Religious conservative activists took a heavy hit in last week's midterms, their steepest setback since gaining major influence under President Trump. With their goals closely tied to his, the losses suggest their grip on his party has loosened, and activists are scrambling to plan for 2028.
Terry Schilling, who leads the American Principles Project, says the administration delivered few wins beyond some executive orders. He argued the movement could have passed laws to protect children, contrasted that with the Iran war, and said there is no standout accomplishment to point to.
UC Berkeley students are feeling upbeat after Democrats won most Senate and House seats in the Nov. 3 midterms. Xavier Becerra was also elected California governor.
Hundreds lined up to vote at Eshelmann Hall on Tuesday night, with some waiting over an hour. For many, it was their first federal election.
Some students hope the results bring less federal scrutiny of the campus. Others were disappointed that Proposition 40, a one-time tax on billionaires, failed.
The tech giants known as the Magnificent 7 wiped out more than $1 trillion in value between them on Thursday. The slide came after the US midterms and reflects worries over AI spending and rising prices.
Much of the AI buildout runs on borrowed money, so pricier credit could slow it. Tensions with Iran may keep oil expensive and push the Fed toward higher interest rates, while the midterm outcome is expected to slow data centre construction.
Investors will now split AI firms into those with existing data centre capacity and those facing legislative and borrowing hurdles.
Days after the midterms, Prop. 40, a one-off 5% levy on California billionaires meant to fund health care, is failing by more than 8 points. Over 4 million statewide votes are still uncounted.
Props 41 and 42 could block it. If 40 passes but either of them gets more yes votes than it does, the billionaire tax would not become law.
Backers of 41 and 42, who also oppose 40, have raised over $300 million, mostly from the billionaires who would owe the tax. Supporters of 40 have raised nearly $35 million, largely from the union behind it.
Mortgage rates have dropped since Democrats won control of the House and Senate on Tuesday, even as votes are still being counted. The average 30-year fixed rate fell to 7.18% this week, its third weekly decline in a row.
Stocks rallied and bond yields dropped after the results, and oil prices fell on hopes the vote could help end the war with Iran.
Rates were under 6% earlier this year before the war pushed them toward 8%. Realtor.com economist Hannah Jones says they're still above 7%, and more than 40% of listings nationwide now have price cuts.
Election 2026 live updates: Judge orders Trump administration to stop intimidating election officials
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