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President Donald Trump has blamed the Democrats' victories in Tuesday's midterm elections for the sharp fall on Wall Street on Thursday, saying the stock market suffered one of the worst days in its history because of the election result — and that Americans' retirement savings have already felt it.
In a post on Truth Social on Thursday, Trump wrote: "The Stock Market suffered one of the Worst Days in History based on the results of the Election. Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this. Your 401(k)s have, therefore, dropped. Remember, it wasn't Republicans, it was Dumocrats."
He urged Americans not to panic. "Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE," he wrote. In a second post on Thursday night, he put it more bluntly: "The Stock Market crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!"
The sell-off was heavy across the board. The Dow Jones Industrial Average fell 1,833 points, or 3.44 percent, to close at 51,523.06. The S&P 500 dropped 4.36 percent to 7,353.73, and the Nasdaq Composite slid 5.52 percent to 24,315.00 — its worst session since April 2025. The Nasdaq has now fallen more than 10 percent from its October record high, putting it in correction territory. The day wiped trillions of dollars in market value.
Investors sold technology and artificial intelligence stocks heavily on concern that a Democratic Congress would move to restrict AI development and data-centre projects. Nvidia fell more than 9 percent, Advanced Micro Devices fell 17 percent and Micron Technology lost more than 17 percent, while the Philadelphia Semiconductor Index plunged more than 12 percent. At least 38 jurisdictions have passed measures restricting or banning data-centre projects, and Texas Governor-elect Gina Hinojosa campaigned on pausing new construction.
The plunge came a day after markets rallied on the election result. On Wednesday, the Dow rose 1,569 points, the S&P 500 gained 1.58 percent and the Nasdaq rose 1.44 percent — the strongest single session for U.S. equities in 18 months — before Thursday's sell-off erased those gains.
Democrats won control of both the House and the Senate in Tuesday's midterm elections, a sweep that gives them power to shape legislation on technology and spending. Trump has said the gains made under his administration can be restored and that there is more work to do while he remains in office. Some analysts also pointed to doubts about heavy AI investment spending, with Yardeni Research president Ed Yardeni describing the move as a cooling investment boom rather than an outright collapse.
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