Democrats won majorities in both chambers of Congress, flipping key Senate seats in Texas, Kansas, North Carolina and Ohio and crossing the 218-seat threshold to capture the House. In gubernatorial races, Keisha Lance Bottoms won in Georgia and Gina Hinojosa won in Texas. RBC Capital Markets strategist Lori Calvasina said the results are unlikely to halt the rotation from big-cap growth into small caps, noting that Russell 2000 futures outperformed Nasdaq 100 and S&P 500 futures overnight. She also said S&P 500 gains in the years after midterms tend to be sub-trend, averaging 6.2% in years without a down third or fourth quarter in the midterm year. EvercoreISI analyst Amit Daryanani named APH, ANET, AAPL, CSCO and MSI as names to play defense, citing diversified AI exposure and businesses less dependent on AI.
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midterm electionsDemocratic PartyWall StreetQQQSPY
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Related tickers and likely impact
QQQ
• NeutralInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 685.34 |
| Change that session | +0.62% |
SPY
• NeutralSPDR 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.
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