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House Minority Leader Nancy Pelosi, who's likely to become speaker. Photo: Alex Wong/Getty Images

Democrats have officially won control of the House, picking up at least 26 seats. They needed a net gain of 23 seats to win.

Why it matters: House Democrats will have the power to push back against President Trump and investigate his actions. Republicans have been bracing for a slew of investigations they think House Democrats will launch into Trump and those around him. And they'll have the power to introduce articles of impeachment against Trump — if they choose to do it.

What to watch: The list of probable investigations includes everything from Trump's tax returns to his family businesses, his dealings with Russia, and his travel ban and family separation policy.

  • House Minority Leader Nancy Pelosi, who's in line to become speaker, set the tone Tuesday night when she declared that a Democratic House will be "about restoring the Constitution's checks and balances on the Trump administration."
  • House Democrats can't pass their own agenda and expect Trump to sign it, but they can stop much of his congressional agenda in its tracks. And they don't have to give him the money he wants for priorities like the border wall — but he and Senate Republicans could try hardball tactics to force their hand.

The bottom line: Get ready for two years of non-stop fighting between House Democrats, Senate Republicans and Trump — all setting the stage for a brutal presidential election in 2020.

Go deeper

Rep. Lamborn may have misused official resources, ethics panel alleges

Rep. Doug Lamborn departs from a news conference held by the House Republican Israel Caucus on May 19, 2021 in Washington, D.C. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

Congressional ethics investigators said Monday there is "substantial reason" to believe that Rep. Doug Lamborn (R-Colo.) misused official resources and solicited or accepted improper gifts from subordinates.

Driving the news: Lamborn's aides told investigators they were often asked to run personal errands for his wife, Jeanie Lamborn, and were at one point tasked with helping his son apply for a federal position, according to the Office of Congressional Ethics (OCE). Lamborn strongly denies the allegations.

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
2 hours ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.