Democrats achieved major victories across the United States in the midterm elections, securing full control of the Texas state house and positioning Hakeem Jeffries to potentially become the first Black speaker of the House. As vote counting continues in tight races, the 2026 midterm elections have shifted the balance of power and triggered internal recriminations among Republicans.
Unresolved Key Senate and Mayoral Contests
Several crucial races remain uncalled as election officials process the final ballots. In Mississippi, Scott Colom and Republican incumbent Cindy Hyde-Smith are locked in a nail-biting US Senate contest where 96% of the vote has been counted, with Colom holding a narrow lead of just 65 votes. A victory for Colom would mark the first time Democrats have won a US Senate seat in the state since 1982.
In Alaska, the Senate race between Democrat Peltola and GOP incumbent Dan Sullivan remains too close to call with 74% of the vote tallied. Because Alaska utilizes ranked choice voting—requiring a candidate to reach 50% of first-choice preferences—the final outcome could take longer than any other contest nationwide. Meanwhile, in California, the Los Angeles mayoral race shows progressive challenger Nithya Raman holding a narrow lead over incumbent Karen Bass with 63% of the vote counted.
Historic Wins in Texas and Maine
Democrats captured full control of the Texas state house for the first time since 2002, bolstered by historic statewide victories. Democrat James Talarico won a US Senate seat, breaking a 38-year drought for his party in the state, while Gina Hinojosa defeated incumbent Greg Abbott to become Texas's first Latina governor. In Maine, nearly three-decade incumbent Republican Senator Susan Collins conceded her seat to working-class Democratic challenger Troy Jackson following a late-night surge in votes.
- Texas State House: Democrats took full legislative control after historic gubernatorial and Senate wins.
- House Leadership: House Minority Leader Hakeem Jeffries officially announced his candidacy for speaker after Democrats secured 237 seats.
- Asset Declines: President Donald Trump's tradeable investment assets, including DJT stock and World Liberty Financial digital tokens, dropped sharply following the election results.
- International Reactions: Ukrainian President Volodymyr Zelenskyy expressed hope that Democratic gains would generate renewed support for Ukraine.
Republican Blame Game and Financial Fallout
Following the sweeping losses, Republican Senator Thom Tillis criticized party leadership in a CNN interview, blaming the defeat on well-intentioned but poorly executed policies and singling out administration figures like Kristi Noem and Pete Hegseth. Florida Governor Ron DeSantis similarly described the midterms as close to an extinction-level event for Republicans, warning that losses in Texas could impact the party nationally for a decade.
Simultaneously, the financial markets reacted strongly to the political shift. According to Georgetown University associate professor Jim Angel, the valuation of Trump Media and Technology Group stock (DJT), World Liberty Financial tokens, and Trump$ novelty coins dropped as investors reassessed the president's political popularity.
Frequently Asked Questions
Who is running for House speaker following the midterms?
Democratic congressman and current minority leader Hakeem Jeffries officially announced his candidacy for speaker after Democrats secured 237 seats in the House.
What is happening in the Mississippi US Senate race?
With 96% of the vote counted, Democrat Scott Colom leads Republican incumbent Cindy Hyde-Smith by just 65 votes in a race that could mark the first Democratic Senate win in the state since 1982.
How does Alaska determine its Senate winner?
Alaska uses ranked choice voting, meaning winners must receive 50% of first-choice votes, with lower-performing candidates eliminated and their supporters' votes reassigned until a majority is reached.