US votes in midterm elections; 10-year bond yield rises to about 4.96%
The US held midterm elections on 3 November. Before the vote, Republicans held narrow majorities in both the House and the Senate. Counting was continuing as this edition was prepared, and control of Congress had not been confirmed. US government bond yields rose on the day: the 10-year yield was up about 6.4 basis points at roughly 4.96% and the 30-year about 5.33%, according to figures cited from CNBC. Investors are focused on whether a split Congress would slow spending or tax plans. The US also releases services-sector and private-payroll data on 4 November and the October jobs report on 6 November, which will shape expectations for the Federal Reserve.
The chain of consequences
- 1Americans vote for all House seats and a third of the Senate
- 2Investors weigh how a change in Congress could affect spending and taxes
- 3US 10-year yield rises 6.4 bp to about 4.96%
- 4Higher US yields can pull money from emerging markets like India
Tends to gain
Indian IT exporters benefit if a stronger dollar follows
Tends to lose
Rate-sensitive sectors and foreign inflows if US yields keep rising
If it reverses
If yields fall back once results are clear, emerging markets including India could see steadier foreign buying.
Other stories today
- Foreign investors buy a net ₹6,837 crore, the most in a single day since October 2025
- Brent settles at $103.60 after US strikes on Iran's Qeshm Island, as Qatar keeps talks alive
- Consumer goods shares lead as Marico jumps about 10% after results
- Private banks rise 2%, state-run banks fall 1.3% as SBI reports results
- Reports of a capital gains tax review add to buying, but nothing is decided
- Power Grid falls 3%, the weakest Nifty share, as power utilities lag
- Defence shares extend rebound; BEL keeps its 15%-plus growth outlook
- Coal India reported to plan a $1 billion share sale in Mahanadi Coalfields
- Dr Reddy's rises 2% on HIV-prevention drug approval; Sun Pharma clarifies plant report
- Auto shares rise 1.7% for a second day after record October sales
- Apollo Hospitals and NHPC report September-quarter results today