The Democratic sweep flagged at last night's close has now fully materialized: Decision Desk HQ projects Democrats will control both the Senate and a 255-180 House majority, with wins stacking up across Iowa, Texas, Ohio and Kansas governorships and Senate seats. Trump told the New York Times he will "work with Democrats" and pinned Republican losses partly on his own absence from the ballot and, per the Journal, on the Iran war itself.

Markets are repricing fast. The VIX is down 11.2%, the 2-year Treasury yield fell to a two-month low of 4.551%, and the dollar weakened broadly, with gold up 3% and silver topping $51 an ounce. Rate-cut expectations in fed funds futures extended higher. Equity premarket action favors clean energy and chips: the solar ETF TAN is up 9.0%, First Solar 8.2%, Arista Networks 11.2%, Super Micro Computer 8.1% and Block 8.6%. Skyworks Solutions is down 15.9%, extending its post-earnings slide, while SL Green, SpaceX and Tesla are all lower, down 4.8%, 4.1% and 3.9% respectively.

Iran remains the other live risk. The Revolutionary Guard claims its naval forces destroyed four tankers that struck mines while attempting the "prohibited" southern passage of the Strait of Hormuz, and says a 56th drone was shot down over the strait. Tehran-aligned outlets describe an intensified campaign of underwater drones and limpet mines against shipping, and Iranian official Zakani declared the strait will not reopen until the US meets its commitments. Saudi Arabia issued fresh alerts in Najran and Jazan, and Iran's leader said Washington is seeking Iran's "unconditional surrender."

In Ukraine, Russian strikes on the energy grid continued overnight, with Crimea's governor citing fresh damage to main grid lines, while Germany's Merz pledged further air defense and energy aid after meeting Zelensky, who wants to raise an energy ceasefire, a Black Sea blockade lift and prisoner exchanges at trilateral talks in Abu Dhabi on November 10-11.

Corporate news is secondary today: Novo Nordisk raised its outlook on GLP-1 strength, Boeing confirmed a record 140-jet 737 MAX order from Avolon, and Emaar Properties offered to buy out the remaining Emaar Development stake. Eurozone core CPI held at 4.0% year-over-year, in line with expectations but up from 3.8%, keeping the ECB's inflation debate alive even as political risk in Washington takes center stage.

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