Markets cool after midterm rally; Musk's stocks under pressure

Stock futures were mixed Thursday as investors assessed the impact of the Democrats' decisive midterm victory, which drove the Dow to its best day since April 2025 with a gain of over 1,500 points. Oil prices settled lower after falling more than 8% Wednesday. The rally was boosted by plunging crude prices, with the Trump administration acknowledging the Iran war's role in Republican losses. President Trump said he can work with Democratic majorities on "many more things than people understand," while analysts suggested his acceptance of results could reduce extreme policy outcomes. Elon Musk's companies, Tesla and SpaceX, faced continued selling pressure after his $474 million election gamble failed, leaving him with fewer allies in Congress. Qualcomm shares dropped over 9% on missed smartphone chip sales, and Bitcoin hovered near $80,000 as investors weighed a more adversarial crypto regulatory outlook.