Stock Market Today: Futures Signal a Strong Start After GOP's Senate Win

NEW YORK (TheStreet) -- U.S. stocks were poised for a strong start to the Wednesday trading session after the GOP seized control of the Senate, a move that is believed will shape pro-business economic policy in the final two years of Barack Obama's presidency.

A softer-than-expected economy was a central concern to voters headed into the mid-term elections on Tuesday. Seventy percent of voters said current conditions were poor, according to preliminary exit polls.

Republicans gained gained control of the Senate, while adding to their majority in the House of Representatives with 243 seats to 175.

Watch the video below for a closer look at how U.S. futures are doing in premarket trading Wednesday:

The private sector added 230,000 jobs in October, according to ADP employment data, in line with consensus. A month earlier, a revised 225,000 jobs were added to the private sector. 

Dow Jones Industrial Average futures added 0.55%, S&P 500 futures climbed 0.6% and Nasdaq futures gained 0.66%.

A day earlier, the S&P 500 sustained its first two-day losing streak in three weeks as oil prices slumped and concerns of stagnating global growth undercut optimism from last week's record highs.

Worries over weakness in the eurozone continue after retail sales fell 1.3% month on month and Markit's composite purchasing managers' index barely moved the needle, remaining flat at 52.1 in October.

European shares were shaking it off, however, on the back of robust corporate earnings. Germany's DAX and France's CAC 40 both added more than 1%.

In domestic economic releases, the ISM non-manufacturing index and EIA Petroleum Status Report are slated for release shortly after market open.

In individual corporate news, 21st Century Fox (FOXA) shares were 2% higher in premarket trading after reporting double-digit revenue growth in its quarter on the back of runaway hit films The Fault in Our Stars and Dawn of the Planet of the Apes.

Competitor Time Warner (TWX) was adding 3.9% after reporting third-quarter profit of $1.22 a share, 28 cents higher than expected. Revenue growth at HBO was particularly strong, up nearly 10% to $1.3 billion.

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FireEye  (FEYE) shares were being pummeled, down nearly 20%, after missing third-quarter revenue estimates and guiding for soft top-line growth through to year's end. Industry peers such as Palo Alto Networks (PANW) and Fortinet (FTNT) were also being dragged lower.

Telsa (TSLA) , CBS (CBS) and Whole Foods (WFM) are due to report after market close.

--Written by Keris Alison Lahiff in New York. 

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