Democrats flipped Senate seats in Texas, North Carolina and Iowa and will hold at least 54 seats, while President Trump said Republicans would have won had he been on the ballot.
Musk’s companies and AI infrastructure stocks took the first hit from the results, while Treasury yields and the dollar fell and accounts of the broader stock market diverged.
Before the results were final, Democrats were already calling for both chambers to use their new subpoena power, and a Republican senator warned Defense Secretary Pete Hegseth of “a reckoning”.
The claim came as Tehran exempted ships from India, China, Iraq and Qatar from its transit restrictions and oil traded above $100 a barrel.
Bitcoin recovered its election-night losses by morning, but World Liberty Financial fell 11% and analysts said a Democratic Congress could stall market-structure legislation for two years.
Canada’s prime minister said more intense negotiations began after a call with the president, while the US trade representative is urging Trump to settle the tariff dispute.
The midterm results put the AI infrastructure buildout under political pressure, including in Texas, the center of the boom.
A phone call between the two foreign ministers produced an agreement to manage differences, alongside a Chinese demand that Manila rein in politicians Beijing accuses of intolerable conduct.
The administration said rising US output will bring prices down, while voters angry over gasoline, diesel and power bills handed Democrats control of Congress.
Energy costs pushed consumer prices higher for an eighth month above target, keeping a December rate increase in view at the European Central Bank’s final meeting of the year.
The five-year lease would have given the Chinese internet group access to as many as 100,000 advanced chips, and Oracle shares slipped more than 1% before the open.