Asian stocks and the dollar fell on Wednesday as the Democrats built big early leads in the US midterm elections, aiming to take control of both the House and the Senate. The vote was seen as a referendum on Donald Trump's presidency, amid public anger over surging petrol prices, tariffs and the Iran war. The Democrats' capture of North Carolina brought them closer to overcoming the Republicans' 53-47 Senate majority, while Polymarket put their chances at 100 percent for the House and 99 percent for the Senate. Analysts warned that a divided Congress would mean little gets done, weighing on the dollar and Treasury yields, and Trump threatened to be 'Mr Veto' and block Democratic legislation. In Tokyo, the market lost more than three percent and chipmaker Kioxia plunged more than 13 percent as investors fretted over when AI spending would pay off.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
midterm electionsDemocratic PartyUS dollarDXY
Open a keyword to see other news on the same topic.
Related tickers and likely impact
DXY
▼ Likely negativeRelevance: medium
| Market | Currencies |
|---|---|
| Close on 11/03/2026 | 101.86 |
| Change that session | +0.06% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 685.34 |
| Change that session | +0.62% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 754.41 |
| Change that session | +0.31% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- A Dem Sweep Could Get the Bond Market's Attention
A Democratic victory that is wider than expected is one of the few election outcomes that could prompt a reaction from the bond market.
- Dollar Also Sinks As Democrats Rack Up Wins
The U.S. Dollar Index fell 0.44% to 101.42 as the blue wave expanded.
- US Dollar Mixed Early Tuesday Ahead, Eyes on Midterm Elections
- US Dollar Mixed Early Monday, Focus on Midterm Elections, October Employment Report This Week
- BofA flags further downside risk for stocks, yields and dollar
BofA strategists led by Michael Hartnett remain 'tactically risk-off' until mid-November, expecting stocks, Treasury yields and the U.S. dollar to fall further, with 30-year yields drifting toward 5% and the dollar index dipping below 100. The selloff is expected to continue until a Democratic midterm sweep is fully priced in, the ECB and French government halt the rout in French bonds, and an AI capex cut or extreme equity issuance marks a peak in hyperscaler debt spreads. The near-term risk is hyperscaler bond spreads surging above 200 basis points, which could force deleveraging in shadow-banking credit. The strategists say investor conviction in an AI bubble or a broadening Goldilocks rally for 2027 is too high, while fear of a hard landing is too low.
- Stock Market: Will S&P 500 Open Up or Down Today?
U.S. stock futures point to a broadly lower open on Wednesday as Wall Street digests early midterm results showing key Democratic Senate victories and a shifting geopolitical landscape. The article's opening section introduces the Polymarket prediction platform, built on Polygon (CRYPTO: POL), but the text is cut off.
Related markets
Latest news
- Novo raises full-year outlook as Wegovy pill sales impress
Danish weight-loss drug maker Novo reported third-quarter results ahead of expectations early Wednesday, as sales of its Wegovy pill far exceeded estimates after a turbulent year in which it fell behind rival Eli Lilly. Third-quarter sales reached 79.2 billion Danish kroner ($11.9 billion), up 4% year on year and above FactSet estimates of 73.6 billion kroner. Adjusted operating profit (EBIT) came in at 31.7 billion kroner, versus an expected 28.6 billion kroner. The company now expects adjusted revenue and operating profit growth of between negative 2% and 2% at constant exchange rates, up from its previous outlook of negative 6% to flat.
- Vietnam proposes three directions to boost APEC cooperation
At the 37th APEC Joint Ministerial Meeting of Foreign and Economic Ministers, held online on November 3, Vietnamese Foreign Minister Lê Hoài Trung proposed three directions for the Asia-Pacific region. These are building a creative and productive region through responsible, effective use of AI and digital technology; an open and connected region that eases supply-chain bottlenecks; and a self-reliant, dynamic region that cooperates on food and energy security and strengthens resilience to emerging risks. The meeting, attended by representatives of 21 member economies, reviewed five years of implementing the APEC 2040 Vision and prepared for the APEC 33 Leaders' Meeting in Shenzhen, China. Several members expressed hopes for Vietnam's APEC 2027 host year.
- After repeated margin-call sales, DIG chairman buys 5 million shares
DIC Corp Chairman Nguyễn Hùng Cường has completed the purchase of 5 million DIG shares between 12/10/2026 and 02/11/2026, raising his ownership from 3.41% to 4% of charter capital. The move follows a margin-call forced sale of more than 5.2 million DIG shares by Mr. Cường on 31/7/2026, and several family members also faced margin-call sales. Vũ Thị Thu Hương, wife of DIC Corp CEO Nguyễn Quang Tín, has also registered to buy 1 million more shares from 15/10/2026 to 13/11/2026. In business results, Q3/2026 revenue fell 43.2% to VND 761.36 billion and after-tax profit dropped 64.2% to VND 69.16 billion; nine-month pre-tax profit of VND 241.85 billion reached 40.3% of the full-year target. DIG shares fell 60.6% from VND 24,600 (17/10/2025) to VND 9,500 (04/11/2026), now trading below the MA200 and losing the VND 10,000 level.
- Midterm Election Impact: SPCX, ASTS, RKLB Stocks Sink As Musk’s Political Ties Put Tesla-SpaceX Merger Under Fresh Scrutiny
SPCX, ASTS and RKLB, along with several other space stocks, fell between 2% and 6% overnight as fears of political backlash against Elon Musk after Democratic midterm gains spread across the sector. Market observers said heightened scrutiny of government contracts and possible hearings could complicate a Tesla–SpaceX merger, though it would not automatically block the deal. Musk contributed $446 million during the 2026 midterm cycle, mostly to Republican-aligned groups. Investor George Noble urged adding to his bearish bets on SPCX and TSLA, while Morgan Stanley said SPCX trades cheaper than the S&P 500 for fiscal year 2028, at 17.6 times estimated earnings versus the index's 17.7 times.
- Vietnam's economy stays stable and positive amid an unpredictable global backdrop
Finance Minister Ngô Văn Tuấn told the regular Government meeting that Vietnam's macroeconomy remains stable and socio-economic conditions continued to improve in October, even as global conditions stay volatile, notably the Middle East conflict that pushed world oil prices up 3-4.2% in October from September. The IMF raised its 2026 growth forecast for Vietnam from 7.1% to 8.4%, and R&I included Vietnam in its investment-grade category for the first time. Industrial production rose 12.4% over 10 months, and exports reached US$499.24 billion (up 27.5%), with total trade over US$1,010 billion, passing US$1,000 billion for the first time. Registered FDI reached US$54.85 billion, up 74%. The report also flags difficulties, including no breakthrough in production and business activity, and pressure on financial, monetary and credit markets.
- Banks' workforce diverges: layoffs and an operating-model overhaul
Separate financial statements for the first nine months of 2026 from 27 banks show divergent workforce trends: 14 banks cut about 7,340 staff from end-2025, while 13 added about 3,921. Sacombank was the focal point of the cuts, with 12,553 staff at 30 September 2026, down 4,263, amid restructuring and a name change from June. KienlongBank shed 1,078 staff in a single quarter, and Eximbank fell by 783 from the start of the year. Among state-owned banks, BIDV and VietinBank reduced headcount yet continued recruiting, while BIDV's staff costs rose 5.6%. On the other side, ABBank added 247 staff and ACB added 236.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.