Stocks, dollar slide after some early wins for Democrats in US midterm election

US equity futures and the dollar fell on Wednesday as early Senate victories for Democrats raised the possibility of a change in control of Congress, Business Recorder reported. Roy Cooper won a Republican-held North Carolina seat and Jon Ossoff secured re-election in Georgia, but the Senate contest remained unresolved.

S&P 500 futures dropped 0.8%, while Nasdaq futures lost 1.8%; the US 10-year Treasury yield declined 6 basis points to 4.906%. The dollar index eased 0.32% to 101.39, and Asian shares also weakened, with South Korea’s KOSPI down 1.6% and Japan’s Nikkei lower by 3%.

Investors were weighing possible effects on fiscal stimulus, regulation and technology spending. Oil prices fluctuated as markets considered diplomatic efforts concerning Ukraine and Iran alongside risks to supply through the Strait of Hormuz.