Only two uncontested Senate races remain as final votes trickle in.
Twelve hours after the first round of voting ended, there are only two Senate races in which the Associated Press has yet to announce a winner: Alaska and Mississippi.
Democrat Mary Peltola is aiming to unseat Republican Sen. Dan Sullivan of Alaska. The race, which has been mired in controversy after the Democratic Party reportedly fielded a spoiler candidate with the same name as the incumbent, appears to be a close one with an estimated 72% of the vote as of 6:10 a.m. ET.
In Mississippi, incumbent Republican Sen. Cindy Hyde-Smith is trying to fend off Democrat Scott Colom, who was seen as a likely challenger to the political veteran in the ruby-red state.
But with an estimated 96% of votes counted, Colom and Hyde-Smith appear to be in a close race.
If Colom wins, he will become Mississippi’s first black senator elected by popular vote.
— Kevin Breuninger
Republicans overseas: President Trump will use his veto power

Appearing on CNBC’s “Squawk Box Europe” on Wednesday morning, Greg Swenson, chairman of the British Overseas Republican Party, said the results of the midterm elections marked a significant change for voters.
“MAGA bases are disappointed that President Trump has started a foreign war,” he said.
But Swenson said he doesn’t think the president “needs to change all that much” after the election.
“He’s not afraid to respond to opposition. I think he’s okay with working across the aisle,” he said. “But he will use his veto power. He still maintains all of the executive brands that control the regulatory environment, foreign policy, (and) the military.”
Overnight, President Trump posted an image of a red baseball cap with “VETO” written on it on Truth Social. He also told the New York Times that his administration would “work with Democrats.”
— Chloe Taylor
SpaceX and Tesla are down about 4% due to the Democratic Party’s landslide victory. AI stocks vary
Shares of Elon Musk’s SpaceX and Tesla fell in pre-market trading on Wednesday after Democrats won big wins in the midterm elections.
SpaceX was last down 3.8% and Tesla was down 3.5% as Republican candidates backed by Musk suffered heavy losses.
Artificial intelligence stocks came under pressure overnight after Democrats, seen as supporters of the data center moratorium, won big wins in midterm elections in key data center hubs.
The Democratic victory in Texas is a major setback for Mr. Musk, who has heavily supported Republican candidates in the state where his companies Tesla and SpaceX are based. Musk spent a record $474 million in the midterm elections, including $224 million in Texas alone, where Republican Senate candidate Ken Paxton and Gov. Greg Abbott lost to Democrats.
Read the full text here.
— Kai Nicole-Schwartz, Sarah Ming
Elon Musk’s bet on his electoral record backfired. The backlash could extend beyond one billionaire.
SpaceX CEO Elon Musk looks on as President Donald Trump speaks to the press after a meeting with technology executives on artificial intelligence at the White House on September 29, 2026 in Washington.
Kent Nishimura | AFP | Getty Images
The Democratic Party’s landslide victory in the midterm elections signaled a major rejection of Elon Musk and the artificial intelligence industry. The move comes as a widespread backlash against President Donald Trump and his technology allies has led to increased scrutiny of Democratic Party political influence and debt-driven data center construction.
Mr. Musk, who spent at least $474 million in the midterm elections, spent nearly half of that, $224 million, in Texas alone, only for his favorites, Republican Senate candidate Ken Paxton and Gov. Greg Abbott, to be trounced by a wave of Democrats, according to a CNBC analysis of campaign finance records.
This defeat shook the market overnight, space x and tesla Both have long thrived under Abbott’s business friendliness. Meanwhile, tech stocks generally came under pressure as Democrats secured control of Congress.
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— Luke Fountain
Aaron Ford ousts Joe Lombardo in Nevada gubernatorial race
Nevada Democratic gubernatorial candidate Aaron Ford (left) and Republican incumbent governor Joe Lombardo.
Getty Images
Democrat Aaron Ford is expected to win the Nevada gubernatorial election, defeating Republican incumbent Joe Lombardo, who was seeking a second term.
Lombardo narrowly defeated Democrat Steve Sisolak in 2022.
Trump became the first Republican presidential candidate to win Nevada since 2004.
— Chloe Taylor, Justin Papp
Democrat Susie Lee wins reelection to U.S. House of Representatives
Congresswoman Susie Lee (D-Nev.) speaks with union members in Las Vegas on Saturday, September 12, 2026.
David Becker | AP
Incumbent Susie Lee is projected to win the race for the House seat in Nevada’s 3rd Congressional District.
Lee, a moderate Democrat who serves on the House Appropriations Committee, was running to defend the Las Vegas House seat won by Trump in 2024.
Her challenger, Republican candidate John Cameras, is a political newcomer whose campaign website describes him as a former nurse and former chess champion.
— Chloe Taylor, Garrett Downs
Democrat Tina Kotek wins reelection in Oregon gubernatorial race
Oregon Democratic gubernatorial candidate Tina Kotek speaks with members of the media at a rally near the Broadway Bridge on November 8, 2022 in Portland, Oregon.
Matthew Louis Laurent | Getty Images
In Oregon, Democratic Gov. Tina Kotek is expected to be re-elected in a rematch against Republican state Sen. Christine Drazan, whom she defeated by 3.5 percentage points in 2022.
Kotek, a former state House speaker, defended his record on housing and education, while Drazan, a former House Republican leader, focused on taxes, affordability and homelessness.
Oregon has not elected a Republican governor in more than 40 years, but the race has become a near dead heat.
— Chloe Taylor, Luke Fountain
Republican Pete Ricketts wins re-election to U.S. Senate from Nebraska
Republican Sen. Pete Ricketts of Nebraska speaks at a campaign event in Fremont, Nebraska, USA, Tuesday, October 20, 2026.
Dylan Widger | Bloomberg | Getty Images
In 2024, Pete Ricketts is expected to win the normally safe red state of Nebraska’s Senate race, which Trump won by more than 20 percentage points.
He faced a strong challenge from independent candidate Dan Osborne, a labor leader and Navy veteran. Osborne ran against Republican Sen. Deb Fischer in 2024, losing by about 7 percentage points.
— Chloe Taylor
Katie Hobbs wins reelection in Arizona gubernatorial race
Arizona Governor Katie Hobbs speaks at the “Arizona First” rally at the El Rio Center on November 1, 2025 in Tucson, Arizona.
Rebecca Noble | Getty Images
The Associated Press predicts that Democrat Katie Hobbs will win re-election in the Arizona gubernatorial race.
Her victory marks a defeat for Trump-backed Republican Rep. Andy Biggs, a former state Senate president and Caucus Freedom Caucus chairman who was subpoenaed by a House committee on January 6.
Hobbs, a former secretary of state, narrowly won the 2022 gubernatorial election.
— Chloe Taylor
What President Trump’s loss of power over Congress means for Iran, Ukraine, and foreign policy
Experts told CNBC that with Democrats expected to win both houses of Congress, Trump could increase his focus on foreign policy in the final two years of his term.
Laurel Rapp, head of the U.S. and North America program at Chatham House, said Trump will be “somewhat constrained” on oversight and investigative issues, but “still has a lot of latitude” on foreign policy.
J.C. Linzenig, visiting senior fellow at the German Marshall Fund, said the president is not a “lame duck.”
“The president of the United States still has a lot of power and authority,” he said. “Action is still pending in Iran. There are also unresolved situations with Russia and Ukraine.”
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— Sauda Baimiya
California billionaire tax measure lacks majority support, with 83% of precincts partially reporting
Sergey Brin attends the 2024 Vanity Fair Oscar Party on March 10, 2024 in Beverly Hills, California. The release of the Epstein files includes multiple references to Google co-founder Sergey Brin, including email correspondence.
Lionel Hahn | Getty Images Entertainment | Getty Images
Polls have concluded in California, where voters are considering a measure that would impose a 5% tax on billionaires in the state. According to the California Secretary of State, 83% of precincts have partially reported, and Prop. 40 received 43.7% of votes in favor, far from a majority.
google Co-founder Sergey Brin has donated $102 million to nonprofits fighting the effort. Many other tech billionaires also threw money at opposing the bill.
Additionally, Prop. 42, which would block new personal wealth taxes and past activity taxes, received 54.6% of the vote. Even if California voters approve the millionaire tax, Prop. 42 could get in the way because a court could conclude it is inconsistent with Prop. 40.
— Jordan Novett
Voters are saying no to data centers
The photo shows a data center in Texas. By 2030, Texas is expected to overtake Virginia as the world’s largest data center market, according to some projections.
Andrew EversCNBC
As part of a broader backlash against AI, residents in several U.S. towns and cities have voted against data center development in their jurisdictions. The results follow a Pew Research survey over the summer showing Americans are dissatisfied with data centers because of environmental and energy costs.
In Asheville, Ohio, residents rejected a resolution approving conditions for EdgeConneX to build two data center buildings on a 195-acre site. In Joliet Township, Illinois, southwest of Chicago, voters said no to a measure that would have challenged whether the City Council should approve construction of an AI data center.
“These are non-binding measures, but given the size of the Democratic victory, the addition of the Texas governor, and the 29-1 lead on data center restrictions, politicians who want to remain in office will heed these messages,” Jim Bianco of Bianco Research wrote in a post on X.
— Jordan Novett
