Democrats' sweep of both congressional chambers sent the Dow Jones Industrial Average up 3% on Wednesday, its best day since the April 9, 2025 rally, as roughly three in four S&P 500 stocks rose. Airlines, homebuilders and retailers jumped as oil fell below $90 a barrel on bets the Iran war is winding down, while chipmakers fell, with the PHLX Semiconductor Index down 3% and chip stocks sliding again premarket Thursday after Qualcomm's outlook fell short. Since Nvidia's record close on Oct. 6, 29 major chip stocks have lost about $3.8 trillion in value, with Nvidia alone down about $940 billion, while 474 other S&P 500 and Nasdaq 100 stocks gained about $1.5 trillion. Value has outperformed growth since early October, gaining about 6% while growth dropped about 8%. Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez have also proposed a moratorium on new AI data centers.
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Dow JonesS&P 500semiconductorsdata centersoil pricesmidterm elections
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Related tickers and likely impact
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/04/2026 | 766.73 |
| Change that session | +1.64% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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