Dow, S&P 500 and Nasdaq reverse post-election gains (5 Nov)
- The Dow, S&P 500, and Nasdaq indices suffered a major reversal on Thursday.
- AI and data center-linked stocks declined due to concerns over Democratic control of Congress.
- Qualcomm shares plunged 9% after missing quarterly smartphone-chip sales estimates.
- Amazon and Alphabet shares rose as investors bet on the value of existing data-center facilities.
- Democrats won control of the US Congress in the midterm elections held on Tuesday.
Major United States stock indices experienced a reversal on Thursday, 5 November 2026, as the Dow, S&P 500, and Nasdaq indices surrendered gains made following the midterm elections.
Judge Joel Bennathan stated that Brand faces a lengthy prison term and will be sentenced on Monday.
AI and data center stocks face scrutiny after Democratic victory
Investors expressed concern on Thursday that the Democratic victory in the US midterm elections could lead to increased scrutiny and potential obstacles for the AI industry.
Nasdaq, which is headquartered in New York, provides software, market data, and indexes to power global stock exchanges for investors, banks, and corporations.
This increase marked the largest annual rise since 2021.
Payments to private creditors by low- and middle-income countries rose 13.7% to $363 billion in 2025.
The poorest developing countries paid an average of 8.2% on new private-creditor commitments and 9.4% on new bonds, the highest rates since 1989.
By mid-August 2026, more than 10 countries had already exceeded their full-year 2025 bond issuance levels.
Chipmakers and neocloud stocks lead market decline
Qualcomm shares plunged 9% on Thursday after the company's quarterly smartphone-chip sales failed to meet Wall Street estimates. Chipmakers Nvidia, Intel, and Broadcom saw their stock prices slip between 3.2% and 4.9% on Thursday.
Neocloud stocks CoreWeave and Nebius fell approximately 3% and 6% respectively on Thursday.
Data center operators and energy firms see share prices fall
Energy firms with exposure to the data-center buildout also experienced declines, as GE Vernova shares fell 1.5% and Constellation Energy shares slipped 1% on Thursday.
Amazon and Alphabet shares rise amid market volatility
Amazon and Alphabet shares rose 1.9% and 1.6% respectively on Thursday.
Some investors bet that slower data-center construction could limit Big Tech's AI spending and increase the value of existing facilities.
Sandisk and AMD shares decline in broader market reversal
Shares of Sandisk and AMD declined in value on Thursday.
Democrats secure control of US Congress in midterm elections
The Democratic party won control of the US Congress in elections held on Tuesday, achieving gains in Republican-held districts.
Mexican President Claudia Sheinbaum said on Thursday that it was "very likely" and "logical" that racism and immigration raids against immigrants influenced the Latino vote in the US midterm elections.
British Prime Minister Andy Burnham stated that Vladimir Putin will not attend the G20 summit in Britain because of existing UK sanctions.
Next year's annual G20 summit is scheduled to be held in November in Manchester, England.
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