Stock futures were rallying on Wednesday after the Democrats won control of the House and the Senate, sparking a relief rally after weeks of uncertainty.

Rocket and AI company SpaceX and electric vehicle maker Tesla were taking a hit in the premarket, though. Elon Musk, who is CEO of both, had spent almost half a billion dollars on trying to prevent a blue wave.

Defense stocks were also struggling. RTX slid 2.8% and Lockheed Martin declined 3.2% as investors bet the Democrats would scupper President Donald Trump's bid for a $1.5 trillion boost to military spending.

Advanced Micro Devices rose 6.2%. The semiconductor maker's third-quarter earnings came in well above Wall Street's expectations, suggesting Big Tech still can't get enough of artificial-intelligence chips.

Arista Networks was the S&P 500's best performer ahead of the opening bell, surging 12%. The cloud infrastructure provider posted its fastest revenue growth since its 2014 IPO the AI buildout boosts demand.

Block jumped 8.7%. The Square and Cash App owner beat analysts' third-quarter earnings target and bolstered its full-year outlook as an AI-powered transformation plan takes hold.

Novo Nordisk climbed 4.3%. The Danish drugmaker raised its full-year earnings outlook, as third-quarter sales of its Wegovy weight-loss pill came in well above the Street's expectations.

Super Micro Computer rallied 7.7%. The server maker turned in strong first-quarter results, which were enough to boost its stock even as tech investors worry about a potential slowdown in AI spending.