The ASX 200 reacted with market swings on Wednesday 4 November 2026 as traders watched closely the US midterm elections. A drop was seen as US futures fell but there was a late rebound . Key sectors like BHP and Rio Tinto declined. Positive expectations that the Democrats will win in the US elections are improving the market sentiment for the ASX with projections of a 2% surge . Market movements are also driven by expectations of an end to the Iran conflict, which have led to a decline in Brent prices.