Wall Street rallied Wednesday morning after an election night that ended with Democrats winning control of both chambers of Congress. The Dow Jones Industrial Average was up 1,131 points, or 2.2%, shortly before 10 a.m. ET, according to CNBC figures compiled by StockTitan. The S&P 500 rose 1.6% and the Nasdaq Composite gained 2%.
The rally followed a rough night in futures trading. As results rolled in Tuesday, Nasdaq-100 futures fell to their lowest level since July 30 before recovering about 3.4% by early Wednesday.
Who gained and who lost
- Big tech: After lagging before the open, megacaps led. Amazon rose about 8%, Microsoft nearly 7%, Apple about 6% and Alphabet about 5%. Nvidia slipped slightly.
- Health care: Hospital operators and insurers rose, with HCA up nearly 7% and Centene up about 5%.
- Solar: First Solar jumped about 12.6%.
- AI data centers: Cloud and data center names fell on worries about new limits, with CoreWeave down more than 6%. Voters in several places weighed local data center restrictions this year.
- Others: Tesla fell about 3.4% and Trump Media dropped 10%.
Safe-haven assets also moved. Gold rose about 2.9% and silver about 4.4%, Treasury yields fell, and U.S. crude oil was down about 3%, extending the recent slide in oil prices tied to U.S.-Iran talks.
Why markets moved
Futures had reversed their earlier losses by early Wednesday as the results became clear, TipRanks reported, with the 10-year Treasury yield slipping to about 4.92%. Much of the worry centered on artificial intelligence. Investors are concerned that Democratic control could bring tighter rules on data centers, which could slow AI infrastructure spending. In Texas, Democrat Gina Hinojosa, who won the governor’s race, has proposed pausing new data center projects in the state.
Sectors tied closely to federal policy, including health care, renewable energy and defense, saw some of the sharpest moves. StockTitan noted that final vote counts in several races were still pending Wednesday morning, so some of the swings could continue as results are finalized.
Earnings and economic data
Company news added to the swings. CVS Health said it plans to split into two public companies by the first half of 2028 and raised its 2026 adjusted earnings forecast to at least $8.20 a share, but the stock fell about 11%. Duolingo jumped about 31% after its results, while payments company FIS dropped about 22% after cutting its 2026 profit growth forecast.
On the economy, payroll processor ADP said private employers added 86,000 jobs in October, above the 75,000 economists expected. The U.S. trade deficit narrowed slightly to $105.0 billion in September from $105.7 billion in August, according to the Bureau of Economic Analysis.
Why it matters for families
Big one-day moves after an election are common and often fade. For families saving for retirement or college, a single day’s rally or drop is rarely a reason to change a long-term plan. Falling Treasury yields can eventually ease borrowing costs, and lower oil prices may show up at the gas pump. This is general information, not investment advice; talk with a licensed financial professional about your own situation.
What to watch next
- Arm, Qualcomm, McKesson and AppLovin report earnings after Wednesday’s close.
- Freddie Mac’s weekly mortgage rate survey arrives Thursday.
- The October jobs report is due Friday, November 6, at 8:30 a.m. ET.
Upstormed News will follow how markets digest the new balance of power in Washington.
Read more: Shopify Slides, Apple Dips as Earnings Steal Focus on Election Day
Did the election change how you think about your family’s finances? Share your view in the comments.
Sources: StockTitan, “Stocks Jump in the Stock Market Today Live, November 4, 2026, as Democrats Win Congress” (November 4, 2026); TipRanks, “Stock Market Today, Nov. 4: Futures Rise After Democrats Sweep Midterm Elections” (November 4, 2026); CBS News, “2026 midterm election results” (November 4, 2026); The Neuron, “Everything That Happened in AI Today” (November 4, 2026).
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