US midterms live: Stocks climb as Democrats take control of Congress

Trump faces final 2 years in White House with opposition controlling both House and Senate WASHINGTON/NEW YORK -- The opposition Democratic Party has won control of the U.S. Senate and House of Representatives, according to media projections, capitalizing on widespread voter discontent over Republican President Donald Trump's policies on inflation, tariffs, AI data centers and the Iran war. In the weeks leading up to the Nov. 3 midterm elections, forecasters overwhelmingly favored the Democrats to retake the House, while the battle to regain control of the Senate was expected to be much closer. However, only hours after polls closed, Democrats flipped Republican-held Senate seats in North Carolina, South Carolina, Ohio, Texas, Kansas and Iowa, according to The Associated Press, clearing the key 51-seat threshold in the 100-seat chamber. The AP called the House for the Democrats later in the night, after the party surpassed 218 seats. In 2024 and 2022, the AP did not call control of the House until eight days after Election Day. Readers can follow Nikkei Asia's live coverage and analysis of the midterm elections atasia.nikkei.com. 9:45 a.m.U.S. stocks opened sharply higher Wednesday after the Democratic Party regained control of both houses of Congress in Tuesday's midterm elections. Though President Donald Trump's Republicans lost control of Congress, potentially constraining his agenda for the remaining two years of his term, his stated willingness to work with Democrats eased concerns about political gridlock. The Dow Jones Industrial Average opened nearly 2% higher, while the S&P 500 and Nasdaq Composite both gained more than 1%. But some concerns remained that Democratic control of Congress could bring tighter regulation of artificial intelligence and data centers. 2:40 a.m.Democrat Abdul el-Sayed has won his Senate race in Michigan, defeating Republican Mike Rogers, according to The Associated Press and other outlets, which note that he is the first Muslim elected to the chamber. 2:15 a.m.A Chinese Foreign Ministry spokesperson says the midterm results are an internal affair of the U.S., but that Beijing is willing to strengthen communication with Washington. 1:35 a.m.Democrats have won the House as well, according to The Associated Press, securing control of both chambers of Congress. This leaves Trump facing a daunting final two years of his presidency. On Truth Social earlier, he posted a picture of a red hat emblazoned with the word "VETO," presumably implying how he intends to handle legislation that crosses his desk. 1:10 a.m.Trump has acknowledged the results but deflected blame for Republican losses. In an interview with Fox News -- which he blasted on Truth Social on election night for "constantly and consistently putting on the Dumocrat opposition" -- the president said the Democrats "did a good job" and "fought hard." "I don't view it as a hit on me," he said. "We've had the greatest two years in the history of the presidency." In another Truth Social post, Trump stressed that he "wasn't on the Ballot" and that if he had been, Republicans "would have won IN A LANDSLIDE!" 1:05 a.m.In another closely watched Senate race, Democrat Troy Jackson has defeated Republican incumbent Susan Collins in Maine, according to The Associated Press. 11:20 p.m.Trump's glowing endorsement of Republican Sen. John Husted and his physical appearance did not help the incumbent retain his seat in Ohio. Democrat Sherrod Brown took the key seat in a state that has shifted right in recent years and voted for Trump in three consecutive presidential elections, The Associated Press called at 11:10 p.m. 11:10 p.m.The hotly contested Senate campaign in Texas ended up being a walkover as Democrat James Talarico handily defeated Ken Paxton, a Republican handpicked by Trump and backed by Elon Musk. It is the first time the Democrats have won a statewide office in the state since 1994, according to The Associated Press, which called the race at 11:03 p.m. Talarico's win is the third of four seats the Democrats need to flip -- without losing any seats they are defending -- in order to gain a majority in the Senate. 10:40 p.m.Pediatrician Annie Andrews unseated Republican Darline Graham, giving Democrats another Senate pickup, this time in South Carolina. Graham was appointed to the seat after her brother, Sen. Lindsey Graham, died in July. She then decided to run for the seat herself amid questions about her experience. The result gives Democrats the second of the gains they need to take control of the Senate. Control of the chamber would give Democrats a wide range of oversight powers, including the ability to subpoena testimony and conduct impeachment trials. 8:40 p.m.The Democrats flipped their first Senate seat. Democrat Roy Cooper won North Carolina's open seat in the chamber, defeating Trump-backed Republican Michael Whatley, The Associated Press projected at 8:23 p.m. The seat was open after Republican Sen. Thom Tillis decided not to seek reelection. Cooper, a former governor and state attorney general, delivered Democrats their first Republican-held Senate seat of the night. They need to flip three more Republican seats to take control of the Senate. 8:15 p.m.Georgia Democrat Jon Ossoff won reelection to the Senate, defeating Republican Mike Collins, a two-term congressman endorsed by Trump in the party primary. The Associated Press called the race at 7:55 p.m. Ossoff, a sharp Trump critic who has been mentioned as a potential 2028 presidential candidate, was the only Democratic senator seeking reelection in a state Trump won in 2024. Holding the seat was considered crucial to Democrats' hopes of taking control of the Senate. 7 p.m.Democratic Sen. Mark Warner won reelection in Virginia, The Associated Press called as polls closed in the state. Warner, vice chairman of the Senate Intelligence Committee, defeated Republican Bert Mizusawa, a retired Army major general, to secure a fourth term. The race had been rated "solidly Democrat" by the Cook Political Report. Polls also began closing at 7 p.m. in Georgia, South Carolina, Vermont and most of Florida. 6 p.m.Polling centers in parts of Indiana and Kentucky have closed, the first in the nation to do so. Because both states straddle the Eastern and Central time zones, some of their polls will close an hour from now. Anyone in line by 6 p.m. will be allowed to vote. The Senate seat up for grabs in Kentucky, a state that overwhelmingly backed Trump in the 2024 election, is expected to remain in Republican Party hands, according to analysis by the Cook Political Report. 4:30 p.m.U.S. stocks were mixed on Tuesday as investors awaited the outcome of the midterm elections, prompting largely position-adjusting trades. Shares related to artificial intelligence rebounded, while some cyclical and defensive stocks came under pressure. The S&P 500 rose 0.4%, while the tech-heavy Nasdaq composite gained 0.8%. The Dow Jones Industrial Average, meanwhile, fell 0.4%. Lower oil prices provided some support for investor sentiment amid hopes for progress toward ending the U.S.-Iran conflict. President Donald Trump told Fox News on Tuesday that U.S. funding support for Israel, which assisted in attacks on Iran, would be halted "by the end of this year," reinforcing expectations that Washington could be moving toward diplomacy with Tehran. 3:50 p.m.Asian countries are bracing for a renewed trade offensive after the U.S. midterm elections, with the Trump administration expected to use executive powers to impose tariffs regardless of which party controls Congress. Nomura economists, including Ruchir Sharma, expect "more aggressive trade-related headlines" after the elections, including possible tariffs stemming from Section 301 investigations into excess capacity. Nikkei Asia previously reported thatTrump held off announcing the tariffs, including a 7.5% rate on Chinese imports, amid concerns about inflation ahead of the vote. The dutie