Pre-market, the S&P 500 ETF is up 1.0%. Technology leads at +1.5%, with Arista Networks +11.2% and AMD +6.2% standing out. Materials is up 1.3%, led by Newmont +5.5% and Albemarle and Freeport-McMoRan both +4.0%. Consumer Discretionary is up just 0.4% as Amazon gains 3.2% but Tesla falls 3.9%, in line with a Tradegate move that also hit SpaceX. Industrials is only up 0.2%, dragged by defense names, Northrop Grumman -3.7%, Lockheed Martin -3.3%, RTX -3.0%. Energy is the lone sector lower, off 0.8%, with ExxonMobil -1.7% and ConocoPhillips -1.6%.

High Beta leads the factor complex at +1.6%, with Mega Cap Growth ETF up 2.5%. Within mega-cap growth, AMD and Amazon lead while Tesla and Adobe, both down roughly 3%, are the laggards.

Among other sector ETFs, semiconductors and uranium are both up 2.1%, software gains 1.7%, while defense-linked ETFs lag, down 1.0% and 1.4%, alongside the MLP/energy infrastructure ETF off 1.3%.

Chip and small-cap names dominate the broader gainers list, while Skyworks Solutions is the session's steepest decliner.

• Block, Inc. +8.6%
• Super Micro Computer +8.1%
• Astera Labs +4.3%
• HCA Healthcare +4.0%
• Coherent Corp +3.6%
• Huntington Ingalls Industries -1.7%
• Palantir Technologies -2.0%
• EchoStar -3.0%
• Space Exploration Technologies -4.1%, tracking Tesla's Tradegate slide
• Skyworks Solutions -15.9%

Gold miner and silver ETFs are sharply higher, gold up about 3% and silver topping $51 an ounce as the dollar and Treasury yields fell following the Democratic midterm win. Solar and clean energy thematic ETFs are also up strongly, alongside cybersecurity names.

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