Editor's Note: Updates have been made to include recent developments.
On Tuesday, Wall Street futures edged lower as Abigail Spanberger (D-Va.) made history in Virginia, defeating Republican Lt. Gov. Winsome Earle-Sears to become the state's first female governor in a closely watched race that flipped control of the governor's mansion. In New York, Democratic contender Zohran Mamdani won against former Gov. Andrew Cuomo.
Spanberger's Win Marks Major Shift in Virginia Politics
Former congresswoman Spanberger secured a decisive victory over Winsome Earle-Sears, earning 56.1% of the vote compared to her Republican opponent's 43.7%, according to the Associated Press.
The win represents a significant Democratic comeback in the commonwealth, where local issues are intertwined with the national political climate.
President Donald Trump's influence over the Republican Party may have hindered Earle-Sears' chances, the report said.
Markets Dip As Investors React To Political Uncertainty
U.S. stock futures were trading lower at the time of writing, with Dow futures slipping 94 points, or 0.2%, to 47,114. S&P 500 futures fell 0.7% to 6,775.50, while Nasdaq futures dropped 1.07% to 25,301.50.
The drop also comes amid growing talk of a potential AI bubble, intensified by "Big Short" investor Michael Burry's purchase of more than $1 billion in put options on Nvidia Corp. (NASDAQ:NVDA) and Palantir Technologies Inc. (NASDAQ:PLTR).
Mikie Sherrill Wins New Jersey's Gubernatorial Race
In New Jersey's 2025 gubernatorial race, Democratic Rep. Mikie Sherrill emerged victorious, according to the Associated Press, with 63% of votes counted.
Sherrill secured 57.0% of the vote, defeating Republican Jack Ciattarelli, who received 42.5%.
Mamdani Set To Become New York Mayor
The highly anticipated New York City mayoral race wrapped up tonight, featuring Democratic nominee Mamdani, former Gov. Cuomo running as an independent, and Republican Curtis Sliwa. Mamdani has won the race, according to the Associated Press. The democrat socialist will become New York’s first Muslim mayor and first person of South African heritage to hold the post, according to the report. He is also reportedly set to become the youngest Mayor of New York in more than a 100 years.
Notably, the contest attracted a large turnout with nearly 2 million New Yorkers exercising their right to vote.
President Donald Trump has endorsed Cuomo in the mayoral race.
Abbott's Tariff Remark On New Yorkers Moving To Texas Draws Backlash
Gov. Greg Abbott (R-Texas) sparked controversy late Tuesday after posting on X, formerly Twitter, that he would "impose a 100% tariff on anyone moving to Texas from NYC" once polls closed.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
