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Happy Wednesday. Stock futures were rising as Democrats took control of both the U.S. House of Representatives and the Senate.
President Donald Trump congratulated Democrats on their midterm election victories in a phone call with CBS News.
“My message is, congratulations to the Democrats, and I look forward to working with you for the good of our country,” he said. “I think they’re gonna want to work with me. Otherwise, I’d just veto everything and they’re not gonna want that.”
Daniela Hathorn, senior market analyst at Capital.com, said global markets experienced a sharp selloff in equities and the dollar, while investors sought safety in U.S. Treasuries and precious metals.
“However, the initial risk-off reaction has given way to a relief rally, particularly across Asian equities, as investors reassess the implications of the result,” she said. “Part of the recovery also appears to reflect President Trump’s conciliatory comments following the results.”
Hathorn noted that technology stocks have been particularly sensitive to the outcome, with concerns that Democratic control of Congress could lead to greater scrutiny of AI investment, data center expansion and the broader technology sector.
“However, the recovery in Nasdaq futures suggests investors are beginning to recognize that a change in congressional control does not necessarily translate into an immediate change in economic policy,” she said.
Advanced Micro Devices (AMD) shares were surging 5.73% in premarket trading after the chipmaker beat Wall Street’s third-quarter earnings and revenue forecasts.
Markets finished mixed on Tuesday as investors focused on Election Day voting and a rebound in semiconductor stocks.