The Kobeissi Letter said the tech stock sell-off is "more than just a correction," arguing investors are pricing in two years of political gridlock. Traders on Polymarket give Democrats a 95% chance of controlling the House and 77% for the Senate, while Trump has said he would become "Mr. Veto" if Republicans lost the House but also that he would eventually make deals. Fidelity data shows the S&P 500 has posted gains in the 12 months after midterm elections about 95% of the time since 1938. The S&P 500 is up 9.96% this year, while the Nasdaq has shed nearly $1 trillion in a week and about $2 trillion over the past month.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Trump's ‘Mr. Veto’ Threat Hangs Over Wall Street: Tech Sell-Off Is ‘More Than Just A Correction,’ Analyst Says
Read the original on Yahoo Finance ↗
Keywords
midterm electionsDonald TrumpDemocratic PartyWall Streettech stocks
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 681.13 |
| Change that session | -1.36% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 752.10 |
| Change that session | -0.48% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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