Key facts
- Democrats flipped Republican-held Senate seats in North Carolina, South Carolina, Ohio, Texas, Kansas and Iowa, The Associated Press projected.
- The Associated Press projected Democrats won the House after surpassing 218 seats, giving them both chambers.
- Trump told Fox News he did not view the result as a hit on him and said Democrats fought hard.
- Vice President JD Vance wrote on X that the reason Republicans lost is the war with Iran.
- The Nasdaq composite fell as much as 4% on Thursday, with Micron down 12% and Nvidia down 7%.
- Toyota's Hiroyuki Ueda said the Democratic win is a big change and will have a huge impact.
The Democratic Party won control of the US Senate and House of Representatives in the November 3 midterm elections, according to projections by The Associated Press. Only hours after polls closed, Democrats flipped Republican-held Senate seats in North Carolina, South Carolina, Ohio, Texas, Kansas and Iowa, clearing the 51-seat threshold in the 100-seat chamber, the AP projected. The AP called the House for the Democrats later in the night after the party surpassed 218 seats.
President Donald Trump acknowledged the results and deflected blame. In an interview with Fox News, he said the Democrats did a good job and fought hard, and that he did not view the result as a hit on him. Vice President JD Vance wrote in a post on X that the reason Republicans lost is the war with Iran, saying any honest conversation about where to go from here must start there. Trump told reporters the war with Iran was worth fighting and that he would have done nothing different.
US stocks opened sharply higher on Wednesday, with the Dow Jones Industrial Average up nearly 2% and the S&P 500 and Nasdaq composite each gaining more than 1%, after Trump signaled a willingness to work with Democrats. Japanese and South Korean markets fell, with Kioxia Holdings down around 9% and SK Hynix down 9%. On Thursday the Nasdaq composite fell as much as 4%, with Micron down 12% and Nvidia down 7%, on concerns that Democratic control of Congress could lead to tighter regulation of AI-related industries.
Toyota's Hiroyuki Ueda, chief officer for the external and public affairs group, said of the election results: "It is a big change and will have a huge impact."