Update: CNBC projects Democrats win the House; AP says Andrews flips South Carolina Senate

This updates our 9:27 p.m. ET report with only what has changed. We do not call races: every call below belongs to the outlet named, with the time it posted, taken from CNBC\'s live blog (updated 10:38 p.m. ET), where the Associated Press supplies vote data and projections.

New calls since 9:27 p.m. ET

Texas remains a lean, not a call: CNBC\'s Election Desk has rated the Talarico-Paxton Senate race "leans Democratic" since 9 p.m. ET, and we found no AP projection for it in what we read. Michigan, Maine, Iowa, Alaska and Nebraska were not called in CNBC\'s feed when we read it.

The Senate math

Republicans entered the night with 53 seats, so Democrats need a net gain of four for 51. Counting only AP projections we have confirmed, Democrats have flipped two: North Carolina and South Carolina. CNBC says the desk is "leaning toward" flips in Kansas, Ohio and Texas as well, which would be five, but those are leans and could move. The count of four needed is therefore within reach on the desk\'s ratings and not yet on projections.

North Carolina, from the state

The State Board of Elections\' unofficial results page, which we read at about 10:40 p.m. ET, showed 2,410 of 2,626 precincts reporting (91.77%) and 4,015,523 of 7,885,046 ballots cast counted (50.93%):

Cooper\'s share has fallen from 64% at 13% of precincts to 58%, which is how early returns usually settle. His lead of about 751,000 votes is the state\'s number; the projection that he won is AP\'s. The state\'s ballots-cast line suggests more votes are still to be counted.

What it means for markets

CNBC reported at 9:58 p.m. ET that S&P 500 futures traded 1.1% lower, Nasdaq-100 futures 2% lower and Dow futures down 367 points (0.7%), as traders weighed a Democratic sweep. That reading is about 40 minutes old, and we have no newer one we can verify, so check live quotes. CNBC said some on Wall Street fear a large Democratic Senate win could mean more restrictions on data centers, which would weigh on AI-linked stocks; those stocks were already pulling back on concern about slower data-center spending. In our earlier piece, JPMorgan estimated the S&P 500 would fall about 0.5% Wednesday if Democrats win both chambers.

What to watch at the open

• Overnight futures: the cash market opens at 9:30 a.m. ET Wednesday. Nasdaq 100 futures were about 12% below their October 6 peak in Yahoo Finance data before this move, so the starting point is already low.
• Texas, Kansas, Ohio, Michigan, Maine, Iowa: the Senate majority depends on these. Alaska, the last state to close, does so at 1 a.m. ET.
• Data-center and AI names: the group CNBC says is most exposed to a Democratic Congress.

For a business owner, nothing in these projections changes a law tonight. The new House cannot pass anything the Senate and White House do not accept, so the near-term effect is on oversight and on the budget fights ahead, not on this week\'s tax bill or loan terms.

Sources: CNBC live coverage, with vote data and race projections from the Associated Press, and CNBC Election Desk ratings; North Carolina State Board of Elections (unofficial results); Yahoo Finance. Race calls are attributed to the outlet that made them and are not ours. Results are unofficial and change. This is market information, not investment advice.