A blue wave sends futures into the green - CNBC

Hello, this is Leonie Kidd with today's edition of Morning Squawk.

A blue wave means green for markets. Wall Street is on track to open higher, but certain technology stocks are under pressure, with the sellers circling Elon Musk's companies. 

The Dow, S&P 500, and Nasdaq futures have all rallied from session lows overnight, as the positive sentiment from the midterm results built momentum.

The Democrats have taken control of Congress, flipping the Senate and winning the House in a stinging rebuke to President Donald Trump and his economic record. 

U.S. President Donald Trump struck a conciliatory tone in a series of interviews overnight, saying he "will work with the Democrats on many things," and that he is "absolutely willing to accept" the election results. 

Alongside the swing in the futures market, the U.S. dollar fell to a one-month low, while Treasury yields dipped and gold rose as investors crowded into safe-haven trades. 

First up, there is the Elon Musk trade. 

Both SpaceX and Tesla are down heavily in premarket trading. The shock of the night came from Texas, where Democrats scored an extraordinary pair of victories in traditionally Republican seats. James Talarico defeated Ken Paxton, becoming the first Democrat elected to the U.S. Senate from the state in nearly four decades. Gina Hinojosa defeated three-term Gov. Greg Abbott, making her the first Democratic governor of Texas since Ann Richards left office in 1995.

Other tech stocks are moving higher premarket. 

Amazon, Alphabet and Nvidia have recovered from earlier declines, despite concerns that state-level data center restrictions could delay projects in major buildout markets. 

Outside the results reaction, AMD is a big gainer in premarket trading. The chipmaker reported third-quarter earnings that beat Wall Street forecasts, with revenues at the data center business nearly doubling over the period. 

CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.

Iran is one of the first foreign nations to react to the midterm results. 

Tehran's speaker of parliament, Mohammad Bagher Ghalibaf, said Americans have said "NO TO WAR," as the results came in.

Trump said that the Iran war was partly to blame for the Republican losses, saying "people were probably not willing to accept the short-term consequences of the price of gasoline." He also told the Financial Times he has no immediate plans to strike Iran. 

Democrats decisively took control of Congress Tuesday night, delivering a stinging rebuke to Trump and his economic record as voters voiced deep frustration with rising prices, government corruption and the AI data center build-out.

Democratic control of both chambers gives the party a powerful check on Trump in the final two years of his term, including the ability to block parts of his agenda and intensify congressional oversight. The results sent a clear warning: promises to bring down costs did not overcome voters' frustration with prices, corruption and the country's direction.

— CNBC's Sarah Min, Sean Conlon, Hugh Leask, Lim Hui Jie, Garrett Downs and Dan Mangan contributed to this report.