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Election: Biden leads Trump as management of the presidency and the U.S. Senate are nonetheless doubtful

People watch Biden deliver a speech shortly after midnight on Election Day on November 4, 2020 in Washington, D.C.

Eze Amos / Getty Images

Americans who went to bed on Tuesday night woke up on Wednesday to find that not much has changed. The US still doesn't know who the next president is or which party controls the US Senate.

Associated Press predictions put former Vice President Joe Biden a narrow lead over President Donald Trump, with several key states, including Pennsylvania, undeclared. Biden said Tuesday night confident he would win, while Trump condemned a "major fraud" based on leads before mail-in votes were counted in critical Midwestern states.

Read: Here's what we know about the eight states whose electoral college was not elected.

It is known that a so-called blue wave, which the pollsters imagined, did not occur. The US Senate could be split between 50 and 50, giving the party that wins the presidency control of the upper chamber. Bold ideas like overturning the filibuster or packing up the Supreme Court would require full unity of the parties, and the size of a stimulus package could be watered down.

US stocks rose on Wednesday morning on the Dow Jones Industrial Average
DJIA,
+ 0.99%
At the Open, the S&P 500 climbed 1%
SPX,
+ 1.49%
Up 1.7% and the Nasdaq
COMP,
+ 2.41%
Gain 2.9%.

Read more about the financial markets' reaction to the elections.

"Markets were poised for a clear win for either candidate – but the uncertainties associated with a controversial election were what investors feared most," said Nathan Sheets, chief economist at PGIM Fixed Income.

A waitress wears a protective mask as she watches US President Donald Trump's speech on television during an election observation event at a local bar on November 4, 2020 in Beijing, China.

Kevin Frayer / Getty Images

Markets were briefly shaken after Trump said, "We're going to the US Supreme Court."

“This is a scam among the American public. This is an embarrassment for our country. We prepared to win this election. To be honest, we won this election. We won this election. Our goal now is to ensure integrity for the good of this nation, "said Trump. Vice President Mike Pence stood next to the President, speaking a softer language. "While the votes continue to be counted, we will remain vigilant, as the president said," said Pence.

As of 9:30 a.m. Eastern, Biden had a 238 to 213 lead, according to the Associated Press. In the Senate, it's a tie at 47 each time. The house is forecast to remain under Democratic control.

Biden could win the election if Michigan, Nevada and Wisconsin go his way. The largest Electoral College award yet to be won is Pennsylvania with 20 votes.

Preliminary estimates from exit surveys conducted by Edison Research said 21% of Americans said their family's financial situation is better today than it was four years ago. Voters who said the economy was the number one issue preferred Trump, with a margin of 82% to 17%. Voters who said racial inequality or the coronavirus pandemic is the top priority overwhelmingly preferred Biden.

There was a clear winner on Tuesday night: Americans voted to legalize recreational drugs in a number of government initiatives, with Oregon taking the move to decriminalize small amounts of cocaine, heroin, and methamphetamine.

Robert Schroeder contributed to this story.

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