Democrats took control of both chambers of Congress in a sweeping midterm victory, while U.S. stocks rallied and Treasury yields fell. According to Sina Finance, Democrats had won at least 228 House seats, with 68 districts still undecided, and were set to hold at least 54 Senate seats; NBC News projected they could finish with 258 House seats.
The S&P 500 rose as much as 1.9%, the Nasdaq 100 gained as much as 2.3%, and the index of seven major technology companies climbed 3.5%. Amazon rose as much as 8.3%, while Microsoft and Apple each gained more than 6%. Tesla fell as much as 5.8%, SpaceX also dropped as much as 5.8%, and Trump Media & Technology Group plunged more than 12% to a record low.
The dollar weakened against developed-market currencies, gold rose above $4,000 an ounce, and oil prices fell. Brent crude futures settled down 4.4% at $99.10 a barrel, while WTI fell 4.3% to $91.91. Bitcoin rose as much as 3.9% to about $80,800. The article said the change in Senate control could constrain Trump’s efforts to shape the Federal Reserve and that Senator Elizabeth Warren could become chair of the Senate Banking Committee.