Dow futures jump by 1,100 points as Democrats take control of Congress

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US stocks were set to open higher Wednesday morning as investors digested results from the midterm elections and mulled what a Democrat-controlled Congress will mean for President Donald Trump’s fiscal agenda as well as the AI trade.

Futures reversed earlier losses and turned higher as investors embraced the certainty offered by the decisive results. Investors also warmed to the prospect of policy gridlock under a divided government, which can curb excess spending and create a more predictable outlook for markets.

Dow futures surged 1,100 points, or roughly 2.1%. S&P 500 futures rose 1.1%, and futures tied to the Nasdaq 100 gained 0.5%.

“The combination of a large Democratic majority in Congress and President Trump’s statement that he is willing to work with the opposition should act as a break on extreme policy outcomes and bring down risk premia,” George Saravelos, global head of FX research at Deutsche Bank, said in a note.

The election results offer some certainty, which can boost the stock market. Expectations that the election outcome could keep a lid on excessive government borrowing and spending also bolstered Treasuries, sending yields lower. The dollar weakened against a basket of major currencies.

“Divided government has generally made it harder for fiscal stimulus to be passed,” Deutsche Bank analysts wrote in a note. “So that’s eased concerns on the fiscal trajectory a bit.”

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Voters deliver stunning rebuke of Trump as Democrats take control of House and Senate

It “would significantly constrain Trump’s legislative agenda, particularly on taxes, fiscal stimulus and spending,” said Charu Chanana, chief investment strategist at trading platform Saxo, in a note on Wednesday. “But Democrats would not have a free hand to rewrite policy either, because Trump retains veto power.”

Meanwhile, investors are also trying to discern what key election results could mean for the outlook for data centers, which are the bedrock of the AI trade that has buoyed US markets.

The proliferation of AI data centers across different states became a critical issue in many campaigns, and Democrat wins in states like Texas raise questions about whether there will be more moratoriums or restrictions that could slow the data center buildout.

“While a blue wave could spark volatility in certain sectors, such as tech and AI, given growing public opposition to the buildout of data centers, we believe markets can grind higher regardless of the outcome as investors applaud falling uncertainty,” Justin Buell, chief investment officer at Continuity Group, wrote in a note.

Shares of Elon Musk’s Tesla and SpaceX fell 5.3% and 6.6%, respectively, in premarket trading. Musk has made Texas the home for his companies, and Democrats’ victories in the gubernatorial and senate races are casting uncertainty over his future relationship with the state.

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周三上午，美国股市有望高开，投资者正在消化中期选举结果，并思考民主党控制的国会将对唐纳德·特朗普总统的财政议程以及人工智能交易产生何种影响。

期货价格扭转了早盘的跌势，转而走高，投资者对明确的选举结果带来的确定性感到欣喜。此外，投资者也乐见分裂政府下政策僵局的前景，认为这可以抑制过度支出，并为市场创造更可预测的前景。

道琼斯指数期货上涨1100点，涨幅约2.1%。标普500指数期货上涨1.1%，纳斯达克100指数期货上涨0.5%。

德意志银行全球外汇研究主管乔治·萨拉维洛斯在一份报告中表示：“国会中民主党占据多数席位，加上特朗普总统表示愿意与反对派合作，应该能够遏制极端政策的出台，并降低风险溢价。”

选举结果带来了一定的确定性，这可能提振股市。市场预期选举结果将抑制政府过度借贷和支出，这也支撑了美国国债价格，导致收益率下降。美元兑一篮子主要货币走弱。

德意志银行分析师在一份报告中写道：“分裂的政府通常会使财政刺激方案更难获得通过。因此，这在一定程度上缓解了人们对财政政策走向的担忧。”

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选民对特朗普予以了令人震惊的否定，民主党人掌控了众议院和参议院。

盛宝银行首席投资策略师查鲁·查纳纳周三在一份报告中表示，这将“极大地限制特朗普的立法议程，尤其是在税收、财政刺激和支出方面”。她还指出，“但民主党人也无法随心所欲地修改政策，因为特朗普保留了否决权。”

与此同时，投资者也在试图弄清关键的选举结果可能对数据中心的前景意味着什么，数据中心是人工智能贸易的基石，而人工智能贸易一直支撑着美国市场。

人工智能数据中心在不同州的激增成为许多竞选活动中的关键问题，而民主党在德克萨斯州等州的胜利引发了人们的疑问：是否会有更多暂停或限制措施来减缓数据中心的建设？

“尽管民主党大获全胜可能会引发某些行业（例如科技和人工智能）的波动，因为公众对数据中心建设的反对声浪越来越高，但我们认为，无论结果如何，市场都可能缓慢走高，因为投资者对不确定性的下降表示欢迎，”Continuity Group 首席投资官 Justin Buell 在一份报告中写道。

埃隆·马斯克旗下的特斯拉和SpaceX的股价在盘前交易中分别下跌了5.3%和6.6%。马斯克已将旗下公司总部设在德克萨斯州，而民主党在州长和参议员选举中的胜利，令他与该州的未来关系蒙上了一层不确定性。