Nasdaq 100 futures erased earlier gains and turned negative, with Nvidia down 1.1% in pre-market trading.

U.S. President Donald Trump suffered defeat in the midterm elections, with the Democratic Party securing control of both chambers of Congress. According to the White House's released schedule, Trump has no public events scheduled for Wednesday, with his only agenda that day being a closed-door policy meeting. In an interview, Trump acknowledged that the Iran war was one of the factors behind the Republican Party's election loss, but insisted he has no regrets over launching the conflict. All Trump-linked concept assets saw a broad decline, including: Trump Media & Technology Group down more than 11%; Tesla down 4.76%; Nvidia down 1.2%; WLFI down 1.96%; and TRUMP down 11.14%.

According to the Financial Times: The midterm elections have cost Elon Musk over $60 billion, and the losses are still mounting. BlockBeats previously reported that Trump-linked assets saw a broad slump, including: - Trump Media & Technology Group fell more than 11%; - Tesla dropped 4.76%; - Nvidia fell 1.2%; - WLFI declined 1.96%; - TRUMP fell 11.14%.

SpaceX and Qualcomm have struck a multi-year partnership agreement, under which SpaceX will use Qualcomm’s Dragonwing cellular network infrastructure hardware and software to build ground base stations for its Starlink Mobile wireless service, with deployment targeted to kick off in 2027. Qualcomm noted this is its largest 5G project to date, and the pair also aim to lay the groundwork for future AI-native 6G networks. Financial terms of the deal remain undisclosed. SpaceX plans to build tens of thousands of new base stations to supplement its Starlink satellite network’s coverage, further challenging U.S. traditional mobile operators including Verizon, AT&T, and T-Mobile. Earlier, SpaceX announced the acquisition of nationwide 800 MHz spectrum assets, and was reported to be in acquisition talks with EchoStar for Boost Mobile. Starlink currently accounts for roughly 36% of SpaceX’s third-quarter revenue and 85% of its operating profit. The Qualcomm partnership signals SpaceX’s expansion beyond its satellite-direct-to-mobile service into terrestrial mobile networks.

Despite the Democrats winning control of both chambers of Congress in the U.S. midterm elections, Bitcoin dipped briefly before rebounding around 1.6% to hit $78,458. Multiple analysts noted that the market had largely priced in the Democrats’ sweep of Congress, so the election result did not represent a new major negative catalyst. André Dragosch, Head of Research at Bitwise Europe, stated that the market had already fully factored in expectations of a Democratic victory, coupled with weak market sentiment and fading selling pressure, which led to Bitcoin’s V-shaped rebound. James Butterfill, Head of Research at CoinShares, also argued that the market saw a relief rally as election uncertainty receded. However, Democratic control of Congress may raise regulatory uncertainty for the crypto industry. Analysts believe that progress on the CLARITY Act will face further headwinds, and related legislation could remain stalled until 2027; the Trump family’s crypto businesses may also face additional congressional investigations. Existing regulatory guidelines from the SEC and CFTC, as well as the GENIUS Act, will not automatically lapse as a result, analysts added. They further pointed out that compared to the election outcome, Federal Reserve policy, real interest rates, U.S. dollar liquidity, and crypto ETP fund flows remain the key factors driving Bitcoin’s price trends.

According to a WSJ report, after the Republican Party's midterm election losses, Donald Trump canceled all public appearances.

US 'small non-farm' ADP employment came in higher than expected: October's ADP employment figure stood at 86,000, against a forecast of 69,000, and the prior reading was 90,000.