Brendan McDermid | Reuters Stock futures were flat on Monday afternoon after a winning day for markets as investors look ahead to Tuesday’s US midterm elections. Futures linked to the Dow Jones industrial average rose 12 points, or 0.04%, after erasing earlier gains. S&P 500 and Nasdaq 100 futures were both fractionally lower. Shares of Lyft fell 13% while Take-Two Interactive and Tripadvisor each fell more than 15% after reporting disappointing quarterly results. The moves come after a day in which all major indexes posted a second consecutive positive session. The Dow Jones Industrial Average closed higher by 423.78 points, or 1.31%. Meanwhile, the S&P 500 gained 0.96% and the Nasdaq Composite rose 0.85%. Investors await the results of Tuesday’s midterm elections. They will determine which party controls Congress and direct future policy and spending. Any market reaction will likely depend on whether Republicans take back the House, the Senate, or both. “The idea that [Republicans are] going to get the house back is pretty much baked into the market,” Lori Calvasina, RBC Capital Markets, said on CNBC’s “Fast Money” on Monday. “I’m not saying it won’t be good, that we’re going to” I don’t have a few days to feel good or that it won’t provide some stability, but I think for a big kick in the S&P they have to get the Senate back as well.” Wall Street will also be closely watching Thursday’s consumer price index report for the latest data on how well the Federal Reserve’s rate hikes have tamed high inflation. That reading could also signal the central bank’s path forward – another hotter-than-expected report could encourage the Fed to raise interest rates aggressively in December. Earnings season continues this week. On Tuesday, Lordstown Motors, Lucid Group, Walt Disney and AMC Entertainment report their latest quarterly results.
