EL7.AI
GeopoliticsMedium•4 November 2026•
1 min read

Asia Stocks and US Futures Drop 3% on Midterm Results and Hormuz Tensions

Key Facts

1US stock futures and the Nikkei index dropped 3% as early midterm election results indicated significant Democratic gains.
2Iran's IRGC claimed four tankers were destroyed and two vessels detained south of Hormuz, stating the strait remains shut.
3AMD forecast Q4 revenue of $17 billion, beating estimates driven by the AI chip ramp-up.

US stock futures and the Nikkei index dropped 3% as early midterm election results indicated significant Democratic gains. According to investinglive.com, Iran's IRGC claimed the destruction of four oil tankers and the detention of two vessels south of the Strait of Hormuz, confirming that the strait remains shut. In the technology sector, AMD forecast Q4 revenue of $17 billion, beating estimates driven by the ramp-up in AI chip demand.

TSLA closed at $398.5 on November 3, 2026, while SMCI closed at $31.39 on the same date prior to these geopolitical shifts. These market movements follow US economic data released on November 3, 2026, which showed JOLTs job openings reaching 7.523 million, exceeding the 7.1 million forecast, while factory orders grew by 1.8%.

The economic calendar for November 4, 2026, includes the release of the EIA Weekly Petroleum Report and gasoline stocks change, data points gaining significance due to the Hormuz closure. Traders are also awaiting the ISM Services PMI and ADP Employment Change later today.