Overview
- The Democratic victory in the midterm elections on Thursday gave the party control of both chambers and triggered an immediate re-pricing across markets.
- U.S. trading opened with heavy losses for technology shares, the Nasdaq falling roughly 4% at the open and major chip names posting double‑digit drops for some companies.
- Brent crude futures plunged overnight and traded below $100 per barrel near $96, a move linked to market hopes that the election lowers the chance of wider Middle East escalation.
- U.S. Treasury yields fell and the dollar softened, which supported gains in economically sensitive sectors such as industrials and regional banks as investors rotated out of tech.
- State-level Democratic wins that campaigned on data‑center moratoria in places like Texas and Georgia added a concrete policy channel for investor concern about infrastructure and AI regulation.