spectrum Brandsand funds managed by Oaktree Capital, offered to acquire Helen of Troyfor $37 per share in cash2. WALL STREET CALLS:Citi downgraded Adobeto Sell on 2027 estimate riskBofA upgraded Constellation Brandsto Neutral after Democrats' winBarclays downgraded Driven Brandsto Underweight on accounting errorsEdwards Lifesciencesupgraded to Buy at TruistAstera Labsupgraded to Outperform at Northland3. AROUND THE WEB:Appleis lowering internal AI usage budgets, Bloomberg reportsMetahas acquired AI coding startup Conductor, Axios reportsAnthropichas told investors in recent meetings that its 15-person chip design team is using Claude for engineering and design work on its custom chips, The Information reportsOraclehas cancelled its $7B leasing contract with Tencentafter receiving pressure to do so by the Trump administration, FT saysGooglehas expanded voluntary employee buyout offers to workers in Canada, France, Germany, Japan and Switzerland as it seeks to control rising costs amid heavy investment in artificial intelligence, Reuters reports4. MOVERS:Alightincreased after reporting Q3 results and raised its outlook for FY26Kyndrylgained after reporting Q2 results and backing its guidance for FY27Duolingoand Cricutwere higher after reporting quarterly resultsNurix Therapeuticswas lower after Sanofinotified the company of its decision to discontinue the Phase 1 first-in-human trial of SAR448272Amdocsand FISfell after reporting quarterly results5. EARNINGS/GUIDANCE:Medlinereported Q3 results, with CEO Jim Boyle calling it "another strong quarter"Uberreported Q3 results, with EPS and revenue beating consensusGraingerreported Q3 results and raised its guidance for FY26Datadogreported Q3 results, provided guidance for Q4, and raised its outlook for FY26Brink'sreported Q3 results and provided guidance for Q4INDEXES:The Dow rose 1,569.40, or 3.03%, to 53,356.12, the Nasdaq gained 364.50, or 1.44%, to 25,736.51, and the S&P 500 advanced 119.70, or 1.58%, to 7,688.62.

Major U.S. Averages Surge Following Midterm Elections

The major averages were sharply higher following Tuesday's midterm elections, as Democrats retook the Senate and House of Representatives and won multiple state governorships. The conclusion of the midterm elections, as well as President Donald Trump's acceptance of the results, has removed a political uncertainty risk hanging over the markets. The election results are fueling optimism that a divided government will limit major policy shifts and reduce uncertainty, while the dollar weakens and Treasury yields move lower.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Following a slew of victories for Democrats in the Senate, House, and multiple governorships, shares of Elon Musk-associated companies Teslaand SpaceXwere slipping, as were those of several data center operatorsAMDreported better-than-expected Q3 results and provided an upbeat outlook for Q4 revenueMcDonald'sreported upbeat Q3 results, with global comp sales rising 1.5% during the quarterCVS Healthprovided a "beat and raise" report for Q3 and announced it will separate into two independent, publicly traded companiesArrayand Shoalsagreed to combine in a stock-for-stock merger, while Empower Brands, jointly owned by Spectrum Brandsand funds managed by Oaktree Capital, offered to acquire Helen of Troyfor $37 per share in cash2. WALL STREET CALLS:Citi downgraded Adobeto Sell on 2027 estimate riskBofA upgraded Constellation Brandsto Neutral after Democrats' winBarclays downgraded Driven Brandsto Underweight on accounting errorsEdwards Lifesciencesupgraded to Buy at TruistAstera Labsupgraded to Outperform at Northland3. AROUND THE WEB:Huawei has told some clients that a large share of its next flagship AI chip, the Ascend 960DT, will run mainly on HBM made by Samsungand SK Hynix, The Information reportsSeveral companies have made bids to Microsoftto acquire "Dishonored" video game developer Arkane Studios, Bloomberg saysAnthropichas told investors in recent meetings that its 15-person chip design team is using Claude for engineering and design work on its custom chips, The Information reportsOraclehas cancelled its $7B leasing contract with Tencentafter receiving pressure to do so by the Trump administration, FT saysGooglehas expanded voluntary employee buyout offers to workers in Canada, France, Germany, Japan and Switzerland as it seeks to control rising costs amid heavy investment in artificial intelligence, Reuters reports4. MOVERS:Alightincreases after reporting Q3 results and raised its outlook for FY26Kyndrylgains after reporting Q2 results and backing its guidance for FY27Duolingoand Cricuthigher after reporting quarterly resultsNurix Therapeuticslower after Sanofinotified the company of its decision to discontinue the Phase 1 first-in-human trial of SAR448272Amdocsand FISfalls after reporting quarterly results5. EARNINGS/GUIDANCE:Medlinereported Q3 results, with CEO Jim Boyle calling it "another strong quarter"Uberreported Q3 results, with EPS and revenue beating consensusGraingerreported Q3 results and raised its guidance for FY26Datadogreported Q3 results, provided guidance for Q4, and raised its outlook for FY26Brink'sreported Q3 results and provided guidance for Q4INDEXES:Near midday, the Dow was up 1,474.42, or 2.85%, to 53,261.14, the Nasdaq was up 487.71, or 1.92%, to 25,859.72, and the S&P 500 was up 130.92, or 1.73%, to 7,699.84.

Alight Reports Q3 Revenue of $500M, Exceeding Expectations

Reports Q3 revenue $500M, consensus $473.7M. Rohit Verma, Chief Executive Officer of Alight, commented, "We are pleased to have surpassed revenue and adjusted EBITDA expectations for the third consecutive quarter, reflecting our continued execution of our long-term strategy to bolster Alight's leadership position in the market and return to positive commercial momentum. In the quarter, we significantly improved retention metrics, further strengthened our leadership team with the addition of Bruce Wolfe as our Wealth leader, delivered several features on our AI roadmap and added differentiating capabilities with the acquisition of Abett. Our demonstrated progress with our transformation initiatives has enabled us to win several new logos and expand our relationships with existing clients. We also expanded account coverage to relationships which represent over 95% of recurring revenue. We are confident that we have the team, tools and strategy in place to continue creating a clear pathway to delivering enhanced operational and service excellence."