Democrats Take Congress; S&P 500 Futures Rise 1%
Democrats won majorities in both the House and the Senate in Tuesday's midterm election. As results came in, Nasdaq 100 futures fell as much as 2.4% overnight and S&P 500 futures 1.4%. By morning they had turned, and S&P 500 futures are up about 1%.
The White House tone stopped the selling: President Trump said he would accept the result, but added he would veto everything if Democrats refused to work with him. Capital Economics noted that Democrats still lack a filibuster-proof Senate majority. The market read this not as a policy shift but as uncertainty lifting.
In premarket trading, defense stocks, led by RTX, Lockheed Martin and Northrop Grumman, are among the biggest decliners. Trump Media is down about 11% and Tesla 4.9%. Gina Hinojosa won the Texas governorship pledging to halt data-center construction. That opens a new political risk for AI infrastructure.
The second story is oil: Brent is down about 1%, in the $102-103 range. Trump played down near-term new strikes on Iran and Qatari mediation continues; Iran's chief negotiator Ghalibaf called the result Americans rejecting the war.
The third story is . According to reports, the company has walked back a roughly $7B AI chip leasing deal with Tencent. The stock slipped in overnight trading.
