Stocks rallied Wednesday after a decisive Democratic victory in the midterms, as investors bet that Democratic control of both the House and Senate could slow AI data center buildout and benefit hyperscalers such as Amazon, Alphabet, Meta and Microsoft. Micron slipped 6% and CoreWeave dropped 9%. Capital One fell nearly 3% despite a broader financial rally, as investors weighed the possibility that Democrats could renew efforts to cap credit card interest rates; Jim Cramer dismissed the likelihood of such a proposal becoming law, said the sell-off created an opportunity in COF, but cautioned against rushing in before the market settles. Cardinal Health and Kimberly-Clark report earnings Thursday morning; Jim remains positive on Cardinal's business while noting the stock can be volatile around earnings, and sees Kimberly-Clark's completed Kenvue acquisition as an opportunity to strengthen its longer-term prospects.
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