LIVE: Wall Street crashes and rebounds after Democrats snatch US House and Senate in historic midterms election

US stock futures tumbled and then recovered from their losses on Wednesday shortly after Democrats secured majority control in both houses of Congress in the midterm elections, following President Donald Trump’s acceptance of the results.

Dow Jones Industrial Average futures jumped 912 points, or 1.75%, while S&P 500 futures gained 0.8%. Nasdaq-100 futures lagged as AI-related stocks came under pressure.

Democrats also secured major gubernatorial victories, including in Texas, giving the party more political influence as it prepares to challenge Trump’s economic agenda. His administration has introduced business-friendly tax cuts but has also pursued tariffs and a war in Iran that has pushed inflation higher.

Trump told the New York Times he was “absolutely willing” to accept the election results. He also told the Wall Street Journal that he and Republicans would work with Democrats, acknowledging that the Iran war was partly responsible for his party’s losses.

Crypto-related stocks were mixed, although there were a few big winners.

Coinbase (COIN) led the advances, rising 5.53% to $145.45, with $1.5 billion in trading volume and a market capitalization of $44.6 billion. Circle (CRCL) gained 4.36% to $75.22, recording $619.5 million in volume and a $21.4 billion market cap.

Strategy (MSTR) climbed 3.72% to $135.63, with $1.5 billion traded and a market value of $61.8 billion. Robinhood (HOOD) rose 2.19% to $85.68, with $1.1 billion in volume and a market capitalization of $100.7 billion.

Block (XYZ) declined 1.40% to $76.00, with a trading volume of $746.9 million and a market capitalization of $47.5 billion. PayPal (PYPL) declined 0.97% to $58.21, with a trading volume of $390.8 million and a market capitalization of $47.3 billion.

MercadoLibre (MELI) also declined 0.87% to $1,662.16, with $646.7 million traded and a market capitalization of $94.2 billion.