Gold Tops $4,000 and Dow Futures Climb 436 Points as Wall Street Digests Democratic Sweep of Congress

Gold climbed back above $4,000 an ounce and Dow futures rose 436 points early Wednesday as investors sorted through Democrats’ sweep of both chambers of Congress.

Futures first sank on the results. Nasdaq-100 futures fell as much as 2.4% and S&P 500 futures dropped 1.4% overnight before recovering, Reuters reported.

The turnaround came after President Donald Trump accepted the election results and acknowledged that the war with Iran played a role in Republican losses, according to Reuters.

At 4:22 a.m. ET, Dow E-mini futures were up 436 points, or 0.84%. S&P 500 E-minis gained 26.75 points, or 0.35%, and Nasdaq-100 E-minis added 44.75 points, or 0.16%.

“This has helped ease some concerns about prolonged political confrontation and legislative gridlock, although his continued veto powers mean significant policy disagreements remain likely,” Capital.com senior market analyst Daniela Hathorn told Reuters.

Gold, Silver Rally as Dollar Slips

Spot gold was 2.97% higher at $4,044.90 an ounce by 4:32 a.m. ET, CNBC reported. Spot silver jumped 4.27% to $51.90, while platinum rose 3.38% and palladium gained 5.57%.

The U.S. dollar index fell about 0.3%, and yields on long-dated Treasuries moved lower. A weaker dollar makes gold cheaper for buyers holding other currencies.

“The Democrat sweep in the US midterm elections appears to have boosted gold prices as investors become more worried about the fiscal outlook,” Hamad Hussain of Capital Economics said in a note cited by Reuters.

StoneX analyst Rhona O’Connell had warned before the vote that a Democratic Congress would bring “fiscal brinkmanship, institutional friction, both leading to uncertainty,” according to CNBC.

The rally follows a rough year for the metal. Gold is still down more than 7% in 2026 after surging 66% in 2025, while silver has tumbled almost 28% this year.

Investors are also bracing for possible restrictions on artificial intelligence. Democrats picked up seats in key data center states, where public opposition to the industry’s rapid buildout has been growing.

“The significance of these midterm elections is more like a referendum on AI than a referendum on Trump,” Aidan Yao of the Amundi Investment Institute said, according to The Guardian.

Data center stocks fell in premarket trading, including IREN, Hut 8, Applied Digital, Nebius and CoreWeave. Tesla and SpaceX each dropped around 4%.

Solar shares moved the other way. First Solar rose 8.1%, Canadian Solar gained 7% and SolarEdge climbed 3%. AMD jumped 6.2% after forecasting faster-than-expected growth on surging data center sales.

In Europe, the Stoxx 600 rose 0.6%, led by banks and clean energy names. Bitcoin briefly touched a six-week low before recovering to about $78,460, The Guardian reported.

“Overall, these results have had a mild impact on markets so far,” said Kathleen Brooks, research director at the trading platform XTB.

“Investors will move on from trading the uncertainty of the election results to trading the reality of what they mean for policy,” Brooks added.

Uber, McDonald’s and CVS Health are among the companies reporting earnings before the opening bell Wednesday.

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