Dow Futures Fall as Democrats Take Control of Congress: Peter Schiff Warns Trump Now Has a ‘Scapegoat’ for the ‘Coming Economic Collapse’

U.S. stock futures fell early Wednesday as Democrats secured control of both the Senate and the House in the midterm elections.

Nasdaq Futures Lead the Drop

As of 1:19 a.m. ET, S&P 500 futures were down 0.32% to 7,572.25, while Nasdaq 100 futures were down 0.39% to 28,195.75.

Dow Jones Industrial Average futures were down 88 points, or 0.17%, at 51,807.

Democrats have won control of both chambers, according to The Associated Press. They hold 53 Senate seats to Republicans’ 41, and lead 219 to 126 in the House, past the 218 needed for a majority.

Trump’s Agenda Faces a Democratic Congress

Economist Peter Schiff said in a post on X that President Donald Trump had warned a Democratic win would quickly push the economy into a depression not seen since the 1930s.

With Democrats winning, he said, Trump now has “the scapegoat he needs for the coming economic collapse.”

Trump said that if the Democrats won the midterm elections, the U.S. economy would quickly collapse into a depression the likes of which we have not seen since the 1930s. Since the Democrats swept the midterms, Trump has the scapegoat he needs for the coming economic collapse.

— Peter Schiff (@PeterSchiff) November 4, 2026

Market strategist James Thorne said a Democratic Congress would not undo Trump’s economic agenda, since the tax law and tariffs are already in place.

Democrats can pass bills to reverse either, he said on X, but “cannot override a veto.”

Take a deep breath

Has Trumps Hamiltonian agenda ended? No

If Democrats control the House and Senate with a Republican president, the Hamiltonian economic agenda stays largely intact.

The One Big Beautiful Bill’s permanent tax structure and production incentives are already…

— James E. Thorne (@DrJStrategy) November 4, 2026

Scaramucci Pokes at Trump’s $5,000 Promise

SkyBridge Capital founder Anthony Scaramucci took a shot at Trump’s promised $5,000 dividend for every adult U.S. citizen if Republicans kept control of Congress.

“I’m starting to think we won’t all be getting $5000 checks,” he said.

I'm starting to think we won't all be getting $5000 checks.

— Anthony Scaramucci (@Scaramucci) November 4, 2026

AI and Data Center Stocks Slip in Overnight Trading

Investors were also worried that Democratic control of Congress could bring more restrictions on data centers nationwide, a risk for the AI buildout.

In Texas, Democrat Gina Hinojosa, who has pledged a moratorium on data centers, defeated Republican Gov. Greg Abbott in the governor’s race, according to AP.

The State Street Technology Select Sector SPDR ETF (NYSE:XLK) rebounded to trade 0.16% higher in overnight trading after falling 2%, as per Robinhood.

Meanwhile, data center and AI-linked stocks traded lower on Robinhood’s 24-hour market.

CoreWeave Inc. (NASDAQ:CRWV) fell 3.01%, and Elon Musk’s Space Exploration Technologies Corp. (NASDAQ:SPCX) dropped 4%.

Among Big Tech names, Alphabet Inc. (NASDAQ:GOOG) Class C stock fell 4.45%, Amazon.com, Inc. (NASDAQ:AMZN) fell 0.5%, and Microsoft Corp. (NASDAQ:MSFT) fell 0.4%.

Price Action: On Tuesday, CoreWeave closed 7.16% higher at $53.74, then fell 4.35% to $51.40 in overnight trading.

Benzinga Edge rankings indicate CoreWeave’s stock has a Momentum score in the 1st percentile, with a negative price trend in the short, medium, and long term.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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