Nasdaq 100 futures dropped as much as 2.1% to their lowest level since July 26 as Democrats flipped their first Republican held Senate seat, pushing Kalshi’s odds of a Democratic midterm sweep to 98% and a “blue tsunami” of at least 235 House seats and 51 Senate seats to 93%. Across other asset classes, the US dollar weakened, Treasuries rose, gold gained 0.7%, and crude oil fell 1%.

In crypto markets, Bitcoin declined more than 1% to around $76,800, falling below $77,000 while Ether dropped under $2,300 as traders priced in a Democratic Senate majority. S&P 500 futures slid more than 1% from their election night high and Dow Jones contracts lost 0.5%, deepening a selloff that had already erased $500 billion in S&P 500 market value over two hours as sweep odds climbed from 91% at the first poll closings.