Democrats seized control of the Senate and the House as voters delivered a blistering rebuke to President Trump in a midterm rout that reset the balance of power in Washington. The romp stretched from coast to coast, with Democrats flipping seats that had spent decades in Republican hands and taking House districts in corners of the country that had long seemed inaccessible.

The new House of Representatives hands Hakeem Jeffries the speaker's gavel and hands the Trump administration something it hasn't faced since 2023: an opposition with subpoena power. In the Senate, Democrats flipped five battlegrounds, including Texas, where James Talarico beat Ken Paxton, North Carolina, where Roy Cooper beat Michael Whatley, and South Carolina, where Annie Andrews unseated appointed Sen. Darline Graham.

Exit polls put President Donald Trump's approval at 38%, on track for the lowest of any president heading into a midterm, and roughly 60% of voters said he factored into their House vote. Cost of living, tariffs and the nine-month Iran war did the rest. Top election officials in Michigan and New Mexico complained to the Justice Department on Tuesday about what they described as unusual behavior by federal election monitors deployed to polling sites in their states. The Department of Homeland Security did not deploy immigration officers to voting locations.

Democrats also notched major victories in races for governor. In Georgia, Keisha Lance Bottoms became the first Black woman to be elected governor in the country’s history. In Texas, Gina Hinojosa was the first Democrat elected governor since Ann Richards in 1990, by ousting Gov. Greg Abbott, a three-term Republican.

President Trump said on Tuesday night that the war in Iran was partially to blame for widespread Republican losses in the midterm elections. However, he told the Wall Street Journal he rejected the notion that the results were a rebuke of his presidency, even as Republicans lost in deep-red states such as Kansas, South Carolina and Texas, and his poll numbers have dropped significantly across many states.

Nasdaq futures dropped 2.07% Tuesday night as Democrats blew past expectations, with Dow futures off 380 points (0.73%) and S&P 500 futures down 1.12%. Wall Street usually loves gridlock. But this looked like something else. The size of the blue wave surprised investors, many of whom had been expecting more of a ripple.

S&P 500 futures that track the broad market index slid by more than 0.5%, while Dow Jones Industrial futures tumbled by more than 100 points. Futures for the Nasdaq 100 index, which tracks the largest tech stocks, sold off by more than 1%. As results rolled in, stocks fell much further before they recovered some, with Nasdaq 100 futures down at one point by as much as 2.5%. On the other hand, the healthcare and clean energy industries could emerge as “relative beneficiaries” of a Democratic-controlled Congress.

Fortune pointed out that Market veteran Ed Yardeni warned a Democratic sweep could snarl spending and debt-ceiling talks and push Treasury yields higher, though he called any selloff a buying opportunity. Separately, President Donald Trump told the Financial Times he has no immediate plans to strike Iran, sending oil lower.

Binance just explained how it lost $6.34 billion, and the answer is grimly mundane: a bad Homebrew download and a fake job interview. The exchange published a postmortem Tuesday on the largest crypto heist ever recorded, and the entry points weren’t exotic zero-days. They were a search result and a recruiter who seemed nice.

The first crack opened in June, when an engineer downloaded a tampered Homebrew installer he’d found through search. Binance caught the malware and swapped the device, but the employee's information was already exposed. In September, a second engineer got a message on a job-hunting platform from a fake recruiter who built trust over video calls, then sent over an “assignment” loaded with malicious code. He ran it on his work laptop. From there, the attackers used an internal AI tool and a wallet signing service to move funds outside normal withdrawal procedures—roughly 20 minutes of work for $6.34 billion. What that AI tool actually is, and how it enabled the theft, Binance hasn't said. The Verge flags the omission explicitly. The FBI attributed the attack to TraderTraitor, a North Korean unit; Binance itself stops short of naming anyone.

CNBC reports investors are already rotating toward firms with serious custody and cybersecurity. Which is a polite way of saying the industry just learned that the weakest link in a multibillion-dollar exchange is a guy who thought he was getting a better offer.