Futures ease as House shifts

NEW YORK (CNNMoney.com) -- U.S. stock futures fell late Tuesday as initial returns showed the Democrats capturing the House and making gains in the Senate, where control remained in doubt.

Nasdaq futures indicated a lower Wednesday open for the tech-laden market. While S&P futures were lower, they indicated a flat start when fair value was taken into account.

As of 11:35 p.m. ET, Democrats had gained 16 seats in the House, 1 more than needed for them to take control of the chamber for the first time in 12 years. They had also gained 3 Senate seats, half of the six needed for control. (CNN.com's election coverage)

Exit polls indicated that the economy was the third most important issue in the election, behind the war in Iraq and terrorism. Of those surveyed, 51 percent gave a negative view of the economy.

On the economic calendar, the Energy Information Administration's weekly report on oil inventories is due at 10:30 a.m. ET.

Besides the election, quarterly reports will be among the factors in the market. Reporting before Wednesday's open are Federated Department Stores (Charts), utility PG&E (Charts) and Sirius Satellite Radio (Charts). After the close come two closely watched results, network equipment maker Cisco Systems (Charts) and media conglomerate News Corp. (Charts)

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Wall St., if the Democrats win

Winners and losers in a Democratic Congress