Politico reported Democratic Representative Larsen has launched a campaign for chair of the House Transportation and Infrastructure Committee.

Trump will face a Democratic-controlled Congress from January, raising the risk of prolonged policy gridlock and intensified investigations or impeachment, but also increasing pressure for bipartisan deals with direct market impact. Looming deadlines to avoid a debt default or government shutdown could force compromises that include repealing the debt ceiling, boosting defence and domestic agency spending, extending Affordable Care Act (ACA) subsidies, capping prescription drug prices and approving trade agreements to lower tariffs that have pushed up inflation. Washington veterans point to precedent: budget and debt deadlines during Trump’s first term and the Democratic House’s role in advancing the USMCA in 2019.

U.S. equity index futures extended losses: Nasdaq-100 futures down more than 2%, S&P 500 futures down 0.85%, Dow futures down 0.35%.