Good evening, this is Markets Desk with your closing summary.
Stock futures tumbled sharply tonight as election results delivered a stronger-than-expected Democratic performance, rattling Wall Street's traditional preference for political gridlock. Democrats flipped deep-red South Carolina's Senate seat and are running unusually tight margins in Texas and Kansas, raising the prospect of unified Democratic power and the policy shifts that come with it.
Turning to commercial real estate, the multifamily mortgage market continues its painful unwind. The federal government holds roughly half of all outstanding multifamily mortgages, meaning taxpayer exposure is substantial as valuations deteriorate and distressed properties multiply across major metros. The pressure shows no sign of easing.
Meanwhile in Atlanta, former Mayor Keisha Lance Bottoms has defeated billionaire Rick Jackson in the Georgia gubernatorial race, a result that surprised many analysts who expected a razor-thin margin. Bottoms carried the race more decisively than polls suggested, continuing a night of Democratic overperformance in traditionally competitive and even red-leaning states.
That's the tape. Markets Desk, signing off the floor.
