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Markets

Dow Futures Jump 2% After Democrats Projected to Win Congress

Dow futures rose about 2% before the open on Wednesday, Nov. 4, after CBS News projected Democrats would win the House and Senate. The dollar and yields fell.

By Global Market News Staff · · 3 min read
The United States Capitol building with its white dome against a blue sky
Photo: Louis Velazquez / Unsplash

Why it matters

  • Dow futures traded about 2% higher and S&P 500 futures about 1.1% higher at about 8:42 a.m. ET on Wednesday, Nov. 4, Yahoo Finance data show. Nasdaq-100 futures lagged, up about 0.5%.
  • CBS News projected Democrats would win control of the House and the Senate on Tuesday night. Two Senate races, Alaska and Mississippi, and 68 House races were still uncalled early Wednesday, according to CBS and an AP tally.
  • The dollar index fell about 0.6% and the 10-year Treasury yield slipped to about 4.92%, Yahoo data show. Solar and health care stocks rose before the bell, while some AI names and Tesla fell, CNBC reported.

U.S. stock futures rose sharply before the open on Wednesday, Nov. 4, after Democrats were projected to win control of both the House and the Senate in Tuesday's midterm elections. Dow Jones futures were up about 2%, or roughly 1,060 points, at about 8:42 a.m. ET, according to Yahoo Finance data.

S&P 500 futures gained about 1.1%. Nasdaq-100 futures rose about 0.5%, held back by weakness in AI-related stocks, CNBC reported. Nasdaq futures had hit their lowest level since July 30 overnight before rebounding, CNBC said.

What have the networks and AP called so far?

CBS News projected late Tuesday that Democrats would win control of the House, and later projected that Democrats would win the Senate. The CNBC Election Desk projected early Wednesday that Democrats would win at least 250 House seats, and CNBC said Democrats were on track to hold at least 54 Senate seats. Alaska and Mississippi were the only Senate races the AP had yet to call, CNBC said.

Some races are still open. CBS said early Wednesday that two Senate races had not been called: Alaska, between Republican Sen. Dan Sullivan and Democrat Mary Peltola, and Mississippi, between Republican Sen. Cindy Hyde-Smith and Democrat Scott Colom. Democrats had won 54 Senate seats and Republicans 44, according to an AP tally cited by Yahoo News.

In the House, the AP had Democrats with 228 seats and Republicans with 139 at 8 a.m. ET, with 68 seats still to be called, Yahoo News reported. A majority is 218 seats.

How are markets reacting to the midterm results?

Futures rose, the dollar weakened and Treasury yields edged lower. The table compares levels at about 13:42 GMT (8:42 a.m. ET) Wednesday with Tuesday's daily bars in Yahoo Finance data.

MarketTue., Nov. 3Wed., Nov. 4, about 8:42 a.m. ETChange
Dow futures (Dec.)51,89552,957+2.0%
S&P 500 futures (Dec.)7,596.757,679.75+1.1%
Nasdaq-100 futures (Dec.)28,305.7528,434.75+0.5%
U.S. dollar index101.87101.30-0.6%
10-year Treasury yield (Yahoo)4.95%4.92%-0.03 pt
Gold futures (Dec.)$3,940.40$4,055.50+2.9%
January Brent crude$103.60$101.12-2.4%

The euro rose to about $1.1265, from about $1.1193 late Tuesday, Yahoo data show. The Treasury Department's par yield for the 10-year note was 4.95% on Tuesday.

Which stocks are moving before the bell?

Renewable energy and health care stocks led gains, CNBC reported. First Solar was up about 8.6% at about 8:55 a.m. ET, according to Yahoo Finance data. CNBC said Plug Power, Sunrun and Bloom Energy also rose, and that insurers Molina and Centene and hospital operator HCA gained. Wind energy stocks rose, while defense stocks were mostly lower, the AP reported.

Some election-linked and AI names fell. Trump Media & Technology Group was down about 11%, Tesla about 4.9% and CoreWeave about 6.9%, Yahoo data show. AMD gave back the after-hours jump that followed its earnings; read our AMD earnings story.

In Europe, the STOXX Europe 600 was up about 1.8%, Yahoo data show. Japan's Nikkei 225 closed down 1.4%, the AP reported.

What are analysts saying?

Stephen Brown of Capital Economics said the result does not change the near-term policy outlook much, because Democrats lack a filibuster-proof Senate majority and President Trump can veto bills, the AP reported. Jay Woods, chief market strategist at Freedom Capital Markets, told CNBC that divided government has historically been good for stocks. Angelo Kourkafas of Edward Jones said the results could clear some uncertainty, but AI and geopolitics remain the main drivers, according to CNBC.

The October jobs report is due Friday, Nov. 6, at 8:30 a.m. ET. Follow more markets news, oil moves on our energy market news page and the latest global market news.

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