U.S. stocks rose pre-market (S&P +0.7%, Nasdaq +0.6%) after Democrats won House and Senate control in a landslide, n…
U.S. stocks rose pre-market (S&P +0.7%, Nasdaq +0.6%) after Democrats won House and Senate control in a landslide, neutralizing Trump’s remaining term amid rebukes on the Iran war, trade, and economy. Brent crude fell to $103/bbl and the 10-year yield to 4.92%, while Bitcoin, gold and silver surged. The result signals a possible 2028 Democratic White House, which would portend potential higher taxes on the rich, tariff rollbacks, and lower defense spending. Tech mostly advanced, but $Tesla(TSLA.US) and $SpaceX(SPCX.US) each dropped 4% on Musk’s Trump ties and reduced merger odds. Strong 2026 S&P earnings growth (EPS $369 +33% y/y, P/E 20.5x) underpin equities, though TSLA’s valuation seems excessive amid declining future earnings estimates, and increased autonomous competition from $Alphabet - C(GOOG.US), $ANZN, $Baidu(BIDU.US) and others.
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