[시장 분석] 민주당 관련 거래가 본격화됐지만, 일부 AI 민감 종목은 PSC 선거 결과에 최악의 하락을 면해

In short, Democrats are projected to have flipped both the House and Senate from the Republicans. The trade has been as expected, with the USD (DXY -0.5%, G10s firmer across the board, CHF and JPY lead) softer and USTs bid throughout this, weighing on the US 10yr yield by c. 5bps. Tech weighing on equity performance with the NQ -1.5% and ES -0.9%. At most, NQ lower by 1.5%, hit by the big-tech/AI names on the Dem. trade. With the likes of Nvidia (NVDA) -1.1%, Microsoft (MSFT) -1.4%, Meta (META) -1.2%, Alphabet (GOOG) -1.5%, Amazon (AMZN) -1.5%, Digital Realty (DLR) -0.5%, Equinix (EQIX) -1.8%. Also seeing a hit to financials amid the lower yield environment and potential for further regulation, JPMorgan (JPM) -0.8%, Goldman Sachs (GS) -1.3%. Further, crypto hit on the regulation narrative, Coinbase (COIN) -1.8%. For the AI/data center trade, a point of note has been the local/PUC/PSC results, with the Louisiana District 1 and pertinently District 5 coming in Republican, and seemingly help offset some of the initial pressure seen in the above names, particularly Amazon which is now lower by -0.7% given it has three facilities planned for District 5 parishes. On the flip-side, the Democratic trade favours Healthcare on the Medicaid narrative, United Health (UNH) +1.7%, Centene (CNC) +2.5%, HCA Healthcare (HCA) +1.3%, and others. Further, the support measures for lower-income citizens that may be more prevalent under a Democratic wave are likely supporting names such as Walmart (WMT) +0.4%. More generally, recent trade has seen an uplift to the energy space, with both WTI and Brent back in the green on the session, as focus now turns more keenly onto the Middle East situation and the potential for US kinetic action in the next few sessions, given reporting over the last few days.