Democratic midterm win prompts record S&P 500 and Nasdaq losses
Business
On November 5, 2026, Wall Street had a rough day: both the S&P 500 and Nasdaq posted their largest single-day losses ever.
The market tumble followed a Democratic midterm win, which spooked investors worried about slower data center growth and its impact on AI companies.
NVIDIA, Tesla, Microsoft lose billions
Big tech names felt the pain: NVIDIA lost $374 billion in value, Tesla dropped $161 billion, and Microsoft shed $117 billion. Apple, Meta, Amazon, and Alphabet also saw big dips.
Chip makers like Broadcom, NVIDIA (again), and Qualcomm all fell sharply too, plus neocloud firms like CoreWeave weren't spared either.