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Stocks Rose in the Year After 18 of the Last 19 Midterms, by Our Count. Congress Has 38 Days After Tuesday's Vote to Fund the Government.

We computed the market record ourselves, from a primary data series, and set it beside the calendar Congress faces once the votes are counted. The first deadline, for government funding, falls on 11 December.

A black Wall St street sign in sharp focus in front of a row of American flags and the blurred stone columns of the New York Stock Exchange.

A Wall Street sign and flags outside the New York Stock Exchange in Lower Manhattan, in January 2021. File photograph.

The S&P 500 rose in the 12 months after 18 of the 19 U.S. midterm elections held since 1950, and was flat after the 19th, by this publication's count of the index data compiled by Yale economist Robert Shiller. Americans vote in the 20th such election on Tuesday, 3 November 2026.

That record is often repeated around Election Day. We did the arithmetic ourselves, from a primary data series, and found that it holds up, with two qualifications. The sample is small, and the gap it shows is as much about the years that came before as about the vote. Past returns do not predict future ones. Polls close tonight, and no result is known.

Every one of the 435 seats in the House of Representatives is up, as it is every two years under Article I of the Constitution. In the Senate, 33 seats are up in the regular cycle, according to the Senate's own list of Class II senators, whose terms end on 3 January 2027. Two more, both held by Republicans, are special elections in Ohio and Florida, Ballotpedia reported, for 35 in all. Thirty-six states elect governors, along with Guam, the Northern Mariana Islands and the U.S. Virgin Islands, according to the National Governors Association.

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The Picture

A single-storey brick store with a dark fascia bearing the white Verizon logo and red check mark, a row of glass windows with an Open sign, and a mown lawn in front, beside a large green tree.
A Verizon retail store in Burlington, Vermont, in June 2024. File photograph.

Verizon Added 406,000 Phone Subscribers in the Third Quarter, Up From 44,000 a Year Ago. It Says It Spent 41 Per Cent Less on Promotions to Win Them.

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Business

Ford's Electric Unit Lost $1.06 Billion Last Quarter, a Quarter Less Than a Year Ago. Per Vehicle Shipped, the Loss Rose to About $31,000.

Ford's Model e division lost $1.06 billion before interest and taxes in the third quarter, down from $1.41 billion a year earlier, the company said on 28 October. It shipped 34,000 vehicles, 31 per cent fewer. Ford earned $2.7 billion of adjusted operating profit overall and raised the bottom of its full-year forecast.

By Alison Acosta  

A red Ford Mustang Mach-E electric crossover seen from above and the side, driving along a grey road with white lane markings beside a grass verge.

The Numbers

The Fed Held Rates at 3.75 to 4 Per Cent, and Two Officials Voted for a Hike. The Next Morning, Core Inflation Came In at 3.1 Per Cent.

The Federal Reserve kept its target range at 3.75 to 4 per cent on Wednesday by a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack voting for a quarter-point increase. On Thursday the government reported growth of 3.4 per cent in the third quarter and core PCE inflation of 3.1 per cent in September. The next decision is due on 9 December.

By Daniel Okafor  

Kevin Warsh, smiling, in a dark suit and tie, stands in front of a row of American flags and gold curtains.
Business

McKesson Is Paying $1.4 Billion for Half of Option Care. The Deal Sets Up a Framework for It to Buy the Rest.

Clayton Dubilier & Rice and McKesson agreed on Monday to take Option Care Health, the largest independent home infusion company in the United States, private for $32.05 a share. McKesson is putting in about $1.4 billion for 49 per cent, and the agreement sets out a framework for it to buy the private equity firm's majority later. Lenders have committed more money to the deal than the two buyers have.

A bag of blood with a drip chamber and tubing hanging from a stand in a clinical setting.
A small wind turbine on a guyed pole stands among olive-green Army tents, with a ground-level solar panel, a power unit, orange traffic cones and a steel lattice tower under a blue sky.
Explainer

The Pentagon Wants Its Major Bases Able to Run 90 Days on Their Own. Britain Is Asking Households to Manage for Three.

Internal Pentagon documents reviewed by Fox News Digital would require every major U.S. military installation to run essential operations on its own for at least 90 days, backed by reserves of munitions, fuel, minerals, spare parts and medical supplies. The plan, called FORTRESS, has no published cost or timeline. Nothing in the reporting mentions artificial intelligence or a specific nuclear threat.

By Alison Acosta  

Business

Trian Has Offered $7.35 a Share to Take Wendy's Private, About $1.4 Billion. That Is Roughly Half the $2.7 Billion of Debt the Bidders Would Keep.

Nelson Peltz's Trian Fund Management and Flynn Group, one of the largest Wendy's franchisees, proposed on 28 October to buy the shares of The Wendy's Company they do not own for $7.35 each in cash, about 20 per cent above Tuesday's close. On the 194.0 million fully diluted shares the letter assumes, that is about $1.4 billion. The proposal is non-binding and nothing has been signed.

By Daniel Okafor  

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Markets

Ares Capital Will Pay a 30 Per Cent Premium for an Apollo-Managed Lender. The $10.88 Price Is Still 15 Per Cent Below What the Lender Says Its Loans Are Worth.

Ares Capital, the largest listed business development company, agreed on 26 October to buy MidCap Financial Investment Corporation, which is managed by an Apollo affiliate, for about $10.88 a share in cash and stock, a total enterprise value of about $2.6 billion. The price is a 30.1 per cent premium to MFIC's last close but below its preliminary net asset value of about $12.86 a share. The deal needs MFIC shareholder approval and is expected to close in the first half of 2027.

By Daniel Okafor  

The black glass and white travertine Solow Building at 9 West 57th Street in Manhattan, seen from street level against a blue sky, with older towers on either side.
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