Business & Finance
US Stocks Rise After Democrats Take Control of Congress
The Nasdaq, Dow Jones Industrial Average and S&P 500 opened higher on Wednesday after Democrats won the U.S. midterm elections, taking control of both the House and Senate. At 9:30 a.m. ET (14:30 GMT), the Nasdaq was up 1 percent, the Dow was up 1.8 percent and the S&P 500 was up 1.1 percent. Retailers that rely on imports, such as Walmart and Target, rose 1.3 percent and 3.3 percent respectively, amid speculation about possible tariff policy changes. UnitedHealthcare fell 2.9 percent, CVS Health dropped 12 percent, while Cigna gained 1.6 percent.
Investor sentiment was buoyed by President Donald Trump’s social‑media post saying he would accept the results, which eased political uncertainty and pressure on markets.
For companies involved in artificial‑intelligence buildout, the outlook is more mixed. Oracle and Nvidia opened lower, whereas Alphabet, Google’s parent company, rose 3.5 percent at the opening bell. "There is no way to sugarcoat that Democrats taking control, especially over the Senate, will create some major hurdles for AI and tech legislation in the Beltway over the next two years," said Dan Ives, managing partner of Yorkville Ives, in a note on Wednesday. "We estimate 10% of datacenters will not happen now," Ives added in a post on X.
Democrats performed strongly in states with pronounced AI buildouts, including Ohio, where Sherrod Brown flipped the Senate seat; Texas, where Democrats took a Senate seat with James Talarico; and the governor’s race, which Gina Hinojosa won, also flipping the seat.
Oil prices fell as well. Global benchmark Brent crude futures dropped $3.20, or 3.09 percent, to $100.40 a barrel, while West Texas Intermediate crude fell $3.01, or 3.13 percent, to $93.08. Oil prices are reacting to the midterm results, and investors are also watching for developments in the Iran and Russia‑Ukraine conflicts, following reports of talks that saw oil prices hit their lowest levels in four weeks.