Voters line up to cast their ballot just before the polls open in the mid-term election on November 06, 2018 in Miami.

Joe Raedle | Getty Images

Voters line up to cast their ballot just before the polls open in the mid-term election on November 06, 2018 in Miami.

The Democrats were leading with a 7 point advantage ahead of the vote, according to an NBC News/Wall Street Journal poll released Sunday. Data released on Monday showed that more than 35 million people have already cast their vote in early voting, indicating a record turnout for the 2018 midterms. In 2014, fewer than 20 million early votes were counted the day prior to the midterms.

“With absolutely nothing on the macro calendar today and the Fed not scheduled to deliver its rate decision until Thursday, investors have the next several hours to focus on the Midterm Elections,” said Jeremy Klein, chief market strategist at FBN Securities, in a note.

“Those bullish fear the GOP’s losing power in both chambers on Capitol Hill. While stocks would stumble a bit in the immediate aftermath of this unexpected outcome, the dip would present a fortuitous buying opportunity,” Klein noted.

Stocks have been volatile lately as worries about the elections, coupled with fears of rising rates and a potential slowdown in earnings growth, have put investors on edge. The Cboe Volatility Index, widely considered the best gauge of fear in the market, is up more than 60 percent since the start of the fourth quarter.

Investors also looked ahead to the Federal Reserve’s latest decision on monetary policy, which is scheduled for Thursday. The Fed is largely expected to keep rates unchanged, but investors will pore through the statement for clues about the central bank’s December meeting.

—CNBC’s
Ryan Browne
contributed to this report.

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