Democrats Sweep Midterms, Trump Defeat Triggers Cabinet Shakeup and Market Slide

Democrats won a decisive victory in the US midterm elections, securing control of both chambers of Congress and delivering a major rebuke to President Donald Trump. The defeat is largely attributed to Trump's record and campaign strategy. The Republican loss is expected to trigger a significant cabinet reshuffle, with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio reportedly considering departures. Chief of Staff Susie Wiles and Treasury Secretary Scott Bessent are also under pressure following the electoral defeat. Markets reacted sharply to the Democratic sweep, with the Nasdaq falling 6% on Thursday, its worst day since March 2020. Oil prices dropped below $100, and long-term interest rates declined, while European indices have outperformed Wall Street recently.