US stock futures fall as Democrats are projected to win the House in the midterms

Democrats were projected to win control of the US House of Representatives in the midterm elections. Late on election night they led in enough Senate races to flip that chamber too, but Senate control was not yet decided. US stock futures fell. Futures on the Nasdaq 100 index dropped about two percent and those on the S&P 500 about one percent.

Traders pointed to fears that new state and federal majorities could slow the build out of data centres. One leading candidate for governor in Texas has called for a pause on new data centres. Treasury yields fell as investors looked for safety, and solar stocks rose. These are projections from election night. Final results in several close races may take days.