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Nasdaq Futures Fall 2% as Democrats Set to Win House
Why are Nasdaq futures down today?
Nasdaq 100 (NDX) futures fell 2% on Tuesday night after Democrats were projected to win the House, as investors feared a slower AI data center buildout.
Key numbers
| Nasdaq-100 futures | -2%Tuesday evening |
|---|---|
| S&P 500 futures | -1.1%-1.2% in later CNBC update |
| 10-year Treasury yield | 4.90%-5 basis points |
| Dollar index | 101.39-0.32% |
| House seats projected for Democrats | 235+218 needed for control |
| VIX futures (fear gauge) | Above 20Rose overnight |
What happened
Nasdaq 100 (NDX) futures fell 2% on Tuesday night after Democrats were projected to win the House, as investors feared a slower AI data center buildout. Democrats are projected to win at least 235 House seats, well above the 218 needed, and have flipped Senate seats in North Carolina and South Carolina. S&P 500 futures, which track the broad market, slipped about 1.1%. The 10-year Treasury yield, the rate the government pays to borrow, fell to 4.90%, and the dollar index slipped 0.32%.
Why it matters
Nasdaq 100 (NDX) futures show how nervous investors are that a Democratic Congress could slow the building of AI data centers, which have driven much of the stock market's recent gains. When big tech shares fall, index funds and retirement accounts that hold them can lose value too. Falling Treasury yields mean investors moved toward safer government bonds. Some analysts say the worry may be overdone, noting that the "bark is often worse than the bite".
Who this affects
- MarketbearishMedium impact
- Tech shareholders face losses; government bond prices rise as yields fall.
- CompanybearishMedium impact
- Nvidia, Microsoft and Amazon shares traded lower after hours.
- CompetitorsmixedLow impact
- AMD, Super Micro, Arista rose on earnings; CoreWeave fell.
- IndustrybearishMedium impact
- AI data center builders face possible state and federal pushback.
Nasdaq 100 vs S&P 500, Dow Jones
| Nasdaq 100 futuresNDX | -2% | — |
|---|---|---|
| S&P 500 futuresSPX | -1.2% | — |
| Dow Jones futuresDJI | -0.8% | -412 |
As of 2026-11-03T22:59:00-05:00
How we got here
AP projects Democrats will win at least 235 House seats, above the 218 needed.
Roy Cooper wins North Carolina, flipping a Republican-held Senate seat for Democrats.
Nasdaq-100 futures drop 2% and the 10-year yield falls to 4.90% in evening trading.
Dollar index slips to about 101.3, a one-month low, in Asian trading.
What to watch
- Final Senate count: Democrats need 51 seats for a majority, and several races are still undecided.2026-11-04
- Whether the US stock open extends or erases the 2% drop in Nasdaq-100 futures.2026-11-04
- Any state or federal moves to limit data center buildout, such as a pledged Texas moratorium.Q4 2026
Educational content only. Not investment advice.
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