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Democrats won both chambers of Congress, according to the midterm election results reported early Wednesday, Nov. 4, 2026. The Associated Press called the House at about 1:30 a.m. Eastern, per the Boston Globe. Alaska and Mississippi were still uncalled in the Senate when that tally was published.
Below are the seat counts for the midterm election results, what each party says it wants, what the law allows, and how economists and strategists reacted. Counts change by the hour; the AP and state election offices carry the final numbers.
Where the midterm election results stand
Starting point: Yahoo News listed the Senate at 53 Republicans and 45 Democrats plus two independents, and the House at 218 Republicans and 214 Democrats. The updates come from the Boston Globe and Al Jazeera, published hours apart.
| Chamber | Before the election | Reported result as of early Nov. 4 | Still open |
|---|---|---|---|
| Senate (100 seats) | Republicans 53; Democrats 45 plus two independents who caucus with them | Democrats at 54 called, per the Boston Globe; Al Jazeera reports 54 won and a lead in two more | Alaska and Mississippi uncalled in the Globe’s tally; Montana and Nebraska cited as affecting the final count |
| House (435 seats) | Republicans 218; Democrats 214; one independent; two vacancies | Democrats 224 and Republicans 134 called, per the Globe; AP called the chamber for Democrats at about 1:30 a.m. | Roughly 77 seats not yet called in that tally |
| Governors (36 races) | Not tallied in the sources reviewed | Globe reports Democrats flipped Ohio and Texas | Full governor count not yet compiled |
The Senate majority starts when the new Congress is sworn in. Al Jazeera puts that at Jan. 3. Until then, Republicans hold both chambers and can still pass lame-duck bills.
The Senate’s 54 can be counted three ways, so outlets differ.
| Way of counting | What it includes | Result |
|---|---|---|
| Called races only | Seats where the AP or another outlet has declared a winner | 54 for Democrats (Boston Globe) |
| Called plus leading | Adds races where a Democrat leads but no call has been made | 54 won and a lead in two more (Al Jazeera) |
| Caucus count | Whether the two independents who caucus with Democrats sit inside the 54 | Differs by outlet |
For final midterm election results, use the AP tally once every race is settled.
How to read projections versus certified midterm election results
An outlet calls a race when the uncounted votes cannot change the winner. A call is not a certification. Counties and states certify on their own schedules, and recounts, provisional ballots and late mail ballots can still move a tight margin. The AP explains its process in a separate explainer linked from its Senate story.
For the economy, the vote math behind the midterm election results matters more than any single seat: how many votes each party can count on in each chamber.
Senate seat changes in the midterm election results
PBS, carrying AP reporting, lists the Senate seats Democrats won. The Boston Globe counts seven flips. One seat, Ohio, is described differently. PBS and the Globe call it a Democratic gain, while Al Jazeera says Democrats held it before. The table below follows the AP and the Globe.
| State | Winner (party) | Defeated | Margin reported |
|---|---|---|---|
| Texas | James Talarico (D) | Ken Paxton (R) | More than 11 points with most votes counted (Al Jazeera) |
| North Carolina | Roy Cooper (D), open seat | Mike Whatley (R) | Almost 20 points (Al Jazeera) |
| Maine | Troy Jackson (D) | Susan Collins (R) | Almost 7 points (Al Jazeera) |
| Kansas | Adam Hamilton (D) | Roger Marshall (R) | Not stated in sources reviewed |
| Iowa | Josh Turek (D) | Ashley Hinson (R) | About 4 points (Al Jazeera) |
| South Carolina | Annie Andrews (D) | Darline Graham (R) | At least 4 points (Al Jazeera) |
| Ohio | Sherrod Brown (D) | Jon Husted (R) | Almost 4 points (Al Jazeera) |
Some seats in the midterm election results did not change hands. Democrat Jon Ossoff won re-election in Georgia over Mike Collins. Democrat Chris Pappas won in New Hampshire over John Sununu for the seat of retiring Sen. Jeanne Shaheen. Republicans held Florida, where Ashley Moody won a special election, and Wyoming, where Harriet Hageman won the seat of retiring Sen. Cynthia Lummis. In Michigan, Democrat Abdul El-Sayed beat Republican Mike Rogers for a seat Democrats already held.
Governors and state-level midterm election results
Thirty-six governors were on the ballot. The Boston Globe reports two Democratic pickups: Amy Acton beat Vivek Ramaswamy in Ohio, and Gina Hinojosa beat Greg Abbott in Texas, who conceded. Full governor results were not in the sources reviewed.
Governors matter because states control some of the decisions that affect the economy, including permits, utility rules, taxes and data-center approvals. Reuters quoted two strategists who tied the Texas result to AI infrastructure. One said Texas and Georgia together account for about one-third of AI data-center spending and projects, and that the risk depends on Democrats winning both governor races. Another said data-center decisions may be made state by state. Georgia’s governor result was not in the sources reviewed, so that condition is unverified.
What voters said in the AP Voter Poll
The AP VoteCast data shown by ABC News on election night were preliminary and covered only individual states. In Ohio, about seven in 10 Senate voters rated the national economy negatively, and about a third said they were angry about the direction of the country. In Maine, about six in 10 Senate voters said Susan Collins was too supportive of President Trump. These are single-state results from early in the night, and they should not be generalized to the whole country.
Interpretations of the cause of the midterm election results differ. One fund manager quoted by Reuters attributed Republican losses partly to utility bills and to grocery and gas prices. A Natixis economist quoted in the same story said the direct economic implications look modest, though the night could still have large effects. Analysts who study the election with national exit-poll data will publish fuller breakdowns over the coming days, and those will be a better guide than any one state.
What each side has said it will do after the midterm election results
The sources reviewed describe stated intentions rather than enacted policy. The table summarizes what was reported, and none of these items is law.
| Actor | Reported stated priorities or positions | Source |
|---|---|---|
| Democrats in Congress | Pledges to lower the cost of living, end the war with Iran and hold the administration accountable; options discussed include restoring expired enhanced ACA subsidies, reversing Medicaid cuts and reversing tariffs | Al Jazeera |
| Sen. Richard Blumenthal (D), expected subcommittee chair | Said Democrats will use subpoena power in investigations | Al Jazeera |
| Sen. Sheldon Whitehouse (D) | Cautioned that investigations should not distract from cost-of-living issues | Al Jazeera |
| President Trump | Said he would use his veto power to block Democrats’ agenda, and acknowledged that his opponents outperformed his party’s campaign | AP via PBS; Al Jazeera |
Democrats are not a single bloc. Some stress investigations, others prices and household costs. Republican leaders had not issued detailed policy responses in the sources reviewed, so the president’s veto statement is the main Republican-side position reported. Policy details should emerge in December, when the lame-duck session begins.
The arithmetic of divided power in the midterm election results
Winning a chamber does not make a bill law. Four hurdles decide that: a simple majority to pass most bills, 60 Senate votes to end a filibuster, the president’s signature, and two-thirds of each chamber to override a veto. The table applies the reported totals. The gap column is the Journal’s own arithmetic using 224 House seats and 54 Senate seats.
| Threshold | Votes needed | Democrats at reported totals | Gap |
|---|---|---|---|
| House majority | 218 of 435 | 224 called | Cleared by 6 |
| Senate majority | 51 of 100 | 54 called | Cleared by 3 |
| Senate cloture on most bills | 60 of 100 | 54 called | 6 short |
| House veto override | 290 of 435 (two-thirds) | 224 called | 66 short |
| Senate veto override | 67 of 100 (two-thirds) | 54 called | 13 short |
| Goal | What it would take at the reported totals |
|---|---|
| Pass a Democratic bill through the House | A party-line vote is enough |
| Get that bill past the Senate filibuster | At least six Republican senators |
| Survive a presidential veto | 66 House Republicans and 13 Republican senators, if Democrats vote together |
| Confirm judges, cabinet officials and ambassadors | A simple Senate majority, so the majority alone matters |
| Hold an impeachment trial | The Senate conducts it; Al Jazeera notes no president has been removed through that process |
Budget reconciliation is a separate path. Certain tax and spending bills can pass the Senate with a simple majority under strict limits. A Democratic reconciliation bill would still need the president’s signature or a successful override. Holland and Knight says procedural obstacles complicate using reconciliation for a year-end tax package.
What happens before the new Congress arrives
The new Congress starts in January. Until then, the Republican-led Congress sets the calendar. The law firm Holland and Knight listed the year-end deadlines in an Oct. 9 alert titled Beyond the Midterms. It was written before the election, so the dates hold but its odds may not.
| Date | Item | Holland and Knight’s description |
|---|---|---|
| Dec. 11 | Federal government funding | The current continuing resolution expires. The House had passed 3 of 12 fiscal 2027 bills and the Senate had taken no comparable floor action. The firm considers a second continuing resolution realistic and a partial shutdown possible |
| Dec. 11 | Surface transportation, flood insurance, TSCA fees | Authorizations expire with the funding deadline; another extension into 2027 is expected for transportation |
| Dec. 31 | Medicare physician payment increase of 2.5% | Congress must act to extend it; offsets under discussion |
| Dec. 31 | Community Health Center Fund | About 70% of federal health center grant funding |
| Dec. 31 | TANF | A short-term extension is described as a straightforward fallback |
| No set date | FY 2027 defense authorization | Enactment described as highly likely after 65 consecutive years of annual enactment |
| Year-end | Farm bill | The 2018 law was extended through Sept. 30, 2026; the House passed a new bill 224-200 and a Senate committee reported its version Sept. 24; another extension is the fallback |
| Lame duck | Permitting reform | A bipartisan Senate agreement was unveiled Sept. 30 |
| Year-end | Tax package and enhanced ACA premium credit | The ACA credit is called more politically contentious and budgetarily significant than routine extenders |
The alert does not mention a debt-limit deadline. A J.P. Morgan Asset Management strategist quoted by Reuters said a debt ceiling arrives next year, and a Vantage Point strategist expected a debt-ceiling fight, so that issue may appear on the 2027 calendar even though it is not a December item.
Timing matters. Democrats do not take control until January, so the December deadlines are negotiated with Republicans in charge of both chambers and the president holding the veto. ING analysts quoted by Yahoo Finance said the early recovery from tech weakness reflected that delay. Others may weigh the delay differently.
Tariffs: what Congress can and cannot change
Tariffs drew heavy attention after the midterm election results. A Thomson Reuters Tax and Accounting summary from July sets out where the law stood. On Feb. 20, the Supreme Court ruled 6-3 that tariffs under the International Emergency Economic Powers Act exceeded presidential authority. The administration then used Section 122 for a 10% global tariff starting Feb. 24, capped by statute at 150 days and 15%. The Court of International Trade ruled those tariffs unlawful in early May, and the government appealed.
| Authority | Status as of the July 2026 Thomson Reuters summary | Litigation risk described |
|---|---|---|
| IEEPA | Removed by the Supreme Court on Feb. 20; refund process through CBP’s CAPE portal | Resolved at the Supreme Court |
| Section 122 | 10% global tariff; set to expire July 24 unless Congress extended it; found unlawful by the trade court in May and appealed | Contested |
| Section 232 | Sector tariffs on steel and aluminum at 50% for most countries and 25% for the UK; copper at 25% | Low |
| Section 301 | Investigations covering about 76 countries | Low |
| Section 338 | Never invoked; allows up to 50% on countries that discriminate against U.S. commerce | Untested |
The same summary cites a Penn Wharton Budget Model estimate that $166 billion to $179 billion in IEEPA duties and more than 333,000 importers are in scope for refunds. The summary is four months old, and the tariff landscape may have changed since. Readers should check the current status of each authority with the U.S. Trade Representative and U.S. Customs and Border Protection.
The significance of the midterm election results for tariffs is that most remaining authorities sit with the executive branch. Congress can pass legislation to change tariffs, but a bill the president opposes would run into the veto thresholds shown above. A J.P. Morgan strategist and a Tokyo-based strategist quoted by Reuters made related points: the J.P. Morgan strategist said the president can still shape trade and tariffs, and the Tokyo-based strategist expected little change in policymaking because the president governs through executive orders. Al Jazeera, for its part, lists reversing tariffs among the options Democrats have discussed. These are possibilities, and none has been tested yet.
How markets reacted to the midterm election results
Market reaction to the midterm election results on the first morning was modest. Reuters figures carried by Yahoo Finance show futures slightly higher at 3:37 a.m. Eastern, with oil also higher. The figures move all day, so they are a snapshot of the early session.
| Measure | Early Wednesday move | Timing |
|---|---|---|
| S&P 500 futures | +15 points (+0.2%) | 3:37 a.m. ET |
| Nasdaq 100 futures | +64 points (+0.2%) | 3:37 a.m. ET |
| Dow Jones futures | +237 points (+0.5%) | 3:37 a.m. ET |
| Brent crude, January | +0.6% to $104.20 a barrel | 1:57 a.m. ET |
| WTI crude | +0.5% to $96.59 a barrel | 1:57 a.m. ET |
| AMD shares | Up more than 7% in extended trading after its outlook | After Tuesday’s close |
Several stories moved markets at the same time, so the effect of the midterm election results is hard to isolate.
| Other story | What Reuters reported |
|---|---|
| AMD outlook | 2027 revenue growth guided above 80%, lifting chip stocks after hours |
| Oil and Iran | Oil rose on uncertainty about Iran and the Strait of Hormuz |
| AI pullback | A Vantage Point strategist said a Goldman Sachs AI basket fell 15% in October and sits more than 24% below its peak |
What analysts say the midterm election results mean for markets
Reuters surveyed strategists in several time zones on Tuesday night. Their views do not line up, and the disagreement itself is informative. The table groups the comments by theme and attributes each to the person who made it.
| Theme | View expressed | Who said it |
|---|---|---|
| Largely expected | The result was largely priced in; a surprise Republican gain would have been the bigger market event | Siebert Financial’s chief investment officer |
| Largely expected | The bigger risk is investors overreacting to a sweeping Democratic result, not the outcome itself | State Street Global Advisors’ chief investment strategist |
| Limited direct effect | Direct economic implications are modest | Natixis’ chief U.S. economist |
| Technology and AI regulation | Expects pressure on tech and possible regulation of AI, which could slow AI growth | Longbow Asset Management’s chief executive |
| Technology and AI regulation | AI, not politics, is the larger market driver | J.P. Morgan Asset Management’s Asia-Pacific strategist |
| Fiscal policy | Divided government may keep deficits more controlled; a $5,000 payment to every adult, previously estimated at 5% odds, is now gone | J.P. Morgan Asset Management; Barrenjoey’s rates strategist |
| Rates and dollar | Lower Treasury yields could support valuations; at the margin the outcome is dollar-positive because of perceived Fed independence | Saxo’s chief investment strategist; Monex Group’s expert director |
| Crypto | Strong headwinds and possible stalling of structural crypto legislation | HashKey’s senior researcher |
The comments on the midterm election results conflict in places. The Saxo strategist said markets priced in a stronger Democratic showing and that this reduces expectations for fiscal stimulus, while the Monex strategist argued the dollar benefits. Both can be partly right, since they refer to different parts of the market. The Barrenjoey strategist’s point about payments to adults is a statement about a tail risk that the analyst had put at 5%, and it is not a forecast of policy.
Historical comparisons are common after midterm elections, and the sample is small. There have been roughly 20 midterm elections since World War II, each under different economic conditions, so patterns drawn from them describe past episodes more than they predict this one. The more useful comparison may be with the cross-currents in the current market, including high oil prices and a sharp pullback in AI-related stocks.
The economic backdrop behind the midterm election results
Whatever the policy path after the midterm election results, Congress takes up the economy with elevated inflation and slow job growth. The numbers below come from the Journal’s earlier coverage, each of which links to the underlying primary data, including the Bureau of Economic Analysis for inflation and growth and the Bureau of Labor Statistics for job openings.
| Indicator | Latest reading used in our coverage | Coverage |
|---|---|---|
| Federal Reserve policy | Rates held at the October meeting; target range 3.75% to 4% | Fed hold and what it means for savings, cards and mortgages |
| Inflation (PCE) | 3.6% for September | September PCE inflation |
| Economic growth | Third-quarter GDP growth of 3.4% | Q3 GDP report |
| Job openings | 7.5 million in September; 5.4 million hires | September JOLTS report |
| Treasury yields | Levels and recent moves are tracked in the linked report | 10-year Treasury yield above 5% |
The next Fed meeting is Dec. 8 and 9, according to the Federal Reserve’s meeting calendar. The central bank sets rates independently of Congress, and one strategist quoted by Reuters said the outcome is dollar-positive because it is seen as supporting Fed independence. That is a market view. The Fed’s own communications are the primary source for how it reads the data.
What to watch after the midterm election results
| What | When | Why it matters |
|---|---|---|
| Final counts for the House and the Alaska and Mississippi Senate races | Coming days | Sets the actual size of each majority |
| Leadership choices in both parties, including whether Hakeem Jeffries becomes speaker, which the Globe says he could | After the count settles | Sets the agenda for 2027 |
| Funding deadline | Dec. 11 | First test of divided power |
| Jobs report, inflation readings and the Fed meeting | Dec. 8-9 for the Fed | Shape the economic backdrop |
Editor’s Take
| Settled in the midterm election results | Not settled yet |
|---|---|
| AP-based reports say Democrats will control both chambers from January | Final House and Senate seat counts |
| The president keeps the veto | Alaska and Mississippi Senate outcomes |
| Democrats clear simple majorities, which is enough to organize and confirm nominees | The full tally of governors |
| Most legislation still needs 60 Senate votes, and overriding a veto needs two-thirds of each chamber | How much of the early market move came from the election, as opposed to oil, AI earnings and Iran headlines |
Strategists quoted by Reuters split between those who see limited direct economic effect and those who see pressure on technology and AI. The Dec. 11 funding deadline is the first concrete test of how divided power works.
This is general information, not financial or investment advice, and it takes no position on any candidate, party or policy. Figures are attributed to the outlets that reported them and may be revised as counts are finalized; check the AP and state election offices for current results.
Live updates
AP: Two Senate races uncalled; Johnson won't seek GOP leader post; U.S. stocks higher
The Associated Press reported on Wednesday that two U.S. Senate races remained uncalled. In Mississippi, Democrat Scott Colom led Republican Sen. Cindy Hyde-Smith by 43 votes with about 96% of votes counted. The AP noted that Mississippi has no automatic recount, but a candidate can seek a court-ordered one.
In Alaska, Democrat Mary Peltola led Republican Sen. Dan Sullivan by 626 votes, 48.2% to 47.9%, with about 74% counted. If no candidate tops 50%, the race goes to ranked-choice voting, according to the AP. The AP said it declares a winner only when no scenario remains in which the trailing candidate could close the gap.
The AP also reported, citing a source, that House Speaker Mike Johnson will not seek election as House Republican leader. Johnson posted on social media that the outcome was not what Republicans had hoped for. The AP said Rep. Steve Scalise is expected to seek the post and Rep. Jim Jordan may also run.
In markets, the AP reported that the S&P 500 was up 1.8% and the Dow Jones Industrial Average was up 1,112 points, or 2.1%, as of 10 a.m. Eastern. The 10-year Treasury yield was at 4.92%, compared with 4.95% late Tuesday, and Brent crude was down 2.9% at $100.63 a barrel.
