Nasdaq 100 futures, which fell 2.4% on election night, reversed to a 0.9% gain.

US equity futures reversed early losses after Democrats regained control of both chambers in the midterm elections, with Nasdaq 100 futures falling as much as 2.4% overnight before rebounding 0.9%, a swing of roughly 929 points from the session low. S&P 500 futures rose about 1% and Dow futures gained around 700 points, though the figures reflect futures trading rather than official closing prices. Goldman Sachs ($GS) and Deutsche Bank ($DB) attributed the turnaround to the unwinding of heavily accumulated hedge positions once the election outcome became clear, along with a decline in the political risk premium as uncertainty eased. The move matters as a signal of how quickly markets can reprice once a binary political event resolves. What to watch next is whether the relief rally holds through the regular session and whether the hedge unwind continues.