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Thu 5 Nov 2026 at 2:22amThu 5 Nov 2026 at 2:22am

What are the markets doing?

Most of the US stock market is rallying this morning.

About 20 minutes into trading, the Dow Jones Industrial Average was up 2.3 per cent, the broad-based S&P 500 gained 1.7 per cent while the tech-rich Nasdaq Composite Index climbed 2.2 per cent.

Some of the early financial winners from the election appear to be solar-power companies with Elon Musk and Trump's social media company some of the biggest losers.

Shares of Elon Musk-led SpaceX and Tesla fell decisively in early trading on Wednesday after Democrats dominated US midterm elections and defeated candidates favoured by Musk.

SpaceX was down 2.1 per cent and Tesla 4 per cent after 20 minutes of trading.

Musk donated nearly half a billion US dollars to Republican political efforts, including heavy amounts in Texas where Democrats scored historic wins.

Stocks worldwide got a boost from easing oil prices while the US dollar weakened against most currencies.

Thu 5 Nov 2026 at 2:22amThu 5 Nov 2026 at 2:22am

EU wants new US congress to help end Ukraine war

By Claire Campbell

The European Union's foreign policy chief Kaja Kallas hopes the new US Congress will support Ukraine and ramp up pressure on Russia.

European Commission Vice-President Kaja Kallas. (Reuters: Yves Herman)

"US voters have made their choice clear," she said from Brussels.

She went on to add that Europe and the US were "much stronger together" in pressuring Moscow to end the war.

Thu 5 Nov 2026 at 2:22amThu 5 Nov 2026 at 2:22am

Good morning!

By Claire Campbell

Hello and welcome to our continuing coverage of the US midterm elections.

We're keeping a close eye on the still too-close-to-call Senate races in Alaska and Mississippi.

Overnight, we've also seen world leaders react to the results and giving their thoughts on what that could mean for wars in Iran and Ukraine - and, of course, the cost of living crisis.

Stay with us as we bring you the results and reaction throughout the day.

Source: ABC Australia · CBy Claire Campbell

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Topic
Politics
Country
🇦🇺 AU
Publisher language
EN
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