Midterms, Apple earnings, jobs report. Wall Street faces a big week ahead just as investors dump tech

U.S. midterm elections are underway, but Wall Street is treating Tuesday’s vote as a sideshow to an AI-driven market. While early polling and prediction markets point to Democrats potentially winning majorities in both the House and the Senate, investors see limited immediate impact. Still, a shift in control could affect government policy, including defense spending and possible pricing pressures in pharmaceuticals, as well as regulation touching data centers central to AI. The week is turning lower: tech stocks led a sell-off after results from Amazon and Intel, with Alphabet dropping 12% on Thursday and another 2.2% Friday. The S&P 500 faces 138 earnings next week, including Apple.