I don’t see it as everyone does. To me the headline is that for the first time since the election of the most polarizing president in modern memory, the American people yielded a national verdict on his first two years of his governance. And it was not a sweeping rebuke.

A record 114 million Americans went to the polls and did what they tend to do in normal presidencies. Since World War II, the average loss for the president’s party in a midterm is 30 House seats. Mr. Trump’s party appears to have lost 35. (Barack Obama’s...