Stock futures rise slightly Tuesday evening as traders monitor election results: Live updates

Stock futures rose slightly in early trading Tuesday evening as investors brace for a long night amid a contentious U.S. presidential race that will have big ramifications for the markets and economy.

Futures on the Dow Jones Industrial Average added 59 points. S&P 500 futures climbed 0.1% and Nasdaq 100 futures edged higher.

Americans cast their votes across the country in the tight race between former President Donald Trump and Vice President Kamala Harris. The first polling places will close Tuesday at 6 p.m. ET in parts of Kentucky and Indiana. ( Follow CNBC's 2024 election live blog here .)

Trump's agenda of tax cuts could give Corporate America a tangible boost, but steep tariffs and a potential global trade war under his presidency could cause more uncertainty and a resurgence of inflation. In a Harris administration, the risk of tighter regulations could bring more scrutiny to industries like banks and health care, while Democrats' support for clean energy could lift electric vehicle companies and solar firms.

Investors are also closely watching if the partisan make-up of the houses of Congress remains divided. A Republican or Democratic sweep could lead to more drastic spending changes or a big revamp of tax policy.

Goldman Sachs predicts that a Trump win and Republican sweep of Congress would spark a 3% pop in the S&P 500. Even a Trump win and a divided Congress would cause about a 1.5% gain, the bank predicts. On the other hand, a Harris win with a divided Congress would cause a 1.5% drop in the S&P 500, the bank told its clients.

"I very much ascribe to that view that a Trump victory would be very good for stocks," Jason Trennert, chairman at Strategas, said Tuesday on CNBC's " Power Lunch ." "And I think a Harris victory would not be particularly good for risk assets."

Money Report

But traders may have to wait until later in the week before election results are certain. A long period of uncertainty before the result is known could weight on markets.

The stock market staged a broad rally Tuesday before the election results were in with the S&P 500 gaining 1.2%, bringing the benchmark's 2024 gains to more than 21%. The blue-chip Dow climbed more than 400 points in the session.

Following the election, another market-moving event looms this week in the latest Federal Reserve rate decision on Thursday. Traders are pricing in a 99% chance of a quarter-point cut following September's half-point reduction, according to CME Group's FedWatch Tool .

Super Micro, Lumen Technologies fall after quarterly reports

Several tech stocks were under pressure in extended trading after reporting quarterly results.

Super Micro — Shares of the server maker dropped 17% after the company's unaudited sales results for its fiscal first quarter came in short of expectations, as did guidance for the December quarter. Super Micro also said it has no timetable for when it will release its annual results. The stock tanked last week after the resignation of its auditing firm, Ernst & Young.

Lumen Technologies — The tech stock slipped 4% after a third-quarter report that showed a wider-than-expected loss. Lumen said it had an adjusted loss of 13 cents per share during the three-month period, while analysts surveyed by LSEG were looking for a loss of 9 cents.

Microchip Technology — The semiconductor products stock fell more than 4% after the company's guidance for its fiscal third-quarter missed Wall Street expectations. Microchip said it expected adjusted earnings of 25 cents per share to 35 cents during its current quarter. Analysts surveyed by FactSet had penciled in 46 cents per share.

— Jesse Pound

A definitive answer on the makeup of Congress on election day could help lift stocks higher, says Blue Line Capital's Bill Baruch

As investors await results for which party will occupy the White House on Tuesday, an answer on the makeup of Congress could help lift stocks on Wednesday, according to Blue Line Capital founder and president Bill Baruch.

"I think right now as you look at it [with] a split Congress [and] if we get an answer there tonight, I expect the market to be higher tomorrow," Baruch told CNBC's "Halftime Report" on Tuesday.

— Brian Evans

Futures open slightly higher

Futures contracts for the S&P 500, Dow and Nasdaq 100 were all modestly higher when trading began at 6 p.m. in New York on Election Night.

— Jesse Pound