Democratic Congress win rattles markets, hitting tech stocks and crypto
Democrats won control of the US Congress, triggering a global market downturn that hit technology stocks and cryptocurrencies while boosting solar shares and Treasuries. Investors are reassessing trades built around President Trump's deregulation and AI infrastructure agenda. Asian tech stocks fell sharply, with South Korea's Kospi dropping up to 4% and Japan's Nikkei sinking near 5%, while Nvidia declined in overnight trading. Solar stocks surged on bets that Democrats may slow Trump's clean-energy rollbacks, and Treasury yields fell as investors anticipated constrained fiscal stimulus. The dollar slid against major peers, and Bitcoin dropped below $76,000 amid uncertainty over crypto regulations. Oil extended declines on renewed US-Iran peace efforts, while copper fell on concerns about AI investment and tariff plans, and gold rose above $3,960 an ounce.