XLP is trading at $92.30, up +3.76%, as midterm results and reduced election uncertainty appear to support a rotation into defensive consumer staples. - Investors have also favored staples as an alternative to pressured technology stocks. - Democrats’ control of Congress is associated with expectations of legislative gridlock and lower bond yields; a narrower-than-expected trade deficit modestly supports risk appetite. - Available reports show no stronger catalyst from a major XLP holding.