Dow, S&P 500, Nasdaq Futures Mixed After A Democratic Sweep In Midterms: NVDA, MU, SNDK, NBIS, IREN In Focus

• Democrats flipped at least seven Senate seats, 24 House districts, five governorships, and twelve state legislative chambers.

• They secured an early reported majority of at least 231–141 in the House and 54–44 in the Senate.

• Oil prices declined sharply as expectations for the end of the Iran war rose.

U.S. stock futures were mixed overnight late Wednesday as markets awaited the final results of the November midterms even as the Democrats swept both chambers of Congress.

As of 09:30 p.m. EST, Dow futures gained 0.24%, while the S&P 500 futures were down 0.04% and Nasdaq-100 futures fell 0.46%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

On Wednesday, all three U.S. benchmark indexes rallied on the blue tidal wave. The Dow Jones Industrial Average led the climb, adding more than 1,500 points to close 3% higher. The S&P 500 gained 1.58% at close, while the Nasdaq Composite closed up 1.44%.

Key US Market Drivers

Markets welcomed a Democratic victory in early voting counts on Wednesday, sending stocks higher on anticipation of a potential end to the Iran war and expectations of an improvement in economic policy as well as an end to Trump’s tariffs.

The Nov. 3 U.S. midterm election results flipped control in both chambers of Congress, with Democrats in the lead.

While final results are still being counted, Democrats flipped at least seven Senate seats, 24 House districts, five governorships, and twelve state legislative chambers, securing an early reported majority of at least 231–141 in the House and 54–44 in the Senate. Key red states including Texas, Iowa, Ohio, Maine, and Kansas also flipped blue, making history.

Consumer discretionary names such as Walmart gained following the initial counting. However, AI-lined and data center build-out names trended lower as markets expect a pullback in support to the industry amid Democratic leadership.

Yorkville Advisors partner and managing director Dan Ives said in a post on X, “Democratic blue tidal wave across the Senate and House was a seismic shift that will have a negative impact on the pace of the AI Revolution buildout in the US over the next few years. Will slow the pace of the planned 800 to 1,000 datacenters across the US fueling the AI Revolution…some investors will like the “slower pace”…others view it as adding risk. We estimate 10% of datacenters will not happen now.”