Tomorrow is the last trading day before the midterms.

On Tuesday, voters decide who controls Congress. By Wednesday, the market will have decided what it thinks about that.

We'd rather not wait until then.

Last week we noted that for drugmakers, a divided Congress might be a feature, not a bug.

Tomorrow at 2:30 PM ET, Kyle DePaolo and Dane May of DM Strategic Wealth take that question to the whole portfolio.

Live, these financial advisors with careers spanning some of the biggest banks on Wall Street will cover what history says about markets around midterms, what each outcome could mean, and how to think through the uncertainty heading into year-end.

Only a few seats remaining. Don’t miss your last chance to reserve your seat.

— Brooks & The Street Sheet Team

What: Wall Street has a habit of picking which numbers count after seeing them. Anthropic's IPO filing posts an $80.7B first-half net loss… also known as $2.7B in adjusted net income.

Why: The company excluded about $72B in losses by marking liabilities to market, including convertible notes, as Anthropic's valuation soared. Amazon (AMZN) booked about $63B of gains on private stakes, primarily Anthropic, and Alphabet (GOOGL) logged $136B in net equity gains. Each was most of its company's pretax profit, and analysts left both in Street earnings.

What Else: Nvidia (NVDA) goes the other way, steering analysts to adjusted numbers that exclude unrealized investment gains, and coverage follows. In Q2, those gains at Amazon and Alphabet were about 15% of S&P 500 earnings, per a WSJ (NWSA) analysis. With no standard governing Street earnings, the market can look fair or wildly expensive depending on what gets excluded.

Watch: Anthropic's IPO, due as soon as November, would convert the notes to common stock and end the liability marks on its books… potentially making it harder to “adjust” them out.

What: Moderna (MRNA) delivered its latest batch of melanoma vaccine data. The market delivered a selloff.

Why: Adding the personalized shot to Keytruda cut recurrence-or-death risk by 42%, clearing bar of 40%, yet shares fell about 20% after. Analysts often value a drug at about 4x peak annual sales, and the vaccine could reach about $4B a year, or $2B for Moderna after splitting with Merck (MRK). That would leave the drug’s valuation at $8-$12B. But even after the selloff, Moderna is worth about $55B more today than before the initial results dropped in August.

What Else: The valuation essentially prices in a shot that works across several tumors and becomes nearly Keytruda-sized. But melanoma tumors may be easier for the medication to treat than other types of cancers, as they tend to run hot, meaning immune cells are already on the scene. Treatment is shifting too, with doctors increasingly giving Keytruda before surgery, an approach some analysts say performs similarly. That's awkward for a shot that could cost around $300K, especially once cheaper Keytruda copies arrive after its 2028 patent expiry.

Watch: Kidney cancer data could land within months, with bladder results possibly in 2027. That should show if the cure is as comprehensive as investors seem to think it will be.

What: With midterm elections on the horizon and the economy on the ballot, here are the hard numbers from the past two years.

Why: The S&P 500 gained nearly 28% from Trump's Inauguration Day through September. But American households might not be feeling that economic boom as much as Wall Street. CPI is up 5.4% since Trump took office, with gasoline up 39%, and September inflation accelerated to 3.7%. The average statutory tariff rate sits at 11%, up from 2.4% in 2024. The Fed hiked a quarter point in September, and the 10-year yield, just above 5%, posted its largest quarterly jump in three decades.

What Else: Paychecks aren't keeping up. Real median weekly earnings have trailed inflation for six months, and the University of Michigan's sentiment index is down nearly 33% since Trump took office. Sentiment may no longer track spending, but it remains a rough guide to the incumbent party's prospects.

Watch: Tuesday's midterms, with every House seat and about a third of the Senate in play.