In brief
The Nasdaq, Dow and S&P 500 all opened higher after Democrats won the 2026 midterms, a move welcomed by President Trump. Retail giants saw gains and oil prices fell, but AI leaders like Nvidia were hit by worries that new Senate control could curb tech legislation.
The U.S. stock market opened higher on Wednesday after Democrats swept the 2026 midterm elections, taking control of both the House and Senate.
The Nasdaq rose 1 percent, the Dow Jones Industrial Average climbed 1.8 percent, and the S&P 500 added 1.1 percent at the open.
Retail firms that depend on imports, such as Walmart and Target, jumped 1.3 percent and 3.3 percent, respectively, while UnitedHealthcare fell 2.9 percent and CVS Health dropped 12 percent; Cigna moved up 1.6 percent.
Investor sentiment eased after President Donald Trump posted on social media that he would accept the election results, which helped calm political uncertainty.
For companies in the artificial‑intelligence field, outlooks were more mixed. Nvidia and Oracle opened lower, but Alphabet (Google’s parent) climbed 3.5 percent.
Dan Ives, managing partner of Yorkville Ives, warned 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.”
“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.
Democrats also performed strongly in states where the AI buildout is pronounced, including Ohio, Texas and in the governorship race won by Gina Hinojosa.
Oil prices fell on the day. Brine crude futures were down 3.09 percent at $100.40 a barrel, and West Texas Intermediate fell 3.13 percent to $93.08. Investors are watching whether geopolitical tensions with Iran and Russia will ease, as oil had hit four‑week lows in recent sessions.
