Democrats took control of Congress on Tuesday night, a sharp rebuke to President Donald Trump and his economic record, as voters voiced frustration over rising prices, government corruption and the AI data center build-out. Democrats won key Texas races, with James Talarico defeating Ken Paxton for a U.S. Senate seat and Gina Hinojosa defeating Gov. Greg Abbott, the first Democratic governor of Texas since Ann Richards left office in 1995. Democrats also won in South Carolina, Ohio, Iowa, North Carolina, Georgia and New Hampshire, while many Trump-endorsed candidates lost. Elon Musk, the cycle's largest individual political donor, spent record sums backing Republicans without success, and his spending may have become a liability as voters raised concerns about billionaire influence. The result is expected to make Congress more adversarial toward tech companies and AI data center projects, and futures for the Dow and S&P 500 slipped as the gains became clear.
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midterm electionsDemocratic PartyElon MuskDonald Trumpdata centers
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Related tickers and likely impact
TSLA
• NeutralTesla, Inc.
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.6T |
| Close on 11/03/2026 | 398.22 |
| Change that session | -1.39% |
QQQ
• NeutralInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 685.34 |
| Change that session | +0.62% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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