Markets moved sharply on the day after the US midterm elections, with oil falling and equities rallying. WTI crude dropped $7.58 to $88.51 a barrel, while the S&P 500 gained 1.7 percent. Gold rose $135 to $4,063 an ounce.
Republicans face heavy defeat
Republicans suffered a heavy defeat in the midterm elections. Vote counting continues, but a large Democratic majority in the House is expected. Democrats are projected to win Senate seats in Alaska and Mississippi, which would give them 56 seats.
Republicans have blamed the Iran war for the result, and JD Vance was among those making the charge. Democratic leaders said they would end the war and roll back tariffs. Control of Congress will not change hands until January.
Yields and currencies
The US 10-year Treasury yield fell 6 basis points to 4.89 percent. In currency markets, the New Zealand dollar led gains while the US dollar lagged.
Hyperscalers rise
Shares of Microsoft and Amazon rose by about 7 percent. The gain followed signs that data centre spending could slow. The article says a slowdown would boost near-term free cash flow and reduce the need to raise equity.
Related: Global stocks fall as US midterm results point to Democratic gains · Asian stocks mixed as US midterm results awaited
