US stocks climbed Wednesday after reversing early losses as investors weighed the midterm election results, with the Nasdaq 100 up 1.8%. JPMorgan's trading desk said the tech selloff may create room for a near-term recovery and that concerns over Texas Governor-elect Gina Hinojosa's proposed immediate moratorium on new data center construction may be overstated, since new rules would not fully halt building and other states remain options. The bank's US Market Intelligence team still stopped short of backing the AI trade, citing signals investors are watching, including a washout in positioning, confirmation of hyperscaler capital spending plans, positive semiconductor and memory earnings, and better capital-markets activity. Barclays warned the election outcome will not clear the way for stocks to rally through the rest of the year. Investors are also watching whether Democrats will move to end the conflict with Iran, as the new Congress could withdraw funding or seek to recall troops from a conflict lasting more than 90 days without congressional approval.
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JPMorgantech stocksmidterm electionsQQQSPY
Open a keyword to see other news on the same topic.
Related tickers and likely impact
QQQ
▲ Likely positiveInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 685.28 |
| Change that session | +0.62% |
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 754.35 |
| Change that session | +0.30% |
JPM
• NeutralJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $913.3B |
| Close on 11/03/2026 | 337.98 |
| Change that session | -0.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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