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Political-market intelligence · data since 1900

See what Washington actually did to the market.

Capmark connects who controls the House, Senate and White House to how stocks, sectors and rates really behaved — then shows what followed in the years most like today.

SCENARIO LABLive · Capmark data

If Washington looks like this…

White House
Senate
House
S&P 500 · calendar-year return in matching yearsMedian Range
JanAprJulOctDec
Closest analog yearsOpen in Builder →

The Capmark method

From a vote in Washington to a move on Wall Street.

Headlines report what the market did. Capmark traces why — through the political setup, the policy it makes possible, and the outcome it produced.

01

Political setup

Who holds the House, Senate and White House — and what that combination can realistically pass.

House · Senate · White House
02

Policy channel

Spending, taxes, regulation and trade — the levers that actually reach company earnings and interest rates.

Fiscal · Tax · Trade · Regulation
03

Market outcome

How stocks, sectors, yields and volatility really responded — and what came next in the closest historical matches.

Indices · Sectors · Yields · VIX

The Capmark Brief

The day’s close, read through a Washington lens.

One short email after every trading day: what moved, the policy story behind it, and how it compares with the years most like this one.

We’ll send one email to confirm. Free, one-tap unsubscribe.

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Today’s takeaway

Washington lens

Washington × Wall Street · since 1900

See what Washington actually did to the market.

Pick who holds the House, Senate and White House. Capmark shows what stocks really did under that exact setup — and what came next in the years most like today.

or read today’s Brief

Free every trading day · one-tap unsubscribe · Education, not financial advice

19 of 19
midterms since 1950 —
market higher a year later

Historical accuracy
backed by data since 1900

Every Washington setup
with real-world results

Fresh every trading day.
Plain English.

Every close verified
by two independent sources

Go deeper — the full research library

Every dataset behind the tools above, one tap away: chamber-by-chamber Dow history, presidents, 13 eras, the economy scorecard, sectors, crypto, and the credibility audit of this whole page.

WATCHLIST · TODAY

Watchlist — all 39 names at a glance

The glanceable list: ticker, company, Friday's close, the day's move in dollars and percent, and a sparkline per name. Tap any row for its full detail view — chart, key stats, and its verified news. One calm rule: green and red here mean only up and down on the day.

Credibility · High Same calculated dataset as the Screener — Yahoo Finance daily closes, Friday, Nov 6, 2026, second-source validated Nov 7, 2026: all 39 of 39 names confirmed against Finnhub on every field (see the ledger's Screener row for the per-name record). Day change in $ is derived exactly from the close and Friday's % change. ✓ Verified by 2 sources · Yahoo + Finnhub · all 39 names · checked Nov 7, 2026 Snapshot · Nov 6, 2026 close · Not live

How to read the sparkline: five real anchor closes per name — start of year (Dec 31, 2025), one month ago, one week ago, yesterday, and Friday's close — each derived from that name's sourced % changes in this same dataset. The dots are data; the line joining them is a join, not a daily price path. Color follows Friday's direction only.

TOP NEWS · SOURCED & DATED

Top News — what actually moved this week

Every item below is drawn from the reporting already compiled in this edition's Daily Brief, grouped by the Washington driver, sector or ticker it belongs to — with its source and date named on the item itself. There is no live news feed behind this page, and no headline appears here without a source. A ticker with no verified item says so in its detail view rather than borrowing one.

Credibility · Medium Compiled from AP, CNBC, Reuters and Bloomberg reporting, BLS and Federal Reserve releases and published schedules, and CME FedWatch readings via dated reports, as cited in the Nov 7, 2026 Daily Brief — every item names its source; the FedWatch item added in the Nov 7 validation pass carries timestamped readings. Not a live feed.

Washington

Democrats win both chambers in the Nov 3 midterms

AP projected Democratic majorities in both the House and the Senate, flipping Senate seats in Iowa, Kansas, Maine, North Carolina, Ohio, South Carolina and Texas. Alaska and Mississippi Senate races were still uncalled on Nov 7, so Capmark states no exact seat counts — only AP's call of chamber control, which does not depend on those two races. Counts become final only when states certify. The new Congress convenes Jan 3, 2027: a Republican president facing a Democratic House and Senate.

Associated Press — election projectionsTue Nov 3 – Sat Nov 7, 2026Driver: Washington

Economy & the week ahead

October payrolls rose +165K; unemployment 4.1%

Friday's jobs report came in strong: chips recovered ~4% and the S&P 500 clawed back +0.32% on the day — a bounce after Thursday's rout, on a week the S&P still finished −2.7%.

BLS Employment Situation, via CNBC / Reuters / Bloomberg reportingFri Nov 6, 2026Driver: Economy

October CPI lands Tuesday Nov 10, 8:30 AM ET

Consensus 3.9% year over year (CNBC survey) vs 3.7% in September, core 2.6%. It is the last CPI before the Dec 8–9 FOMC — the print of the week ahead, listed here from the published release schedule, not as a forecast.

BLS / Federal Reserve published schedulesAhead · Tue Nov 10, 2026Driver: Inflation · the Fed

December-hike odds rose after the jobs report — 72.8% before it, ~77–79% after

CME FedWatch — the primary source for rate-futures odds — read 72.8% for a 25bp December hike before Friday's payrolls (reported Nov 6) and ~77–79% after the +165K print (Investopedia; Seeking Alpha). CNBC's live coverage had them near 70% earlier in the session. The odds move intraday, so Capmark quotes the timestamped range, never a single untimed print. This item restores a figure removed in the trust audit, now that a primary-source reading is on the record.

CME FedWatch, via Barron's / Investopedia / Seeking Alpha reportingFri Nov 6, 2026Driver: The Fed

Sectors & movers

AI regulation tops the incoming Congress's agenda — chips lead Thursday's rout

The S&P 500 fell 4.4% on Thursday and the chip index ~12.3% — the worst session since the April 2025 tariff shock — after incoming Democratic leaders put AI regulation, including a proposed pause on advanced AI development and data-centre scrutiny, at the top of the agenda, and a widely read research note called the end of the AI trade. Most relevant to NVDA, AMD, AVGO, SMH and PLTR in the watchlist.

AP and CNBC market reporting, compiled in the Daily BriefThu Nov 5 – Fri Nov 6, 2026Sector: Technology · AI

Oil fell ~12% on the week as traders priced better odds of an end to the Iran war

The oil gauge USO closed Friday at $148.41, down 12.1% on the week — the geopolitical channel moving faster than the political one, and the reason Energy's week (−12.0% on the sector gauge) was an oil move, not a stock story. Most relevant to XOM, CVX and COP.

Market reporting compiled in the Daily BriefWeek of Nov 2–6, 2026Sector: Energy

AMD led Friday's large-cap gainers, +11.0%

AMD traded 1.8× its 20-day average volume on Friday, ahead of TSLA (+4.2%), PLTR (+3.5%) and NVDA (+2.8%). This item is a price fact from the dated dataset, labeled as such — not a news report.

Yahoo Finance daily closes, via the Daily Brief movers tableFri Nov 6, 2026Ticker: AMD
DAILY BRIEF · FREE

The Daily Brief — Saturday, Nov 7, 2026

From Friday's close, Nov 6, 2026 — midterm week — for the next session, Monday, Nov 9. End-of-day closes, not live quotes. One line: the relief rally lasted one day, Thursday was the worst session since April 2025, Friday was a bounce — not a recovery. Full narrative, movers and levels are one tap below.

Credibility · High Prices computed from Yahoo Finance daily closes dated Nov 6, 2026. Second-source validation, Nov 7, 2026: every index close on this tape was confirmed against CNBC's closing reports and AP — S&P 500 7,376.86, Nasdaq 24,579.42, Dow 51,285.73, VIX 25.64, 10-year 4.86% — with FRED's S&P series confirming Thursday's 7,353.73. Narrative from AP, CNBC and Reuters reporting — named in the ledger. ✓ Verified by 2 sources · CNBC + AP / FRED · checked Nov 7, 2026 · Nov 6 close — not live

S&P 500Fri Nov 6
7,376.86
▲ +0.32% Friday · −2.7% on the week
Nasdaq CompositeFri Nov 6
24,579.42
▲ +1.09% Friday · −3.4% on the week
Dow JonesFri Nov 6
51,285.73
▼ −0.46% Friday · −0.9% on the week
Russell 2000 · IWMFri Nov 6
$273.67
▲ +0.99% Friday · −2.0% on the week · +11.2% YTD — still the year's index leader
VIX · fear gaugeFri Nov 6
25.64
▼ −9.0% Friday · +32% on the week (19.4 → 25.6) — fear eased, it did not leave
10-yr Treasury yieldFri Nov 6
4.86%
2-year at 4.51% · Fed funds target 3.75–4.00% · the 10-year fell on the week even as yields rose Friday — a flight to safety, not relief
Oil · USOFri Nov 6
$148.41
▲ +0.13% Friday · −12.1% on the week — traders priced better odds of an end to the Iran war after the result
BitcoinFri Nov 6
$75,747
−0.3% Friday · −7.8% on the month · −29.5% below its 52-week high · ETH $2,235, −38.9% below its high

What changed since yesterday — Thu Nov 5 → Fri Nov 6

  • Direction flipped, the week didn't: Thursday was the rout (S&P 500 −4.4%, chips ~−12.3% on the AI-regulation agenda); Friday was a bounce, not a recovery — S&P +0.32%, Nasdaq +1.09% — leaving the week at −2.7% / −3.4% / −0.9%.
  • Fear eased, it did not leave: the VIX fell 9.0% Friday to 25.64 — still +32% on the week (19.4 → 25.6).
  • The jobs report landed strong: October payrolls +165K, unemployment 4.1% (BLS) — and December-hike odds rose after it (timestamped range in Top News).
  • Rotation held: chips recovered ~4% Friday, but the month's move stayed defensive — health care, staples and real estate led the month (heatmap below).

Framing ready for the daily edition: each morning's Brief opens with this same four-line diff against the prior close — same fields, new numbers, only after the new close exists and is second-source checked.

Tomorrow's check — what to verify next

  • Mon Nov 9 close: the first new closes since this snapshot — tape, all 39 Screener closes, heatmap and movers refresh in one swap (see the CAPMARK_SNAPSHOT object in the page source).
  • Tue Nov 10, 8:30 AM ET — October CPI: the print of the week; consensus 3.9% y/y (CNBC survey) vs 3.7% in September. Last CPI before the Dec 8–9 FOMC.
  • Thu Nov 12 — Cisco Q1 FY27 earnings after the close (Cisco Investor Relations, announced Nov 3): the week's second read on AI spending.
  • Fri Nov 13, 8:30 AM ET — October PPI: the week's second inflation print.
  • Tue Dec 9 — FOMC decision: the meeting this month's inflation prints feed into.

The daily habit: check Today each market morning, the Lab once a week. Prices update after each trading day.

What actually happened this week

Tuesday — the election. Democrats won both chambers of Congress in the Nov 3 midterms (AP projections of chamber control; Senate flips in Iowa, Kansas, Maine, North Carolina, Ohio, South Carolina and Texas; Alaska and Mississippi Senate races still uncalled on Nov 7, so no exact seat counts are stated — they are final only on state certification).

Wednesday — the relief rally. With the result decided and accepted, uncertainty cleared: the Dow jumped ~3.1% (+1,569 points, its best day since April 2025) and the S&P 500 rose ~1.7%. It lasted one session.

Thursday — the rout. The S&P 500 fell 4.4%, the Nasdaq 5.5% (into correction, ~12% below its October record) and the chip index ~12.3% — the worst day since the April 2025 tariff shock. The trigger was not gridlock arithmetic; it was AI policy: incoming Democratic leaders put AI regulation — including a proposed pause on advanced AI development and data-center scrutiny — at the top of the agenda for the Congress that convenes Jan 3, 2027, and a widely read research note called the end of the AI trade.

Friday — a bounce, plus a strong jobs report. October payrolls rose +165K with unemployment at 4.1% (BLS, via reporting), chips recovered ~4%, and the S&P clawed back +0.32%. For the week: S&P −2.7%, Nasdaq −3.4%, Dow −0.9%. Year to date the S&P is still +7.8%.

The Washington overlay — Capmark's home turf

The new setup, from Jan 3, 2027: a Republican president facing a Democratic House and Senate — this app's “Republican president, Democratic Congress” combination. Until then, the outgoing Republican Congress sits in a lame-duck session; current law and policy do not change on election night.

What Capmark's history says about that setup: its full-tenure average is the weakest of the six combinations, +4.9%/yr (RBC 1953–2025) — a bucket dominated by 1970s stagflation. But its post-midterm first years tell the opposite story: positive 7 of 7 since 1954, ~+15% on average. Both numbers are in the data. Neither is a forecast — and this week's action proved the point in real time: the market's first read was the historical pattern (Wednesday), its second read was a specific policy fear the averages can't see (Thursday).

Also in the channel: Democratic control shifts the tax-legislation outlook for the second half of the term (PwC's post-election note), and oil fell on raised odds of an negotiated end to the Iran war — the geopolitical channel moving faster than the political one.

The post-midterm record

Sector heatmap — where the money rotated

Select Sector SPDR ETFs. The month tells the story the day hides: over the past month money left technology (−16.7%) and communication services and moved into health care (+9.9%), staples (+8.0%) and real estate (+7.7%) — a defensive rotation. Energy's week (−12.0%) was the oil move, not a stock story. Toggle the window:

Friday: technology bounced hardest (+1.5%) off Thursday's rout on 1.8× normal volume — a bounce inside a downtrend: XLK still sits 12.6% below its 50-day average with RSI at 29. Staples (−1.3%) gave back a little of the defensive bid.

Friday's movers — large caps

Top gainers

  • AMD · Advanced Micro+11.0%
  • TSLA · Tesla+4.2%
  • PLTR · Palantir+3.5%
  • NVDA · NVIDIA+2.8%
  • JNJ · Johnson & Johnson+1.4%

Top losers

  • CRM · Salesforce−3.9%
  • NFLX · Netflix−3.3%
  • UNP · Union Pacific−2.6%
  • NKE · Nike−2.5%
  • HD · Home Depot−1.9%

Unusual volume Friday: AMD 1.8× its 20-day average · XLK (tech) 1.8× · NVDA 1.6× · semis (SMH) 1.5× · PFE 1.4×. The bounce was traded, not drifted into.

The week ahead — Nov 9–13

  • Mon Nov 9Next sessionRocket Lab earnings after the close · Fed's Goolsbee speaks · wholesale inventories 10:00 AM ET.
  • Tue Nov 10 · 8:30 AM ETOctober CPI — the print of the week. Consensus 3.9% y/y (CNBC survey) vs 3.7% in September; core was 2.6%. It is the last CPI before the Dec 8–9 FOMC. CoreWeave earnings call 5:00 PM — the AI-spending bellwether, five days after the AI rout.
  • Wed Nov 11Veterans Day: stock market open, bond market closed — no Treasury trading to confirm equity moves.
  • Thu Nov 12Jobless claims 8:30 AM · Fed speakers Williams (6:30 AM) and Goolsbee (11:30 AM) · Cisco Q1 FY27 earnings after the close (confirmed by Cisco Investor Relations, announced Nov 3 — restored in the Nov 7 validation pass after removal when unconfirmed) · Applied Materials earnings after the close — a second read on AI capex.
  • Fri Nov 13 · 8:30 AM ETOctober PPI — the week's second inflation print.
  • BeyondTue Nov 17: NVIDIA earnings + retail sales · Nov 18: FOMC minutes · Nov 25: PCE inflation + Q3 GDP second estimate · Dec 4: next jobs report · Dec 9: FOMC decision. December-hike odds — restored with timestamps in the Nov 7 validation pass, now that CME FedWatch readings are on the record from several reputable reports: 72.8% for a 25bp hike before Friday's jobs report (CME FedWatch, Nov 6, reported that morning) and ~77–79% after it (Investopedia and Seeking Alpha, both citing CME FedWatch, Nov 6). The odds move intraday — CNBC's live coverage put them near 70% earlier Friday — so read the range and its timestamps, not any single print, as the figure.

Levels & posture going into Monday

Computed from Friday's closes (SPY): price $735.29 — 0.7% above its 200-day average ($730.38) and 4.0% below its 50-day ($765.68); 5.9% below the 52-week high ($781.62); RSI 35. The Nasdaq-100 ETF (QQQ) is below both averages (−9.0% vs 50-day, −3.6% vs 200-day, RSI 31) and 14.0% below its high — tech is the broken chart; the Dow ETF is the intact one (−1.5% vs 50-day, +1.1% vs 200-day). No desk support/resistance levels are quoted here: the levels circulating in one desk note were that author's own unverified estimates, so they were removed from this edition rather than left looking verified — only levels computed from Friday's closes, above, are shown. Re-checked Nov 7: the only S&P levels found in the validation pass were again an unnamed newsletter's own estimates — still not a named desk — so they stay removed.

The honest posture line: breadth rotated defensive for a month, volatility is elevated but off its peak, and Tuesday's CPI now matters more than the election does. History's post-midterm pattern says the year after a midterm has been strong — this page's featured case study — but patterns describe averages, and this average is being priced against a live policy fight over the market's biggest trade. Informational only: no recommendation is made or implied anywhere in this brief.

About this edition: this is a dated snapshot — prices as of the close on Friday, Nov 6, 2026, compiled Saturday, Nov 7, 2026, from Yahoo Finance daily closes, AP index reporting, BLS/Federal Reserve published schedules and the sources in the Credibility Ledger — then second-source validated on Nov 7 against CNBC closing reports, FRED, Finnhub vendor data, Cisco Investor Relations and dated CME FedWatch reports (see the Credibility Ledger's validation record). It does not update itself and makes no live or intraday claim. A live Capmark would rebuild this brief every morning before the open; treat every figure here as “as of” its date.
PRO · NEW

The Screener — find the setup in 30 seconds

The universe is 39 liquid names — 38 large-caps plus SMH — but you never start with all 39. The Screener opens on a single screen, Oversold (14 names), because the 30-second promise only works one screen at a time. Every figure is computed from Yahoo Finance daily closes, Friday, Nov 6, 2026 (same dated snapshot as the Brief, not a live feed). Counts sit on every screen button. Each row says why it's here — which screens it hits — and whether it loads in the simulator: only 12 names are in the one-stock simulator; the other 27 are marked “Detail only” and open their full detail view instead. SMH is an ETF basket, not a company — it overlaps NVDA, AVGO and AMD, which are also listed individually. In the full-universe view, the five names that hit no screen on Nov 6 — AMZN, JPM, GS, CVX, UNH — are badged “No screen hit”: they are market context, not setups, on this date. RSI = 14-day Wilder; relative volume = Friday vs its 20-day average. Second-source check (completed Nov 7, 2026): all 39 of the 39 names were cross-checked against Finnhub — every name matched on close and day change, and every name matched on week, 1-month and YTD changes too (16 in the first pass, the remaining 23 in the completion pass); third-vendor outlier prints (MarketBeat on JPM, LLY, MA, BAC, CAT, UNP, DIS) are flagged in the ledger, where Finnhub agrees with Capmark on each. No name in this universe is single-source.

Credibility · High All figures calculated by formula from dated daily closes (formulas stated above and in the ledger). Snapshot, not live — prices move on; these don't. ✓ Verified by 2 sources · Yahoo + Finnhub · all 39 names, every field · checked Nov 7, 2026

StockCloseFriWeek1-MoYTDRSIvs 50-dayFrom 52-wk highRel volWatch

A screen is a filter, not a verdict: “oversold” names include both washed-out leaders (NVDA, RSI 31) and falling knives (CAT, RSI 21 after a −29.8% month) — the columns beside the RSI are how you tell them apart. Nothing here is a recommendation to buy, sell or hold any security.

My watchlist

Built from the screener's + Watch buttons. Session only — it lives in this page's memory and clears when you close it; nothing is saved or sent anywhere.

Nothing watched yet — tap + Watch on any row above.

Trade planner — size it before you take it

The arithmetic every desk runs first: given an account, a risk budget and a stop, how many shares — and what the trade pays at target versus what it costs at the stop. Pure math on your inputs; it does not judge the trade.

Shares = (account × risk%) ÷ (entry − stop), rounded down. Excludes commissions, slippage, gaps through the stop and taxes — a stop is a plan, not a guarantee of that exit price. Planning arithmetic only, not advice.

CASE STUDY · FREE · COLLAPSED BY DEFAULT

S&P 500 Index price return one year after a midterm election

The Nov 3, 2026 midterm is over, so this study is now background, not the headline — collapsed by default, one tap to expand. The full 19-bar chart, method note and sources are unchanged inside. Why each year happened — era by era — is in the Deep Dive below.

Credibility · High Primary index data (Capital Group / RIMES / S&P) with the method disclosed; complete run of 19 midterms, 1950–2022. The two newest bars are labeled where they differ: 2018–19 from Capital Group's later edition, 2022–23 calculated from S&P closes. ✓ Second-source checked · Capital Group / RIMES series · checked Nov 7, 2026 · n=19 — small sample by nature

19 midterms, 1950–2023 — all 19 positive. Average +15.0% one year after a midterm vs 6.8% in all other years. The 2026 midterm's one-year window doesn't close until November 2027, so it isn't in the chart yet.

Start over Return every lever, simulator, and explorer on this page to its opening view.

Regime Radar · updated after every close

Where are we — and what happened next the last times we were here?

Capmark reads today's environment — the Fed, inflation, the economy and who holds Washington — finds the most similar years since 1973, and shows how the market did. Then it shows what would change the picture. History, not a forecast.

Today's regime

History's odds

The closest years

What would change the picture

The Receipts

Capmark grades itself in public.

We backtested the Radar on every tagged year since 1973 — and from now on every edition logs history's lean and grades it 1, 3 and 12 months later against what the S&P 500 actually did. Hits and misses alike.

Based on Capmark's 31 tagged years (1973–2024, S&P 500 calendar-year price return) matched on Fed direction, inflation, recession risk and party control. Small samples — every number shows how many years it rests on. Education only, not investment advice.

Myth Court

Six things everyone "knows" about politics and stocks — on trial

Each verdict is calculated from Capmark's own data, with the number of cases it rests on.

Your portfolio × Washington

How did stocks like yours do in years like this?

Type the companies you own or follow — names or tickers both work. You'll get the latest close, the year so far, momentum, Washington exposure, and how each one's sector fared in the years most like today. Nothing is saved or sent anywhere.

Try:

Daily puzzle · free

Market Path

One line through all 36 squares, hitting history's milestones in order. Up, down, left, right — no crossing.

0:00
+17.0% / yr

Best historical combo: a Democratic president with a divided Congress — the top of six combinations. The worst, at +4.9%, was a Republican president facing a Democratic Congress.

RBC WEALTH MGMT / BLOOMBERG · S&P 500 PRICE RETURN · 1953–2025

19 of 19

Midterm elections since 1950 after which the S&P 500 was higher 12 months later — average gain +15.0%, whoever won. Uncertainty ending beats party winning.

S&P 500 PRICE RETURN AFTER MIDTERMS · 1950–2022

$4.2M vs $430K

$10,000 in the Dow from 1900 grew to $4.2 million if always invested — but only ~$430K if invested solely under Democratic presidents, ~$99K solely under Republicans. Sitting out the other party was the costliest strategy of all.

CHARLES SCHWAB / NED DAVIS · DOW · 1900–2020

Washington regime · decided Tue Nov 3, 2026 · takes effect Jan 3, 2027
Republican president + Democratic Congress

AP called both chambers for the Democrats; the outgoing Republican Congress sits in lame duck until the new one convenes. In Capmark's record this exact setup is the split story of the page: its full-tenure average is the weakest of the six, +4.9%/yr (RBC 1953–2025) — yet the year right after Democrats swept Congress under a Republican president has been positive 7 of 7 times since 1954, about +15% on average (the post-midterm pattern, Section: midterm case study). History is not a prediction — the two numbers measure different windows, and neither forecasts 2027.

Data as of Fri Nov 6, 2026 close · markets were closed Sat Nov 7 – Sun Nov 8 · next update: Mon Nov 9 after the close — no newer closes exist before then. Every price on this page is that dated snapshot, never a live quote.
Read this first: Capmark is informational only — not financial advice, and nothing here is a recommendation to buy, sell or hold any security. Every figure is historical and dated: prices are closes of Friday, Nov 6, 2026, not live quotes, and this page does not update itself. Past performance does not predict future results. Every dataset carries a source, a date and a credibility rating — the full audit is in the Trust Center and the Credibility Ledger.
+15.0% average post-midterm year, 1950–2023 31 market drivers mapped & evidence-graded 21 datasets credibility-rated & trust-scored, caveats shown 30 tagged Scenario Lab years, 1973–2024 — every policy average shows its n n=1–2 slices are flagged Low, never averaged into a headline
Free preview You're in the Capmark free previewThe Daily Brief, the featured case study, the Washington builder and the ranked chart are open. Every Capmark Pro section — including the screener — is locked.
Capmark Pro from $1.40/mo · $11.80/yr
TRUST CENTER

Trust score

92
/ 100 · Core Data Trust — prices, indexes & the price history you trade on
7 core datasets · from the dataset-by-dataset audit
75
/ 100 · Overall — every scored dataset, tools included
20 of 21 datasets scored · 1 illustrative construction excluded · never hidden
Last audited Nov 7, 2026 See the full audit & method →

Not advice: Capmark is informational only — not financial advice, and nothing here is a recommendation to buy, sell or hold any security. Every figure is historical and dated (closes of Friday, Nov 6, 2026). Past performance does not predict future results.

Daily Brief by email

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NEW HERE? · 15-MINUTE FIRST SESSION

Your first 15 minutes in Capmark

0 of 6 steps done

Six short stops, in order. Each one opens the tool for you — no account, nothing to buy, and the last stop is paper only: you practice with pretend trades before real money is ever involved. History in this app is context, never a signal to trade.

Step 1 · 3 min · TodayScan today in 60 seconds

Open the Today tab: the closing tape, the one-line takeaway, the sector heatmap and Friday's movers. Just ask — what moved, and why?

Step 2 · 3 min · BuildBuild your Washington

Pick who holds the House, Senate and White House and see the historical average for that exact setup — then copy your “My Washington” card.

Step 3 · 2 min · TodayThe midterm record — collapsed

The case study now sits collapsed in Today. Expand it only if you want the full 19-bar chart: 19 of 19 positive, +15.0% average vs 6.8%.

Step 4 · 3 min · Scenario LabMix a policy scenario

Try Fed hiking vs Fed cutting — the comparison this dataset supports best. Read the sample size before the average, every time.

Step 5 · 2 min · ScreenerFind one setup

The Screener opens on one screen — Oversold — not all 39 names. Tap a row for its detail; the 12 names marked “In simulator” load in the stock simulator too.

Step 6 · 2 min · Paper firstPaper-trade it — no real money

Use the trade planner in the Screener: write down what you would buy, the entry, the stop and why — then check it in a week. Learning without losing.

POLICY FOCUS · START HERE · COLLAPSED BY DEFAULT

How policy moves markets

Six policy forces, 1973–2024 — 30 tagged Scenario Lab years. Headline takeaway: the Fed’s stance is the best-sampled driver — hiking years averaged −3.1%, cutting years +8.1% — while tariffs, deregulation, tax hikes and spending rest on n=1–2 slices or no clean sample, and are shown as episodes, not averages.

PRO · PRICING

Free gets you the headline. Pro gets you the answers.

Anyone can quote the 15.0% midterm number at you. Capmark Pro lets you interrogate it — run your own money through every Washington in history, test a real stock under each setup, walk all 13 eras, and ask plain-English questions answered only from sourced data. That depth is the product.

You have full Capmark Pro access

Every simulator, the Screener, the eras, sectors, the scorecard and Ask It Anything are unlocked on this device. Nothing to buy — the plans below are just for reference. Back to the app →

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Ask it anything

Answered only from this page's datasets — combinations, chambers, presidents, eras, sectors, stocks. If the data can't answer, it says so. Not a live feed, not advice.

Credibility · Medium Answers are assembled only from the datasets on this page, each with its own rating in the Credibility Ledger — an answer is only as strong as the dataset behind it, and the source is printed with every answer.

Tool

Build your Washington

Flip the three levers — President, House, Senate. House + Senate together set the “Congress” category in the long-run studies; split chambers = divided Congress, the gridlock setup markets are famous for liking. Your result card is copy-ready.

Credibility · Medium Returns are the primary dataset — RBC Wealth Management / Bloomberg figures reached via secondary summaries, 1953–2025, price-only. The alternative 1926–2023 dataset in Section 03 ranks some combinations differently and is shown there as a labeled alternative only; it is never blended into these figures. Window choice moves the answer. ✓ Table corroborated verbatim · RBC / Bloomberg via multiple republications · checked Nov 7, 2026

The three levers

Tap to flip control. The result updates instantly.

PresidentWhite House
House of Representatives435 seats · up every 2 years
Senate100 seats · 6-year terms
Unified Democratic government
One party holds all three levers
+8.0%
avg annual S&P 500 return
under this setup, 1953–2025

Gridlock levelLow

What that average would have compounded to

An illustration, not a forecast: the selected setup's historical average, compounded smoothly. Real markets never move this smoothly — the average hides crashes and booms inside it.

$21,589

Math: amount × (1 + historical average)years, using the RBC Wealth Management 1953–2025 average for the setup selected above. Past performance does not predict future results.

Tool

Future scenario simulator

Testing the gridlock hypothesis: pick a Washington, an amount and a horizon — see the range of outcomes its history implies, not one smooth line. The sector panel below moves with the same pick.

Credibility · Medium Base path uses the sourced RBC averages (Medium, above). The ±6-point downside/upside band is an illustrative estimate, not a statistic — flagged wherever it appears. The stock simulator's prices are real (Yahoo adjusted closes) but per-setup samples run just 2–8 years.

1 · Pick the Washington

Six president–Congress combinations (RBC 1953–2025 averages). This also drives the sector explorer below — and stays in sync with the levers in Section 01.

Downside path
—

Base — historical average
—

Upside path
—

How the range is built: the base path compounds at the selected combination's RBC 1953–2025 average annual S&P 500 price return. The downside and upside paths sit 6 points below and above that average — an illustrative band, roughly the spread between a weak decade and a strong one for a diversified index, not a statistical confidence interval and not a forecast. Contributions are added at each year-end; taxes, fees, dividends and inflation are excluded. History's own odds check: across 49 Congresses (1927–2025, CRSP total return), 83% of unified-government terms and 80% of divided-government terms finished positive over two years — positive was common under every setup; the size varied.

2 · One stock, one Washington — the symbol simulator

Type a symbol and this simulates that stock under the combination picked above (Unified Democratic government — change it with the buttons in step 1). Method: 2,000 simulated paths, each built by resampling the stock's actual calendar-year returns from the years that kind of Washington was in charge — a bootstrap of its real behavior, not a model of its future. Covered: 12 long-history stocks (see the list under the results). Prices are dividend- and split-adjusted, so returns include dividends.

How to read the “confidence” figure: it is a historical frequency — the share of the 2,000 bootstrapped paths that ended above the starting amount. It is not a probability that the future will cooperate, not a guarantee, and not investment advice. Past performance does not predict future results. Single stocks are far wilder than the index: their ranges here are honestly wide, and resampling past years cannot produce a kind of year the stock has never had.

Sectors under this Washington

For the combination selected above: the sectors history and policy exposure have favored, and the ones they have pressured. Read these as tilts, not measured per-combination returns — no major study publishes a clean sector-return table sliced by all six combinations (see the honesty note under the leaderboard). Where a hard number exists, it is shown with its source and window.

▲ Historically favored

    ▼ Historically pressured

      The overall sector leaderboard — measured numbers, all setups combined

      These are the hardest sector figures available, and they carry a lesson of their own: the winner depends on the window. Technology leads every 12-month post-midterm window; healthcare and financials lead the short fourth-quarter window — then financials finish last over 12 months.

      Information Technology — avg 12 months after midterms, 1990–2022 (Franklin Templeton, 252 trading days)+30.3%
      Information Technology (XLK) — mean 12 months after midterms, 1998–2022, positive 6 of 6 cycles (sector-ETF study)+21.4%
      Consumer Discretionary — avg 12 months after midterms, 1990–2022 (Franklin Templeton)+16.4%
      Consumer Discretionary (XLY) — mean 12 months after midterms, 1998–2022 (sector-ETF study)+13.4%
      Healthcare — median Q4 of midterm years, since 1930 (Fundstrat) — the short window's leader+10.3%
      Financials — median Q4 of midterm years, since 1930 (Fundstrat) — yet the weakest sector over the full 12 months after midterms, 2002–2022 (Ameriprise/Bloomberg; TrendLabs)+9.2% in Q4
      Industrials / Materials — mean 12 months after midterms, 1998–2022 (TrendLabs, XL ETFs)+8.7% / +8.2%
      Energy, Health Care & Financials — each finished below its own normal 12-month baseline after midterms, 1998–2022 (sector-ETF study) — the policy-sensitive trioBelow baseline

      Honesty note: sector evidence is thinner than index evidence. The ETF-era studies rest on just six midterm cycles (sector ETFs only launched in 1998); “communication services” as a sector only exists since 2018; and technology has been the market's strongest sector across all four recent presidencies regardless of party (BlackRock data via Lido Advisors) — so tech's lead may be an era effect wearing a political costume. Correlation is not causation, here most of all.

      02B

      Scenario Lab: Washington is only one force

      Real years arrive with five forces at once. Stack stances below — the Lab finds the historical years (1973–2024, hand-tagged) where all of them were in play, and shows those years' S&P 500 returns. The sample size is the headline: most mixes have happened only a handful of times, and the Lab says so.

      Credibility · Medium S&P 500 returns are sourced (Slickcharts / S&P DJI series), but the force tags are hand-assigned editorial labels and the dataset is 30 selected years out of 52 — matches of 1–6 years are stories, and the Lab labels them so. ✓ Return series spot-checked vs a second table · checked Nov 7, 2026 Force tags: editorial — not second-sourced

      Mix your scenario

      Choose one stance per force, or leave a force on “Any.” The tighter the mix, the fewer historical years match — that trade-off is the lesson. Scenario A updates live; snapshot it, change the mix, and snapshot B to compare.

      Dataset: 30 hand-tagged years, 1973–2024. S&P 500 figures are calendar-year price returns (Slickcharts / S&P Dow Jones Indices annual series, cross-checked against the Coin Metrics-checked year-end level tables). Force tags are the standard historical characterizations used elsewhere on this page (NBER recession dates; Fed policy history; the era explorer's record). Sector leaders/laggards are the documented sector story of each matched year, summarized qualitatively — not a per-year sector return table, which no single source publishes for the full span. Crypto appears only for matched years from 2013 on, using the calendar-year returns in the crypto section. Averages over tiny samples are shown because the sample size is shown beside them — treat anything under about ten years as narrative, not evidence. Not a forecast; not investment advice.

      Tool

      The six combinations, ranked

      Every president–Congress pairing, ranked. Two reputable datasets are built in — and they disagree, because the answer depends on which years you count. Capmark now designates one as primary and the other as a labeled alternative — they are never blended or averaged together, anywhere on this page. Switch and watch the ranking move. That instability is the lesson.

      Credibility · Medium Primary: RBC Wealth Management / Bloomberg, S&P 500 price returns, 1953–2025 — the dataset behind the builder, the simulator base and this chart's default view. Alternative: Retirement Researcher via WT Wealth Management, 1926–2023, four-way split only. The method difference is the period and the split: the alternative starts in 1926 (Great Depression included) and cannot separate all six combinations; the primary starts in 1953 and can. Both reached via secondary summaries — the reason neither scores High. ✓ Primary table corroborated verbatim · checked Nov 7, 2026 · alternative shown, never blended

      Why the two charts disagree — and which one Capmark uses

      Capmark's primary is RBC 1953–2025: it covers all six combinations on one consistent method (S&P 500 price returns), and it is the only dataset the builder, simulator and headline figures draw on. The 1926–2023 alternative is shown for comparison only — never averaged with the primary. The 1926–2023 window includes the Great Depression and the long Democratic dominance of Congress from the 1930s–1990s; the 1953–2025 window starts after WWII and weights the modern era more. Neither proves a party causes returns. Princeton economists Blinder & Watson found roughly half the Democratic-era economic edge traces to factors economists classify as luck — more benign oil shocks, stronger productivity, a friendlier world economy — not policy. Small samples (some combos cover barely a decade of years) swing averages wildly.

      Tool

      Chamber by chamber: House & Senate

      Your questions 1–4, taken one chamber at a time first, then together. One dataset — Mike Patton's Dow Jones analysis of 1946–2020 — breaks returns down by each lever separately. Read the single-chamber numbers with care: they overlap heavily (a Democratic Senate usually coincided with a Democratic House), and a 2025 American Economic Association paper covering 94 years found no statistically reliable premium for either chamber alone once combinations are accounted for.

      Credibility · Medium Single-analyst compilation (Patton, Dow 1946–2020, via Forbes) — a long 75-year sample and transparent method, but not peer-reviewed, and a 2025 AEA paper disputes single-chamber premiums outright.

      One lever at a time — Dow Jones average annual return, 1946–2020

      Each row conditions on that one lever only, whoever held the others (Patton / Integrity Wealth Management, via Forbes, 75 years of Dow data). Every single arrangement was positive — the full range across all his scenarios runs from +6.3% to +12.9%.

      1 · Democrats control the House+7.0% / yr
      2 · Republicans control the House+10.7% / yr
      3 · Democrats control the Senate+6.3% / yr
      4 · Republicans control the Senate+11.3% / yr
      5 · Democratic president+9.0% / yr
      6 · Republican president+7.4% / yr
      Chambers split between the parties+12.9% / yr
      Both chambers, one party (for contrast)D +6.7% · R +8.0%

      Why the Republican-chamber rows run higher here: Republican House/Senate years in 1946–2020 cluster in the low-inflation 1950s and the 1995–2007 stretch, while Democratic-chamber years absorb the inflationary 1970s and the 2007–09 crisis Congress. It is the same era luck seen everywhere else on this page — and the split-Congress row (+12.9%) beats every single-party row in this dataset.

      The Dow when one party held both chambers

      Average annual Dow Jones Industrial Average gain, 1900–2018, dividends excluded. Nominal vs inflation-adjusted (real) tells two different stories — inflation ate far more of the Democratic-Congress years, which clustered in the high-inflation 1970s.

      Democrats hold House + Senate — nominal+7.0% / yr
      Republicans hold House + Senate — nominal+7.9% / yr
      Democrats hold House + Senate — real+2.7% / yr
      Republicans hold House + Senate — real+6.2% / yr
      Democratic president — Dow, nominal+8.9% / yr
      Republican president — Dow, nominal+6.0% / yr

      Source: Forecast-Chart compilation of Dow/economic data, periods 1900–2018 (Dow). Ned Davis Research, via Schwab, puts the inflation-adjusted Dow since 1900 at +3.8%/yr under Democratic presidents vs +1.1% under Republicans — same direction, different method.

      Unified vs divided: the experts split

      Three serious studies, three different answers — because each defines “divided,” picks different years, and counts dividends differently.

      49 Congresses, 1927–2025: unified gov't, avg per 2-yr term+30.6%
      Same study: divided gov't, avg per 2-yr term+22.5%
      AEA paper, 94 yrs: united gov't excess return+10.3% / yr
      Same paper: divided gov't excess return+1.6% / yr
      Janus Henderson, 50 yrs: unified+8.73% / yr
      Janus Henderson, 50 yrs: divided+9.24% / yr

      Honest read: depending on method, unified government wins big, divided government wins narrowly, or it's a statistical tie. Anyone quoting one study as settled truth is selling something.

      Tool

      President by president

      Questions 5 and 6, name by name: S&P 500 annualized price return since Reagan (totals are price-only, dividends excluded). Notice what the ranking is really measuring — starting point luck. Obama began at a crisis bottom; George W. Bush began at a bubble top and ended in a financial crisis. Clinton rode the internet boom; Trump and Biden both rode recoveries and the AI build-out.

      Credibility · Medium Compiled from TD Economics / Bloomberg figures via secondary summaries; the two compilations on this page differ by a few points on the same presidents (window and dividend conventions) — disclosed in the note under the ranking. Six presidents only: starting-point luck dominates.

      Longer view: TD Economics/Bloomberg data through 2024 puts the average annual S&P 500 return since 1946 at just over 10% under Democratic presidents vs just over 6% under Republicans — a gap researchers attribute substantially to which crises and booms happened to land in which terms, not to party policy alone. Total gain by term tells the same timing story in the longer compilations too — Eisenhower +129% and Truman +87% (TD Economics/Bloomberg via Cabot). Note the two compilations on this page differ by a few points on the same presidents (e.g. Obama +182% price-only in the cards above vs +189% in Cabot's) because of window and dividend conventions; treat any single figure as approximate.

      Tool

      Era explorer: market, geopolitics, society

      Question 7 and 8, era by era. Pick a period to see who held each lever, what the Dow and S&P 500 did, what was happening in the world — wars, oil shocks, pandemics — and the socioeconomic forces (inflation, jobs, wages, debt) that usually mattered more than the politics.

      Credibility · Medium Narrative compiled from multiple secondary sources; era market totals are approximate and convention-dependent. The in-progress Trump II era is explicitly provisional. Best used as context, not as a return dataset.

      Tool

      The economy underneath

      Markets don't float above the economy. The most-cited academic comparison — Blinder & Watson, Princeton, published in the American Economic Review — covers Truman's elected term through Obama's first term. An Economic Policy Institute update through the Biden era points the same direction. Both carry the authors' own warning: the gap is real in the data, and roughly half of it looks like luck.

      Credibility · High The strongest sourcing on the page: a peer-reviewed American Economic Review paper (Blinder & Watson, Princeton) plus an EPI update, over 1949–2023, with official NBER recession dates. The caveat is interpretive — the authors attribute roughly half the gap to luck.

      Measure (annual average)Democratic presidentsRepublican presidentsSource & period
      Real GDP growth4.33%2.54%Blinder & Watson · 1949–2012
      Real GDP growth (updated)3.79%2.60%EPI · 1949–2023
      Job creation rate2.59%1.17%Blinder & Watson · 1949–2012
      Job growth (updated)2.47%1.07%EPI · 1949–2023
      Average unemployment rate5.41%6.01%EPI · 1949–2023
      Unemployment change over a term−0.8 pts+1.1 ptsBlinder & Watson
      Budget deficit (% of potential GDP)2.1%2.8%Blinder & Watson
      Recessions that began in office, 1953–20201 of 1110 of 11NBER dates

      The socioeconomic fine print

      Why did recessions cluster where they did? Partly policy, partly inheritance and timing: the 1973 and 1979 oil shocks, the dot-com bust (2000), the housing bubble (2008) and COVID (2020) each landed in a Republican term, while Democratic terms more often began in recovery. Social factors compound the effect — consumer confidence, wage growth and productivity waves (the 1990s internet build-out, today's AI build-out) tend to matter more to earnings than any single law. Correlation with a party is not causation by a party — Blinder & Watson themselves could not explain the gap with fiscal or monetary policy differences.

      Tool

      Sector playbook: who gets the wind

      Party control moves sectors more reliably than it moves the whole market, because platforms translate into regulation, spending and tax policy. These are historical tendencies in sentiment and policy exposure — not return guarantees. In the 12 months after midterms, across recent cycles, technology led, then consumer discretionary and communication services, while defensives and financials trailed (Bloomberg/Ameriprise, midterm cycles 2002–2022).

      Credibility · Medium Measured windows rest on as few as six ETF-era midterm cycles (sector ETFs exist only from 1998), and the winner flips with the window — both disclosed in the leaderboard. The per-party tilts are qualitative policy exposure, not measured per-combination returns; no such dataset exists.

      When Democrats hold power DEM

      • TailwindClean energy, EVs & gridTax credits, decarbonization funding and emissions rules direct capital here first.
      • TailwindHealthcare services & coverageCoverage expansion (e.g. the ACA) grows the paying-customer base for hospitals, insurers and devices — partly offset by drug-pricing pressure.
      • TailwindInfrastructure — industrials & materialsRoads, transit, water and grid spending flow to engineering, construction and materials firms.
      • HeadwindTraditional fossil energyTighter environmental regulation and permitting; energy notably lagged after past Democratic sweeps.
      • HeadwindBig banks & pharma pricingStricter capital/oversight rules and drug-price negotiation pressure margins — though a Republican president or Senate often blocks the sharpest versions.

      When Republicans hold power REP

      • TailwindTraditional energy — oil & gasDeregulation, friendlier permitting and fossil-fuel support lift sentiment and capex.
      • TailwindFinancials & banksRallies on deregulation expectations and pro-business tax policy; still hostage to rates and credit quality.
      • TailwindDefense & aerospaceLarger defense budgets flow directly to contractors — one of the most bipartisan-resistant spending lines.
      • TailwindTax-sensitive & domestic small capsCorporate tax cuts (2017) lift after-tax earnings most for domestically focused companies.
      • HeadwindTrade-exposed & import-heavy namesTariff escalations hit supply chains and consumer importers — the main Republican-era policy risk to markets in 2018 and 2025.

      Under split control, history favors the incumbents of the moment: gridlock freezes the regulatory status quo, which is why post-midterm leadership has usually come from growth sectors already working — technology above all in the AI era — plus industrials carried by bipartisan defense and infrastructure money.

      08B

      Cryptocurrency: Bitcoin & Ethereum, through the same lens

      Kept separate from every stock figure on this page — and the sample is the story: Bitcoin has priced history only from ~2010, Ethereum from 2015. That's parts of four presidencies and three midterm cycles, against 125 years of stocks. Where the Washington lens applies honestly, it's applied; where it can't, this section says so.

      Credibility · Medium Calendar-year returns cross-checked across two exchange-close series (they differ by a few points in early years — immature data, disclosed). Term figures are calculated from year-end prices, as labeled. Sample is four presidencies and three midterms: too short for the averages the stock sections use, and none are claimed.

      Bitcoin (BTC) — calendar years

      Selected calendar-year returns and year-end prices. The scale is the first thing to absorb: Bitcoin's best and worst years are each roughly ten times the S&P 500's best and worst presidential terms on this page.

      2013 — the first mania year · year-end $732+5,429%
      2017 — retail mania peak year · year-end $13,716+1,319%
      2018 — the post-mania collapse · year-end $3,703−73.0%
      2020 — pandemic-era surge · year-end $28,924+302%
      2021 / 2022 — peak, then the leverage unwind · $46,217 → $16,542+59.8% / −64.2%
      2023 / 2024 — recovery and the ETF era · $42,284 → $93,576+155.6% / +121.3%

      Source: calendar-year returns and closes compiled from exchange daily closes (cryptocurrencyhistory.com BTC record), consistent with the Coin Metrics reference-rate / CoinMarketCap year-end tables (2017 year-end $13,921, 2020 +305%, 2024 +121% in that series — early crypto prices differ a few points by exchange and series, which is itself part of the record's immaturity).

      Ethereum (ETH) — calendar years

      Ethereum exists only from July 2015, so its entire history fits inside three presidencies. Its swings run even larger than Bitcoin's — in both directions.

      2017 — the token-sale boom · year-end $734+9,024%
      2018 — the bubble bursts · year-end $131−82.1%
      2020 — DeFi summer and the recovery · year-end $736+470%
      2021 / 2022 — NFT-era peak, then the crash and the Merge · $3,676 → $1,196+399% / −67.5%
      2023 / 2024 — recovery; spot ETH ETFs launch in 2024 · $2,282 → $3,338+90.8% / +46.3%
      2025 — new highs, then a pullback · year-end $2,972 (Trump II term in progress)−11.0%

      Source: calendar-year returns and closes compiled from exchange daily closes (cryptocurrencyhistory.com ETH record), cross-checked against the Coin Metrics / CoinMarketCap year-end table (2017 +9,034%, 2018 −82.4%, 2020 +475%, 2022 −67.6% in that series).

      By presidential term — the only political lens the data can carry

      End-to-end figures below are simple arithmetic on the sourced year-end prices in the panels above (year-end before the term to year-end at its close — an approximation of a term, since inaugurations fall in January). Read the middle of each term, not just the endpoints: every crypto term so far contains a collapse of 60% or more.

      Obama (2009–2017) — Bitcoin is invented and priced for the first time: from about $4 at the end of 2011 (Investopedia price history) to a $966 year-end in 2016, via +5,429% in 2013. Ethereum launches mid-term (Jul 2015), ends 2016 at $8.13. There is no meaningful “Obama-era average” — the assets barely existed.BTC ≈ $4 → $966
      Trump I (2017–2021) — BTC year-end $966 → $28,924; ETH $8.00 → $736. Inside the term: the 2017 mania, the 2018 collapse (BTC −73%, ETH −82% in a single calendar year), and the 2020 pandemic-era surge.BTC +2,893% · ETH +9,105%
      Biden (2021–2025) — BTC year-end $28,924 → $93,576; ETH $736 → $3,338. Inside the term: the November 2021 peaks, the 2022 leverage unwind (Terra/Luna, FTX), the 2023–24 recovery, US spot Bitcoin ETFs (Jan 2024) and Ethereum ETFs (Jul 2024).BTC +224% · ETH +353%
      Trump II (2025– ) — in progress, excluded from any term comparison. The one completed calendar year so far, 2025, was negative for both (BTC −6.3%, ETH −11.0% in the series above) after new highs in October 2025 — a reminder of how little one year says.In progress

      House and Senate: crypto's priced history covers only a handful of chamber flips (2014, 2018, 2022 midterms; unified and split setups each lasting two to four years). Slicing a decade of violently cyclical prices by chamber would manufacture precision the data doesn't hold — so, plainly, no per-chamber and no six-combination crypto returns are shown on this page, because no honest version of them exists yet. Anyone publishing “Bitcoin's average return under a Democratic Senate” is averaging two or three boom-and-bust years and calling it politics.

      Around midterm elections — three cycles, no average

      The featured case study averages 19 stock midterm cycles back to 1950. Crypto has had three midterms with a following year to measure. Both complete, sourced following-years are shown — and no average is computed from two observations.

      After the 2018 midterm (calendar 2019) — BTC+94.4%
      After the 2018 midterm (calendar 2019) — ETH−1.7%
      After the 2022 midterm (calendar 2023) — BTC+155.6%
      After the 2022 midterm (calendar 2023) — ETH+90.8%

      For scale only: the S&P 500's post-midterm average in the featured case study is +15.0%. Both crypto assets beat it in 2023 and split in 2019 — and the midterm years themselves (2018, 2022) contained calendar-year falls of −73%/−82% and −64%/−67%. The election calendar is not what drives these assets; the four-year boom-bust cycle has swamped it every time so far. Sources: the calendar-year series in the panels above. The 2014 midterm's following year is not tabulated here — the early-exchange data is too fragmented across series to quote one figure responsibly.

      Volatility & drawdowns — a different species of risk

      This is the context the return figures need. The S&P 500's worst full presidential term on this page totals −30%. Bitcoin has lost more than twice that inside single calendar years, and its peak-to-trough falls are in another league entirely.

      BTC bear markets, peak to trough — 2011, 2013–15, 2017–18, 2021–22 (Plutus Capital Mgmt, from public exchange price history)−93% · −85% · −84% · −77%
      ETH's worst drawdown — $1,386 (Jan 13, 2018) to $83 (Dec 14, 2018), Coinbase daily closes; recovery to a new high took about 3 years−94.0%
      ETH's 2021–22 drawdown — peak to trough, same Coinbase series−79%
      Annualized volatility, May 2016 – Sep 2026 — ETH 93.3% vs BTC 67.6%, Coinbase daily closes (LedgerTouch risk study)ETH ≈ 1.4× BTC
      BTC volatility vs equities — BTC ≈ 54% annualized vs ≈ 10.5% for global equities (21Shares / Fidelity Digital Assets research, 2025)≈ 5×

      Sources: Plutus Capital Management, crypto drawdown history 2011–2022 · GrowYourEthereum, ETH drawdown record (Coinbase closes) · LedgerTouch BTC/ETH risk comparison (Coinbase closes, 2016–2026). Drawdown percentages vary a few points by exchange and series; the orders of magnitude do not.

      The honest summary for crypto

      Bitcoin and Ethereum have produced the largest returns and the largest losses on this page, inside the shortest history, driven mainly by their own adoption and leverage cycles — halvings, manias, exchange failures, ETF launches — with macro conditions (the 2020 easing, the 2022 tightening) mattering far more visibly than which party held which chamber. Four presidencies and three midterms cannot support the kind of averages the stock sections are built on, and this section refuses to fake them. Everything above is historical and sourced; none of it is a prediction, and none of it is a recommendation to buy, sell or hold either asset.

      Tool

      What actually moves markets

      If party control were the main driver, the studies above would agree. They don't — because these four forces swamp the partisan signal.

      Credibility · Medium Interpretive synthesis of the sections above — each underlying claim traces to a sourced dataset on this page, but the “swamps the partisan signal” framing is this page's editorial conclusion, stated as such.

      The Federal Reserve

      Volcker's rate shock (1979–82) ended inflation and launched a 40-year bull market; zero rates and QE powered the 2010s; the 2022 hiking cycle produced a bear market under a Democratic president, and easing hopes powered the recovery. No president or Congress sets the funds rate — yet it explains more market variance than any election.

      Earnings & technology waves

      The 1990s internet build-out (Clinton), the smartphone/cloud era (Obama–Trump) and the AI build-out (Biden–Trump II) each lifted earnings across party lines. Clinton's record +15.2%/yr is inseparable from the dot-com wave; the wave would have flattered either party.

      Geopolitical shocks

      Oil embargoes (1973, 1979), 9/11, the Iraq War, Russia's invasion of Ukraine (2022 energy shock) and tariff wars move markets violently and land in whichever term is unlucky. Ten of eleven recessions from 1953–2020 began under Republican presidents — largely the economy's cycle colliding with the calendar, per Blinder & Watson's luck finding.

      Where the term starts

      Starting valuation predicts returns better than party. Obama inherited a crashed market in 2009 and posted +13.8%/yr; George W. Bush inherited a bubble peak in 2001 and posted the only negative modern term. Buying the bottom beats picking the party.

      09B

      All Drivers: the complete map of what moves markets

      The full map: 31 drivers across social, geopolitical and core economic forces, each with real example years and a strength-of-evidence label — including the ones that are mostly narrative. Drivers marked ▸ IN THE SCENARIO LAB mix directly into the Lab above.

      Credibility · Medium The historical episodes in each card are sourced, but the strength-of-evidence grades are this page's editorial judgment — criteria are stated in the ledger. Drivers graded “weak” or “mostly narrative” are presented as unverified patterns, not facts.

      Evidence labels are this page's editorial grading of the historical record behind each driver — how consistently the force has coincided with measurable market effects, across how many episodes. “Strong” still does not mean predictable: public health is graded strong because 2020 happened, not because anyone can time the next one. Sources are named inside each card; the master list is in Section 10.

      SHARE CAPMARK

      Pass it on — the Washington × markets record, in one link

      The short pitch: “Capmark shows what the market actually did under every Washington since 1953 — 19 of 19 post-midterm years finished higher (+15.0% on average), the best and worst party setups ranked, and the Fed's record next to all of it. Every figure is sourced, dated and credibility-rated; history, not hype.” Your own “My Washington” card and every policy card above already carry one-tap Copy for LinkedIn buttons with the pitch built in.

      SUPPORT

      Support & contact

      Capmark is operated by Claraxis Group LLC (claraxisgroup.com). If anything is wrong with billing, access, a trial or a charge, email us first — we can fix, refund or cancel directly, without a bank dispute.

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      How political decisions translate into market outcomes — sourced, dated and explained in plain English.

      My scenarioBuild a mix in the Scenario Lab and it will follow you here.