In brief
The U.S. markets opened higher on Wednesday, taking a rally after Democrats swept the midterm elections and took control of the Senate and House. The Nasdaq, Dow and S&P 500 all climbed between 1‑1.8%, boosted by President Donald Trump’s acceptance of the outcome and expectations of policy changes, though tech and AI stocks split their gains. Oil prices fell on the day, reflecting both market sentiment and ongoing geopolitical concerns.
The U.S. stock markets rose in early trading on Wednesday, the first day of September, after Democrats captured control of both the House and Senate in the 2026 midterm elections. The Nasdaq opened up 1 percent, the Dow jumped 1.8 percent and the S&P 500 climbed 1.1 percent as investors priced in potential policy shifts, with President Donald Trump’s social media post affirming his acceptance of the results easing uncertainty.
Retailers that rely on imports, such as Walmart and Target, saw gains of 1.3 percent and 3.3 percent respectively, amid speculation over future tariff policy. In contrast, health‑insurance provider UnitedHealthcare fell 2.9 percent and CVS Health slid 12 percent, while Cigna edged up 1.6 percent.
Companies involved in the artificial intelligence buildout experienced mixed reactions. Oracle and Nvidia opened lower, whereas Alphabet climbed 3.5 percent. Acting on the Democratic outlook for AI regulation, Managing Partner Dan Ives of Yorkville Ives said, “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.”
Dan Ives, Managing Partner of Yorkville Ives
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. We estimate 10% of datacenters will not happen now.
Oil prices fell to show market reaction to the election. Global benchmark Brent crude futures dropped $3.20, or 3.09 percent, to $100.40 a barrel, with West Texas Intermediate falling $3.01, or 3.13 percent, to $93.08.
