Trump Blames Democrats’ Midterm Wins for Wall Street Rout as Dow Sinks 1,833 Points
A day after Wall Street rallied on the US midterm results, the Dow Jones Industrial Average plunged 1,833 points. President Donald Trump blamed the reversal on the same election outcome that had lifted stocks the previous day: sweeping Democratic victories. apnews.com
In a Thursday post on Truth Social, Trump called the sell-off one of the market’s worst days, claimed Americans’ 401(k) retirement accounts had taken a hit and urged investors to stay calm. “Remember, it wasn’t Republicans, it was Dumocrats,” he wrote. He predicted that markets would recover and become “bigger and stronger than ever before”.
The Dow fell 3.44 per cent to 51,523.06. The S&P 500 dropped 4.36 per cent to 7,353.73, its steepest one-day decline since Trump’s April 2025 tariff announcement. The Nasdaq Composite slid 5.52 per cent to 24,315, putting it in correction territory, more than 10 per cent below its recent peak. apnews.com
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Thursday’s losses more than erased Wednesday’s gains. The Dow had jumped more than 1,000 points in the first session after the November 3 election, while the S&P 500 and Nasdaq also rose. By Thursday, technology stocks were leading the market lower. The Philadelphia Semiconductor Index sank about 12 per cent, its second-biggest fall on record, and Nvidia dropped about 9 per cent, Reuters reported. portfolio-terminal.com
Investors were reassessing the outlook for companies that stand to benefit from the AI data-centre boom. One concern was that the election results could make it harder for some projects to go ahead, with investors weighing the prospect of tighter restrictions or pauses on new data centres. The selling spread beyond technology, with all 11 sectors of the S&P 500 finishing lower. apnews.com
US networks have projected that Democrats will win control of both chambers of Congress. A House majority would put Democrats in charge of committees that can investigate the Trump administration and summon officials for hearings. A Senate majority would give the party control over which bills and presidential nominations reach the floor.
With inputs from ANI