A huge Democratic wave in the midterms is rattling Republicans, lifting stocks, and pushing oil prices down.

• Democrats flipped the House, the Senate, and several governorships, including historic first wins for Black, Native American, Muslim, and Latina candidates in states like Georgia, Texas, and New Mexico.
• Markets cheered the result, with the Dow jumping over a thousand points on its best day in months, while oil prices dropped and Elon Musk's Tesla and SpaceX both fell.
• Trump lashed out at Fox News for falling ratings, blaming the network instead of his own unpopularity, while JD Vance distanced himself from the Iran war ahead of a likely 2028 run.
• House Republican leader Mike Johnson stepped back from seeking the minority leader job after the losses, and some Republicans are already blaming the ongoing war for the defeat.
• Voters, exhausted by constant political chaos, cited high prices, the war, and the cost of living as reasons for the swing toward Democrats.

Outlook: Expect Republicans to keep fighting over who to blame, while Democrats face pressure to quickly deliver lower costs and real results before 2028.