US stock futures mixed as Apple slides 4.5% on chip costs; investors eye midterm results

US stock futures were mixed Tuesday as investors awaited midterm election results, with Apple sliding 4.5% on profit margin warnings tied to rising memory chip costs. Oil price gains and AI spending concerns also weighed on sentiment. Apple's warning came despite beating Wall Street expectations on strong iPhone sales. The Nasdaq-100 closed over 10% below its record high Monday, confirming a correction as investors doubt Big Tech's heavy AI investments will yield sufficient returns. Palantir shares fell 6.3% despite a strong forecast. Voters are deciding control of Congress, with polls suggesting Democrats may take the House while the Senate remains uncertain. Analysts noted growing concerns over government spending and deficits, while investors also monitored potential US strikes on Iran after the midterms.