{"id":16529,"date":"2026-11-06T09:17:52","date_gmt":"2026-11-06T14:17:52","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/?p=16529"},"modified":"2026-11-06T09:17:53","modified_gmt":"2026-11-06T14:17:53","slug":"election-reflections-the-midterms-and-what-really-matters-for-markets","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets","title":{"rendered":"Election reflections: The midterms and what really matters for markets"},"content":{"rendered":"\n

By Kelly Bogdanova
Vice President, Portfolio Analyst
Portfolio Advisory Group \u2013 U.S.<\/strong><\/p>\n\n\n\n

\n The post-mortem of the midterm elections \u2013 what went spectacularly right for\n Democrats and what went horrendously wrong for Republicans \u2013 will likely go\n on until the run-up to the presidential election primaries in early 2028,\n if not longer.\n <\/p>\n

\n There are already major disagreements within both political parties and\n inside the Trump administration about why the Democratic Blue Tsunami\n occurred and how to proceed.\n <\/p>\n

\n Regardless of how we got here, the historical performance data debunks\n the adage repeated by many on Wall Street the day after the election\n that \u201cthe market always loves gridlock in Washington.\u201d\n <\/strong>\n <\/p>\n

\n Divided government has indeed coincided with well above-average returns in\n some scenarios, but not the one the market is facing. The stock market\n lagged the most when a Republican president and Democratic Congress have\n shared the levers of power.\n <\/p>\n \n

Average annual S&P 500 returns since 1953 by party control<\/h3>\n
\n
\n
\n \"Average\n\n

\n Source – RBC Wealth Management, Bloomberg; data through 12\/31\/25;\n data based on price returns and does not include dividends\n <\/p>\n

\n The column chart shows historical average S&P 500 annual returns\n under various scenarios of party control of the U.S. federal\n government. The S&P 500 rose 13.3% during periods of a Republican\n sweep (when the party controlled the presidency and both chambers of\n Congress). It rose 7.3% when the Republicans controlled the\n presidency and control of the Congress was split between Republicans\n and Democrats. It rose 4.9% when Republicans controlled the\n presidency and the Democrats controlled both chambers of Congress.\n It rose 8.0% during periods of a Democratic sweep. It rose 17.0%\n when Democrats controlled the presidency and control of Congress was\n split between Republicans and Democrats. It rose 16.3% when\n Democrats controlled the presidency and Republicans controlled both\n chambers of Congress.\n <\/p>\n <\/div>\n <\/div>\n <\/div>\n

\n Is U.S. stock market underperformance in this scenario a fait accompli for\n the next two years?\n <\/p>\n

\n The good news is that the sample size of the above data is too small to\n be predictive or \u201cstatistically significant,\u201d and there is wide\n variation in returns in the categories.<\/strong>\n <\/p>\n

\n While it\u2019s prudent for investors to consider the historical track record,\n we think it\u2019s most relevant to focus on:\n <\/p>\n

    \n
  • \n Potential policy and legislative changes \u2013 if any \u2013 that could impact the\n U.S. stock market in the next two years.\n <\/li>\n
  • \n How RBC Capital Markets industry analysts view the new political party\n configuration.\n <\/li>\n
  • What matters more to stock market performance than elections.<\/li>\n <\/ul>\n \n

    What could change and what may not<\/h2>\n

    \n RBC Global Asset Management Inc.\u2019s Chief Economist Eric Lascelles views\n the election outcome as slightly negative for U.S. economic growth and\n the stock market. But he points out the results may modestly constrain\n inflation and bond yields.<\/strong>\n <\/p>\n

    Lascelles also notes the following:<\/p>\n

      \n
    • \n The White House retains firm control of tariffs, foreign policy and\n immigration through executive authority. These policies will not be\n significantly altered by the new Congress.\n <\/li>\n
    • \n In the next two years, there is diminished scope for fiscal\n stimulus \u2013 which normally boosts economic growth.\n <\/li>\n
    • \n But there could be limited scope for fiscal measures to support lower-\n and middle-income households, though this is merely an upside risk\n rather than a forecast.\n <\/li>\n
    • \n While the Democrats have historically been the less business-friendly\n political party, concerns about the risk of major Democrat-led tax hikes\n seem overblown.\n <\/li>\n
    • \n Congressional Democrats and President Donald Trump could partner to\n lower prescription drug prices as both have supported this in the past.\n <\/li>\n
    • \n Republican deregulation efforts \u2013 of greatest benefit to the financial and\n energy sectors \u2013 may be slowed but not necessarily halted altogether. Thus\n far during the Trump administration, much of this has been happening\n through executive orders rather than legislative actions.\n <\/li>\n <\/ul>\n

      \n Helima Croft, who covers Washington policy issues closely as RBC\n Capital Markets, LLC\u2019s head of global commodity strategy and Middle East\n and North Africa (MENA) research, doesn\u2019t see much change for energy\n policy.\n <\/strong>\n <\/p>\n

      She highlights the following:<\/p>\n

        \n
      • \n President Trump still holds the power of the veto, making wholesale\n policy reversals unlikely.\n <\/li>\n
      • \n The election outcome probably won\u2019t result in major changes to the\n president\u2019s energy dominance agenda.\n <\/li>\n
      • \n But a wave of hearings on energy agreements involving administration\n insiders is likely. Democrats will seek clarification on the regime\n change operation in Venezuela and the subsequent energy deals.\n <\/li>\n
      • \n Democrat-led committees will also likely turn their attention to Russia.\n Lawmakers have already asked several banks and port authorities to\n provide contracts, shipping and payment records, and communications\n related to the diesel deal. An effort to challenge the administration\u2019s\n suspension of sanctions provisions within the recently passed Graham Act\n is also expected.\n <\/li>\n
      • \n Clean energy developers could benefit from heightened oversight of the\n administration\u2019s restrictions on offshore wind and solar approvals,\n alongside renewed pressure to restore cancelled federal funding. However,\n presidential veto authority and existing executive powers would limit\n Democrats\u2019 ability to reverse the administration\u2019s policies.\n <\/li>\n
      • \n Regarding AI data centre construction, growing concerns over electricity\n affordability could shift the emphasis from accelerating development to\n determining who bears the associated costs.\n <\/li>\n <\/ul>\n \n

        \n Strong opposition to AI data centres: One of the issues that impacted\n election outcomes, especially at state and local levels\n <\/h3>\n

        \n Poll question: Would you support or oppose the building of an AI data\n centre in your community?\n <\/h4>\n
        \n
        \n
        \n \"Poll\n
          \n
        • \n
          <\/div>\n Support\n <\/li>\n
        • \n
          <\/div>\n Oppose\n <\/li>\n
        • \n
          <\/div>\n Don’t know\/NA\n <\/li>\n <\/ul>\n

          \n Source – Quinnipiac University Poll of American adults; data\n published in March 2026\n <\/p>\n

          \n The bar chart shows how American adults responded to a poll question\n on whether they would support an AI data centre being built in their\n communities. Responses are divided into three categories: support,\n oppose, or don\u2019t know\/not applicable. The data is shown by political\n party affiliation (Republican, Democrat, and Independent) and\n gender. Republicans have the highest support for data centres at\n 34%, and 32% of men would support construction of a data centre.\n Support among Democrats, Independents, and women is lower. The level\n of opposition to AI data centres is high for all categories, with\n Democrat opposition the highest at 78% compared to Republican\n opposition at 56% and Independents at 66%. More women (72%) than men\n (58%) oppose data centres.\n <\/p>\n <\/div>\n <\/div>\n <\/div>\n

          \n An important non-consensus view that both Lascelles and Croft share:\n Trump\u2019s policy toward Iran is unlikely to change meaningfully.\n <\/strong>\n <\/p>\n

          \n Just ahead of the election, Croft wrote, \u201cThe direction of travel still\n seemingly points to a near-term U.S. military escalation, despite regional\n talks \u2026 Certainly, the risks of a more devastating Iranian retaliatory\n response would increase if the U.S. opts for a more sweeping military\n campaign.\u201d\n <\/p>\n

          \n After the election, Lascelles noted that \u201cwith no further elections ahead\n during the remainder of President Trump\u2019s final term, it is more likely\n that the White House will continue on his bold course\u201d against Iran.\n <\/p>\n

          \n Therefore, we think it\u2019s prudent to take the recent decline in oil prices\n with a grain of salt. Energy market participants may once again be\n misjudging the situation in the Middle East, banking on a resolution that\n might not occur in the near term.\n <\/p>\n \n

          Not much impact on most sectors<\/h2>\n

          \n A survey during the summer revealed that RBC Capital Markets equity\n analysts didn\u2019t foresee much impact on their industries under coverage\n in the scenario where Democrats control both the House of\n Representatives and Senate.<\/strong>\n <\/p>\n

          \n They ranked their views on a scale of +2.0 to -2.0, with +2.0 being the\n most bullish impact and -2.0 being the most bearish.\n <\/p>\n \n

          \n RBC equity analysts see full Democratic control of Congress as modestly\n negative for all industries combined, but there are differences by sector\n <\/h3>\n

          \n RBC Capital Markets equity industry analysts\u2019 assessment of Democratic\n control of the House and Senate\n <\/h4>\n
          \n
          \n
          \n \"RBC\n

          \n Note: A higher number is generally more constructive, a lower number\n generally more negative. Scale is +2.00 (very bullish) to -2.00\n (very bearish).\n <\/p>\n

          \n Source – RBC U.S. Equity Strategy, RBC Capital Markets based on a\n survey of industry analysts; results published on 8\/11\/26\n <\/p>\n

          \n The bar chart shows RBC Capital Markets equity industry analysts\n assessments of S&P 500 sector implications if the Democrats win\n control of the U.S. House of Representatives and Senate. The scale\n is +2.00 (very bullish) to -2.00 (very bearish). The figure for \u201call\n industries\u201d is -0.35. Figures are provided for each of the 11 S&P\n 500 sectors. The two that stand out the most are Consumer Staples at\n +1.00 (the largest positive sector impact) and Utilities at -2.00\n (the largest negative impact). Consumer Discretionary is 0.00. All\n other sector impacts are moderately negative, ranging from -0.17 for\n Health Care to -0.67 for Financials. Communications Services and\n Real Estate impacts are assessed at -0.50.\n <\/p>\n <\/div>\n <\/div>\n <\/div>\n

          \n For all sectors combined, the survey indicated a mildly negative market\n performance assessment with a score of -0.35 \u2013 nowhere near a very bearish\n score of -2.0. And the scores for most sectors had a similar negative\n bias.\n <\/strong>\n <\/p>\n

          \n Scores for only two sectors deviated meaningfully. Consumer Staples\n ranked somewhat bullish at +1.0, and the Utilities sector ranked very\n bearish at -2.0.\n <\/strong>\n <\/p>\n

          \n Consumer Staples and consumer stocks in other sectors could benefit from\n any Trump administration policy changes and\/or bipartisan legislation that\n could offer financial relief to middle- and lower-income households who\n have suffered the most from inflation and the overall high cost of living.\n This is why we think consumer stocks rallied sharply the day after the\n election. Whether such policy developments actually take place, time will\n tell.\n <\/p>\n

          \n Regarding Utilities stocks and particularly those most leveraged to the AI\n data centre buildout, we don\u2019t anticipate Trump would even consider\n signing legislation that would restrict data centre construction at the\n federal level. But the Blue Tsunami reached the state and local levels,\n and this is where powerful regulatory authorities could increase costs\n associated with data centre construction or slow down, cancel or prohibit\n some projects. Regulators may make it more difficult for utilities to\n recover data centre-related capital investments from non-AI utility\n customers (households and businesses) and could increasingly expect large\n technology firms to bear a greater share of the electricity grid\n investment costs than they are currently, according to RBC Capital\n Markets.\n <\/p>\n

          \n However, we think this has already been factored into Utilities sector\n share prices to at least some degree, as the sector retreated 15 percent\n from late July through late September partly due to the regulatory\n pushback that had already begun and election concerns. While the sector\n has rebounded somewhat since then, it remains almost nine percent below\n its all-time high reached in February.\n <\/p>\n \n

          What matters more than elections<\/h2>\n

          \n Elected officials in Washington and in state capitals have the potential\n to positively or negatively impact the country, or their policy actions\n can result in a mixed bag (and often do). But when it comes to the stock\n market\u2019s performance over time, they have limited influence, in our\n assessment.\n <\/p>\n

          \n We firmly believe four factors matter more to the U.S. equity market\u2019s\n medium- and long-term performance than elections:\n <\/strong>\n <\/p>\n

            \n
          • \n Corporate innovation trends: <\/strong>Here we\u2019re not just\n referring to the current AI boom or other advancements that have taken\n place in the Technology sector previously like the advent of the\n internet and personal computer. Most sectors and industries have\n experienced innovation spurts at some point. Consider the leaps in\n medical device and pharmaceutical technologies decades ago, or advances\n in oil and shale drilling as just two among many examples. We think\n innovation will continue to drive profit growth and share prices for\n many stocks in the future.\n <\/li>\n
          • \n The Federal Reserve\u2019s monetary policy decisions: <\/strong>This\n includes good, bad and so\/so interest rate policies and calibrations.\n When the Fed has been too slow to raise interest rates (think back to\n the initial post-COVID inflation wave), the economy and households have\n been negatively impacted. When the Fed has raised rates too much and\/or\n too fast, that has historically exacerbated economic downturns and stock\n market selloffs. But when the Fed gets it right, the economy and stock\n market usually benefit from longer expansion cycles.\n <\/li>\n
          • \n The natural ebb-and-flow of the business cycle and economy: <\/strong>We don\u2019t think the basic lessons in Economics 101 class will be\n refuted. The business cycle has its own rhythm, moving from expansion\n phase, to peak growth, to slowdown, to contraction (recession) and then\n to a trough point \u2013 and then back again to expansion and so forth. The\n U.S. private sector is too large, and free enterprise is too entrenched\n as a system and in American society for Washington to manage it by\n pulling various levers.\n <\/li>\n
          • \n Corporate earnings trends: <\/strong>The three above factors have\n had far more influence on corporate profit growth over time than\n political party control inside the Beltway, in our assessment. And\n corporate profit growth \u2013 often called the \u201cmother\u2019s milk\u201d of the\n market \u2013 has historically had a very tight relationship with S&P 500\n performance.\n <\/li>\n <\/ul>\n \n

            Elections come and go: Stay focused on long-term investment plans<\/h2>\n

            \n We don\u2019t think the midterm election results should prompt long-term\n individual investors to meaningfully alter U.S. equity allocations or\n sector positions in portfolios.\n <\/p>\n

            \n We continue to believe the most prudent approach vis-\u00e0-vis elections is\n to:\n <\/strong>\n <\/p>\n

              \n
            • \n Give deference to the long-term investment strategy that you already\n have in place.<\/strong>\n <\/li>\n
            • \n Avoid the temptation of making drastic asset class or sector changes\n based on the election outcome.<\/strong>\n <\/li>\n <\/ul>\n

              \n In other words, if you\u2019re enthusiastic about the Democrats retaking\n Congress and serving as a check on Trump\u2019s power or blunting it\n altogether, don\u2019t get out over your skis in terms of stock market exposure\n or sector positioning.\n <\/p>\n \n

              Almost a dead heat<\/h3>\n

              \n S&P 500 and S&P 500 earnings per share indexed to 100 at 1945\n (logarithmic scale)\n <\/h4>\n
              \n
              \n
              \n \"S&P\n
                \n
              • \n
                <\/div>\n S&P 500 Index\n <\/li>\n
              • \n
                <\/div>\n S&P 500 EPS\n <\/li>\n <\/ul>\n

                \n Over the long term, the index has appreciated at 7.8% per annum\n while earnings have grown at 7.4% per annum.\n <\/p>\n

                \n Source – RBC Wealth Management, FactSet, Bloomberg\n <\/p>\n

                \n The chart compares the value of the S&P 500 Index and S&P 500\n earnings per share (EPS) annually since 1945. The data is normalized\n to a value of 100 in 1945 and displayed on a logarithmic scale. The\n value of the index and the EPS have increased in parallel over the\n period shown, with the index appreciating at approximately 7.8% per\n annum while earnings have grown at approximately 7.4% per annum.\n <\/p>\n <\/div>\n <\/div>\n <\/div>\n

                \n Conversely, if you\u2019re concerned the priorities of the new House and Senate\n Democratic majorities could take the country in the wrong direction, don\u2019t\n let emotions get in the way of sound investment decisions.\n <\/p>\n

                \n Regarding near-term market performance, we would focus instead on:\n <\/strong>\n <\/p>\n

                  \n
                • \n The potential impact of the Fed\u2019s current interest rate\n policies<\/strong>\n (a misstep is possible).\n <\/li>\n
                • \n Domestic economic and earnings trends <\/strong>(we expect\n continued growth for both in 2027).\n <\/li>\n
                • \n Corporate innovation, specifically the AI development cycle <\/strong>(there are a number of uncertainties about the next phase of the cycle\n and its potential winners and losers).\n <\/li>\n <\/ul>\n

                  \n The biggest threat to the U.S. stock market, in our assessment, would be\n indications that a recession is on the way. But we see little evidence of\n that. Regular pullbacks and corrections notwithstanding, we think the\n prospects favour more new highs for the S&P 500 in the next 12 months.\n We continue to recommend holding Market Weight exposure in U.S. equities.\n <\/p>\n","protected":false},"excerpt":{"rendered":"

                  The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.<\/p>\n","protected":false},"author":22,"featured_media":16534,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"rbcwm_post_date":"2026-11-05T16:38:45","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[42],"tags":[797,798,751,752],"rbcwm_content_owner":[390],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[212],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-16529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-midterms-2","tag-u-s-equity-market-2","tag-u-s-midterms-2","tag-u-s-stock-market-2","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[8376],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2","rbcwm_toc_sub_selector":false},"yoast_head":"\nElection reflections: The midterms and what really matters for markets<\/title>\n<meta name=\"description\" content=\"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Election reflections: The midterms and what really matters for markets\" \/>\n<meta property=\"og:description\" content=\"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets\" \/>\n<meta property=\"og:site_name\" content=\"RBC Wealth Management - Asia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/rbcwealthmgmt\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-11-06T14:17:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-11-06T14:17:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/scl-big-waves-crashing-into-a-rock-GIW-110426-Advisor-inpage-hor-EN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"RBC Wealth Management Asia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rbcwealth\" \/>\n<meta name=\"twitter:site\" content=\"@rbcwealth\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets\"},\"author\":{\"name\":\"chloetejada\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#\\\/schema\\\/person\\\/c2bb0a72d12219d75bf7f724d256ed9c\"},\"headline\":\"Election reflections: The midterms and what really matters for markets\",\"datePublished\":\"2026-11-06T14:17:52+00:00\",\"dateModified\":\"2026-11-06T14:17:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets\"},\"wordCount\":2493,\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/wp-content\\\/uploads\\\/sites\\\/8\\\/2026\\\/11\\\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg\",\"keywords\":[\"midterms\",\"U.S. equity market\",\"U.S. midterms\",\"u.s. stock market\"],\"articleSection\":[\"Analysis\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets\",\"name\":\"Election reflections: The midterms and what really matters for markets\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/wp-content\\\/uploads\\\/sites\\\/8\\\/2026\\\/11\\\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg\",\"datePublished\":\"2026-11-06T14:17:52+00:00\",\"dateModified\":\"2026-11-06T14:17:53+00:00\",\"description\":\"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/wp-content\\\/uploads\\\/sites\\\/8\\\/2026\\\/11\\\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg\",\"contentUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/wp-content\\\/uploads\\\/sites\\\/8\\\/2026\\\/11\\\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg\",\"width\":3210,\"height\":2140,\"caption\":\"Two people stand from behind on a wide golden sand beach, gazing out at a massive ocean wave crashing against dark coastal rocks under a moody overcast sky.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/insights\\\/election-reflections-the-midterms-and-what-really-matters-for-markets#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Election reflections: The midterms and what really matters for markets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#website\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/\",\"name\":\"RBC Wealth Management - Asia\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#organization\",\"name\":\"RBC Wealth Management Asia\",\"alternateName\":\"RBC Wealth Management\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/wp-content\\\/uploads\\\/sites\\\/8\\\/2023\\\/02\\\/rbc.png\",\"contentUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/wp-content\\\/uploads\\\/sites\\\/8\\\/2023\\\/02\\\/rbc.png\",\"width\":3000,\"height\":2000,\"caption\":\"RBC Wealth Management Asia\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/rbcwealthmgmt\\\/\",\"https:\\\/\\\/x.com\\\/rbcwealth\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/rbc-wealth-management\"],\"description\":\"Your goals are unique to you \u2014 and important to us. RBC Wealth Management Asia looks beyond the numbers to create a tailored wealth plan for your complex needs, whether here or around the world.\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-asia\\\/#\\\/schema\\\/person\\\/c2bb0a72d12219d75bf7f724d256ed9c\",\"name\":\"chloetejada\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"caption\":\"chloetejada\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Election reflections: The midterms and what really matters for markets","description":"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets","og_locale":"en_US","og_type":"article","og_title":"Election reflections: The midterms and what really matters for markets","og_description":"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.","og_url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets","og_site_name":"RBC Wealth Management - Asia","article_publisher":"https:\/\/www.facebook.com\/rbcwealthmgmt\/","article_published_time":"2026-11-06T14:17:52+00:00","article_modified_time":"2026-11-06T14:17:53+00:00","og_image":[{"width":1200,"height":627,"url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/scl-big-waves-crashing-into-a-rock-GIW-110426-Advisor-inpage-hor-EN.jpg","type":"image\/jpeg"}],"author":"RBC Wealth Management Asia","twitter_card":"summary_large_image","twitter_creator":"@rbcwealth","twitter_site":"@rbcwealth","twitter_misc":{"Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#article","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets"},"author":{"name":"chloetejada","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c"},"headline":"Election reflections: The midterms and what really matters for markets","datePublished":"2026-11-06T14:17:52+00:00","dateModified":"2026-11-06T14:17:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets"},"wordCount":2493,"publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#organization"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg","keywords":["midterms","U.S. equity market","U.S. midterms","u.s. stock market"],"articleSection":["Analysis"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets","url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets","name":"Election reflections: The midterms and what really matters for markets","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg","datePublished":"2026-11-06T14:17:52+00:00","dateModified":"2026-11-06T14:17:53+00:00","description":"The midterm elections upended American politics, but when it comes to the stock market, elections come and go. We examine the investment landscape and four factors that we believe matter more to the U.S. equity market\u2019s performance than elections.","breadcrumb":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#primaryimage","url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg","width":3210,"height":2140,"caption":"Two people stand from behind on a wide golden sand beach, gazing out at a massive ocean wave crashing against dark coastal rocks under a moody overcast sky."},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/election-reflections-the-midterms-and-what-really-matters-for-markets#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/"},{"@type":"ListItem","position":2,"name":"Election reflections: The midterms and what really matters for markets"}]},{"@type":"WebSite","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#website","url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/","name":"RBC Wealth Management - Asia","description":"","publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#organization","name":"RBC Wealth Management Asia","alternateName":"RBC Wealth Management","url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#\/schema\/logo\/image\/","url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2023\/02\/rbc.png","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2023\/02\/rbc.png","width":3000,"height":2000,"caption":"RBC Wealth Management Asia"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/rbcwealthmgmt\/","https:\/\/x.com\/rbcwealth","https:\/\/www.linkedin.com\/company\/rbc-wealth-management"],"description":"Your goals are unique to you \u2014 and important to us. RBC Wealth Management Asia looks beyond the numbers to create a tailored wealth plan for your complex needs, whether here or around the world."},{"@type":"Person","@id":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c","name":"chloetejada","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","caption":"chloetejada"}}]}},"jetpack_sharing_enabled":true,"publishpress_future_action":{"enabled":false,"date":"2026-11-13 12:09:24","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"RBC Wealth Management - Asia","distributor_original_site_url":"https:\/\/www.rbcwealthmanagement.com\/en-asia","push-errors":false,"jetpack_featured_media_url":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-content\/uploads\/sites\/8\/2026\/11\/big-waves-crashing-into-a-rock-3210\u251cu2140.jpg","last_revision_date":"2026-11-05 17:47:01","_links":{"self":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/posts\/16529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/comments?post=16529"}],"version-history":[{"count":4,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/posts\/16529\/revisions"}],"predecessor-version":[{"id":16533,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/posts\/16529\/revisions\/16533"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_cta\/8376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/media\/16534"}],"wp:attachment":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/media?parent=16529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/categories?post=16529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/tags?post=16529"},{"taxonomy":"rbcwm_content_owner","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_content_owner?post=16529"},{"taxonomy":"rbcwm_need","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_need?post=16529"},{"taxonomy":"rbcwm_segment","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_segment?post=16529"},{"taxonomy":"rbcwm_solution","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_solution?post=16529"},{"taxonomy":"rbcwm_topic","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_topic?post=16529"},{"taxonomy":"rbcwm_channel","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_channel?post=16529"},{"taxonomy":"rbcwm_format","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/wp-json\/wp\/v2\/rbcwm_format?post=16529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}