The ASX 200 experienced significant volatility on Wednesday 4 November 2026 as traders kept a close eye on the US midterm elections. Initial declines were observed as US futures fell but a recovery later in the day . Key sectors like BHP and Rio Tinto dropped . Positive expectations of a Democratic sweep in the US elections are supporting a more positive view for the ASX with projections that the market could rise by 2% . Market movements are also driven by expectations of an end to the Iran conflict, which have led to a decline in Brent prices.