Texas Turns Blue, Futures Turn Green: Why Wall Street Bought The Biggest Democrat Wave Since 1993

Last night, America's voters handed Trump the biggest midterm rebuke in a generation.

Then, a few hours later, Wall Street shrugged it off. Nasdaq futures, which had crashed as much as 2.4% as the blue wave turned into a tsunami, were up 0.9% by morning in New York, having ripped 929 points off the overnight lows. So the market's reaction to Democrats taking both chambers of Congress, the Texas governor's mansion and a Senate seat in Kansas for the first time since 1932 was... buy the dip.