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Stock futures rise after Democrats take House and Senate
CNBC said Dow, S&P 500 and Nasdaq futures recovered overnight after Democrats flipped the Senate and won the House, while Tesla and SpaceX fell in premarket trading.
- New headline Was: “A blue wave sends futures into the green”
- Our desk filed its story
U.S. stock-index futures rose from overnight lows on Wednesday as midterm results showed Democrats taking both chambers of Congress, CNBC reported in its Morning Squawk newsletter1.
The newsletter said Democrats flipped the Senate and won the House1. CNBC framed the outcome as a rebuke of President Donald Trump's economic record; that characterization is the outlet's1.
CNBC said Trump, in a series of interviews overnight, said he would work with Democrats on many things and that he was willing to accept the election results1.
Alongside the futures move, the U.S. dollar fell to a one-month low, Treasury yields dipped and gold rose, CNBC reported1. Andrew Slimmon of Morgan Stanley Investment Management told Squawk Box Europe that markets like gridlock and do not like a party with too much power, according to CNBC1.
Carl Weinberg of High Frequency Economics warned that Democrats are not veto-proof and that coming days would show whether they can push policy on affordability, CNBC said1.
Tesla and SpaceX were down heavily in premarket trading, CNBC said1. The newsletter tied that pressure to Democratic wins in Texas: James Talarico over Ken Paxton for Senate and Gina Hinojosa over Gov. Greg Abbott, according to CNBC1. Scott Lander of Horizon Investments said a loss for Abbott would make Texas a harder environment for tech buildout, CNBC reported1.
Amazon, Alphabet and Nvidia recovered from earlier declines despite concerns that state-level data-center restrictions could delay projects, CNBC said1. AMD was a premarket gainer after third-quarter results that beat forecasts, with data-center revenue nearly doubling, according to CNBC1.
CNBC said Iran's parliament speaker, Mohammad Bagher Ghalibaf, described the U.S. vote as a rejection of war1. Trump said the Iran conflict partly explained Republican losses and that people were not willing to accept short-term gasoline-price effects, according to CNBC1. The newsletter also cited Trump telling the Financial Times he had no immediate plans to strike Iran; that remark was not independently confirmed here1.
