US stocks jumped at the open on Wednesday, Nov. 4, after Democrats won control of both the House and the Senate. The midterm stock rally lifted the Dow Jones Industrial Average 1,232 points, or 2.4%, to 53,019 by 9:45 a.m. ET (14:45 in London, 15:45 in Paris and Berlin), Yahoo Finance data showed. The S&P 500 and the Nasdaq were each up more than 1% shortly after the opening bell.
Key facts (as of November 2026)
- The Dow rose 1,232.44 points (2.38%) to 53,019.16 at 9:45 a.m. ET on Nov. 4, according to Yahoo Finance.
- Overnight, Nasdaq 100 futures had dropped as much as 2.4% on worries about AI data centers before recovering, Quartz reported.
- In early European trade, the CAC 40 gained 1.6%, Germany’s DAX 1.5% and the FTSE 100 1.25%, the AP reported.
What set off the midterm stock rally?
Two things helped: the prospect of divided government and a calm reaction from the White House. Markets often prefer power split between the parties, because it lowers the odds of sweeping policy changes, the Associated Press noted.
President Trump said he would accept the results and congratulated Democrats, Quartz reported. Jay Woods of Freedom Capital Markets said the rebound was partly due to the president’s “initial tone and reaction to the results,” according to CNBC as cited by Quartz.
Some analysts urged caution about reading too much into it. Stephen Brown of Capital Economics told the AP that Democrats still lack a filibuster-proof Senate majority, and the president keeps his veto. So the near-term policy outlook may not change much.
Which stocks led the midterm stock rally, and which fell?
Gains were broad but uneven. Retail, banks, health insurers and clean energy rose, while defense names and parts of the AI trade lagged. These are early moves reported on Nov. 4.
| Stock or group | Early move | Reported by |
|---|---|---|
| Walmart | Up 2% | Quartz |
| Bank of America | Up 1.9% | Quartz |
| Molina Healthcare / Centene | Up 6.3% / up 4.7% | Quartz |
| Invesco Solar ETF | Up 5% | Quartz |
| Orsted and SMA Solar (Europe) | Up more than 8% each | Quartz |
| Tesla and SpaceX | Down about 3.5% each before the open | Quartz |
| Nvidia and Micron | Down more than 1% after the open | Yahoo Finance |
| Defense stocks | Mostly lower | AP, Quartz |
Defense shares slipped as investors weighed a possible scaling back of the war in Iran, the AP said. Meanwhile, clean-energy suppliers gained on hopes that a Democratic Congress would favor them, Quartz reported, citing Bloomberg.
Why did AI stocks lag in the midterm stock rally?
Investors worry that the new political map could slow the AI building boom. Democrat Gina Hinojosa won the Texas governor’s race after pledging a moratorium on new data centers, and dozens of towns voted for local limits. Our breakdown of how data centers shaped the vote covers those races in detail.
That fear showed up overnight in Asia. Japan’s Nikkei 225 closed down 1.4%, and memory chip maker Kioxia fell 5.4%, according to the AP. Oracle and CoreWeave also traded lower in New York before the open, Quartz said.
How did Europe, bonds, gold and oil move?
European shares rose with Wall Street. The Stoxx 600 gained more than 1%, Quartz reported, and London, Paris and Frankfurt each added well over 1% in early trade.
Elsewhere, the 10-year Treasury yield fell as low as 4.89% before giving back part of the move. Gold climbed as much as 3.1% to above $4,000 an ounce, and Bitcoin briefly dropped below $76,000 before bouncing, according to Quartz. Brent crude slipped 1.2% to $102.35 a barrel and the euro rose to $1.1255, the AP reported.
What comes next for markets after the midterms?
Attention now turns back to data and earnings. Payroll firm ADP said private employers added 86,000 jobs in October, above the 67,000 economists expected, Yahoo Finance reported. Arm, Qualcomm, Uber and McDonald’s were also due to report results on Wednesday.
In Europe, the next big event is the Bank of England. Our Bank of England rate decision guide covers Thursday’s announcement. Here are the key times this week:
| Event | ET | London | Paris / Berlin |
|---|---|---|---|
| NYSE and Nasdaq open (weekdays) | 9:30 a.m. | 14:30 | 15:30 |
| NYSE and Nasdaq close (weekdays) | 4:00 p.m. | 21:00 | 22:00 |
| Bank of England decision (Thu, Nov. 5) | 7:00 a.m. | 12:00 | 13:00 |
The political picture is less certain. ING’s Carsten Brzeski told the AP that Trump could become “not now a lame duck, but an angry duck,” or instead a calmer one focused on ending wars. Midterms have tended to move stocks in the short run rather than the long run, Yahoo Finance noted. This article is news coverage, not investment advice. For earlier context, see our look at how the midterms could affect markets and our business news hub.
How can you follow the markets live?
Business channels carry the market open, the close and the earnings reports live. See the official ways to watch in our guides to CNBC, Bloomberg TV and Fox Business. For a free option, CNBC Ambition streams on some free TV services.
Coming soon: the NewsLive streaming app. We’re building one subscription for live international news on Android, Roku, Fire TV and desktop. The service is under development. See what the NewsLive app will offer and join the early-access list.
Frequently asked questions
Why did the Dow jump after the midterms?
Investors welcomed divided government and the president’s acceptance of the results. The Dow was up more than 1,200 points about 15 minutes after the open, according to Yahoo Finance.
Will the midterm stock rally last?
Nobody can say. Yahoo Finance noted that midterms tend to shape stock moves in the near term but matter less over longer periods. Earnings, jobs data and interest rates will also drive prices.
Did AI stocks fall after the election?
Some did. Nasdaq 100 futures fell up to 2.4% overnight before recovering, and Nvidia and Micron dipped after the open, as investors weighed possible limits on new data centers.
Sources
- Yahoo Finance: stock market today live coverage (Nov. 4, 2026)
- Quartz: stock futures rise after the midterms (Nov. 4, 2026)
- The Associated Press via Live 5 News: US futures after the midterms (Nov. 4, 2026)
- Capacity: data centre curbs and the AI sell-off (Nov. 4, 2026)
- Yahoo Finance: Texas governor race and data centers (Nov. 4, 2026)
