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EconomyPast Article

Democrats Win the House and Senate, and Markets Price a Divided Washington

The Associated Press called both chambers for Democrats after Tuesday's vote. The Dow had its best day since April 2025 on Wednesday, and Thursday's tech selloff more than erased it. Senate races in Alaska and Mississippi are still uncalled.

By Arthur Lin, Economics Columnist

Washington7 min read

Mentioned: WMT, BAC, NVDA, CRWV

The United States Capitol building in Washington DC during the golden hour
The U.S. Capitol in Washington, D.C., at golden hour.Photo by Andy Feliciotti on Unsplash

Democrats won control of both the House and the Senate in Tuesday's midterm elections, the Associated Press reported early Wednesday, November 4, 2026. President Donald Trump, who still holds the veto, will face a Democratic Congress when the 120th Congress convenes on January 3, 2027. Since the Second World War, both chambers had changed hands in the same midterm only three times, in 1946, 1994 and 2006, the AP noted. 2026 is the fourth.

The counting is not finished. As of Thursday, November 5, several Senate and governor races and dozens of House seats had not been called.

The Senate

Democrats hold at least 54 seats to 44 for Republicans, counting the two independents who caucus with them, according to Ballotpedia. They flipped seven Republican-held seats, Ballotpedia reported:

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