Democrats just flipped both the House and the Senate, and stock futures erased a 2.4% overnight dropNasdaq 100 futures f…

Democrats just flipped both the House and the Senate, and stock futures erased a 2.4% overnight drop

Nasdaq 100 futures fell as much as 2.4% and S&P 500 futures as much as 1.4% as results rolled in

By early Wednesday both were up about 1%, with Dow futures up 724 points, or 1.4%

Democrats are projected to win at least 250 House seats and at least 54 Senate seats, with Alaska and Mississippi still uncalled

Elon Musk spent a record of at least $474M on the midterms, $224M of it in Texas, where Democrat James Talarico won the Senate race

$SpaceX(SPCX.US) is down 3.8% premarket and $Tesla(TSLA.US) is down 3.5%

Gold jumped about 3% back above $4,000 and the 10-year yield slipped to 4.92%

Wall Street feared a blue sweep for weeks, then bought it within hours. Gridlock means fewer fiscal surprises and lower yields, which is what futures are pricing. The real pressure point is AI, since voters also rejected data center projects in several towns, so watch $Tesla(TSLA.US), $SpaceX(SPCX.US) and the data center names into the open

Source: StockMarket.News