Nasdaq Composite Jumps 512 Points as Dow Surges 1,242 on Democratic Sweep

Mumbai, 4 November 2026: US stocks opened sharply higher on Wednesday after Democrats won control of both chambers of Congress in the midterm elections, removing a layer of political uncertainty that had hung over Wall Street. The Nasdaq Composite (^IXIC) rose 512.24 points, or 2.02%, to 25,884.25 as of 9:43:44 AM EST, while the Dow Jones Industrial Average (^DJI) climbed 1,241.84 points, or 2.40%, to 53,028.56.

The S&P 500 (^GSPC) added 132.60 points, or 1.75%, to 7,701.52, and the Russell 2000 (^RUT) gained 45.44 points, or 1.62%, to 2,857.88. The opening surge followed a decisive Democratic victory, President Donald Trump’s acceptance of the results and a rebound in equity futures that had initially fallen overnight.

Nasdaq Jumps 512 Points; Dow Adds 1,242 on Election Result

The Nasdaq Composite opened at 25,652.78, compared with its previous close of 25,372.01, and traded between 25,602.14 and 25,869.50 in the early session. Its 52-week range stood at 20,690.25 to 27,722.75. The Dow opened at 52,410.23 after a previous close of 51,786.72, with a day range of 52,410.23 to 53,023.99 and a 52-week range of 45,057.28 to 54,744.33.

At the opening bell, the Dow had risen 1.93% to 52,784.48, the S&P 500 had gained 1.14% to 7,655.43, and the Nasdaq Composite had advanced 1.07% to 25,643.36. Nasdaq-100 futures had fallen as much as 2.4% overnight before reversing, while S&P 500 futures had dropped 1.4% before recovering.

S&P 500 Climbs 133 Points as Russell 2000 Adds 45

The S&P 500 opened at 7,635.81 after a previous close of 7,568.92, and its day range reached 7,635.81 to 7,701.84. The benchmark’s 52-week range was 6,316.91 to 7,844.52. The Russell 2000 opened at 2,856.26 after a previous close of 2,812.45, with a day range of 2,856.15 to 2,857.64 and a 52-week range of 2,303.46 to 3,069.71.

Nasdaq-100 futures were 929.75 points off their overnight low, trading at 28,545.50 after touching 27,615.75, their lowest since 30 July. Futures tied to the VIX, Wall Street’s so-called fear gauge, rose above 20 and were last seen at 20.90. Market pricing indicated a 79.2% probability of a Federal Reserve rate hike after its December meeting.

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Democrats Win Senate 54 Seats and House 255

Democrats secured at least 54 Senate seats, including two independents who caucus with the party, while Republicans held at least 44, with Alaska and Mississippi still undecided. The House was likely to include roughly 255 Democrats and 180 Republicans, although the final tally could take days or weeks. Democrats won Senate races in historically Republican states including Texas, South Carolina and Kansas, and flipped House seats from Florida to New Jersey to Kentucky.

They also won governorships in Texas, Georgia and Ohio, with implications for artificial intelligence data centre construction. Trump said he was “absolutely willing” to accept the results and that he and Republicans would work with Democrats, adding that the Iran conflict contributed to Republican losses but that “I did the right thing.”

Trump Accepts Results; Trump Media Falls 11% Pre-Open

Shares of Trump Media & Technology Group fell 11% in premarket trading after the Democratic victory. Trump owns 41% of the company, which owns the Truth Social platform. The Democratic-controlled Congress is expected to create a check on Trump’s policies, including tariffs and the Iran war, while pursuing investigations of his economic allies.

The shift also elevates figures including Senator Elizabeth Warren to prominent oversight positions over economic policy. Trump said in a post that “I wasn’t on the Ballot and if I was, we would have won IN A LANDSLIDE!” The political change is also expected to affect business scrutiny of Elon Musk’s companies, including Tesla (TSLA) and SpaceX, whose shares fell in premarket trading.

Texas Governor Win Puts 27% Data Centre Capacity at Risk

Democrat Gina Hinojosa won the Texas governor’s race, becoming the state’s first Democratic governor since 1990 and its first Latina governor. Incumbent Greg Abbott conceded late on Tuesday. Hinojosa has pledged an immediate moratorium on data centre construction in Texas, which accounts for more than 25% of planned US capacity by 2030 and about 27% of US data centre gigawatts.

The result added to concerns about tighter AI infrastructure rules. Neocloud stocks moved lower, with CoreWeave down 8% in premarket trading and Iren and Nebius each shedding 6%. Oracle also headed lower. Data centre companies including IREN, Hut 8 and Applied Digital declined. Prison operators and defence names also lagged the broader market.

ADP Payrolls Rise 86,000; Wages Grow 3.2%

Private-sector job growth held steady in October, with companies adding 86,000 jobs, the same as the downwardly revised September total and slightly ahead of estimates around 75,000. Service-sector hiring led the gains, driven by trade, transportation, utilities and hospitality.

Base wages for private-sector workers rose 3.2%, while gross pay, including overtime and bonuses, increased 4.7%. The ADP report indicated that employers of all sizes were hiring and that job-changers were attracted by bonuses, overtime and more hours in addition to higher base pay.

September factory orders rose 1.8%, the firmest reading since April, led by a 4.6% jump in transportation equipment. The US Logistics Managers’ Index climbed to 70.7 in October. The ISM services PMI carried a 54.8 consensus after 54.9.

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Trade Gap Narrows to $105 Billion as Imports Hit Record

The US trade deficit contracted by 0.7% to $105 billion in September, slightly below forecasts, even as imports reached a record $426.6 billion. Imports rose 1.2% and total exports gained 1.9%. Consumer spending and artificial intelligence investment continued to fuel import volumes.

Net imports subtracted more than 2.6 percentage points from third-quarter gross domestic product, marking four consecutive quarters in which trade failed to contribute to broader US economic expansion. The data added to the growth picture as investors assessed the policy outlook under a divided government.

Treasury 10-Year Yield Falls to 4.921% From 4.95%

Treasury yields moved lower as equity futures initially sold off after the election results. The benchmark 10-year Treasury note yielded 4.921%, down 2.9 basis points. The 30-year bond yielded 5.299%, down 2.5 basis points, and the 2-year note yielded 4.608%, down 0.6 basis points.

The 1-month yield was 3.937%, the 3-month was 4.128%, the 6-month was 4.287% and the 1-year was 4.393%. The 10-year yield had been at 4.97% at the previous close. Long-dated yields moved lower as bond prices rose amid uncertainty over the fiscal outlook and the potential for political gridlock to complicate new spending measures.

Dollar Index Slips 0.39% to 101.32; Euro Gains

The dollar moved lower against most major currencies after Democrats took control of Congress. The euro was last seen 0.39% higher at $1.1235, while the British pound strengthened 0.48% to $1.3476. The dollar index, which tracks the greenback against a basket of six major currencies, was down 0.39% at 101.32.

Spot gold rose 2.93% to $4,043.45 an ounce, while spot silver jumped 4.44% to $51.98 an ounce. Front-month gold futures added 2.9% to $4,054.60, and silver futures rose 4.64% to $52.09. Platinum gained 2.47% to $1,465.30, and palladium rose 5.93% to $989. WTI crude traded near $93.80 a barrel, down about 2.4%, while bitcoin traded at $78,300, up from a low of $76,300.

McDonald’s EPS $3.57 Beats; Revenue $7.16 Billion Misses

McDonald’s (MCD), the US fast-food chain known for burgers and fries, reported mixed third-quarter results. Adjusted earnings came in at $3.57 per share, topping the $3.38 consensus, while revenue of $7.16 billion fell short of the $7.29 billion estimate. Global systemwide sales rose 4%, consolidated operating income increased 7%, and the quarterly dividend rose 4% to $1.93.

Same-store sales grew 1.5% year on year, slightly above the 1.4% expected, but slower than the 3.6% growth posted in the same quarter last year. US comparable sales fell 0.2%, narrower than the expected 0.5% decline. Shares rose 3.99% to $273.59 as of 9:36:18 AM EST.

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CVS to Split Into Two; Shares Fall 8.77% to $83.39

CVS Health (CVS), a US healthcare group spanning insurance, pharmacy benefit management, retail pharmacies and clinics, announced plans to separate into two independent, publicly traded companies. One company will retain the CVS Health name and house Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health.

The second, to be called CVS Pharmacy, will include approximately 9,000 retail pharmacy locations and MinuteClinic locations. The plan marks a shift from CVS Health’s long-term strategy of combining insurance, pharmacy benefit management and direct healthcare services under one corporate structure. Shares fell 8.77% to $83.39.

AMD Falls 1.10% Despite $13.38 Billion Revenue Beat

Advanced Micro Devices (AMD) reported third-quarter adjusted earnings of $2.09 per share on revenue of $13.38 billion, beating estimates. The stock initially rose 6.33% in premarket trading before reversing and falling 1.10%. Shares closed Tuesday more than 26% below their 52-week high. Amgen (AMGN) reported adjusted earnings of $6.45 per share on revenue of $10.37 billion, beating estimates, and its shares gained 2.81% in the Dow heatmap.

Arista Networks (ANET) reported adjusted earnings of $1.20 per share on revenue of $3.66 billion, beating estimates, and its shares jumped 8.56%. Novo Nordisk reported third-quarter sales of DKK79.2 billion, or $11.9 billion, up 4% at constant exchange rates, and adjusted operating profit of DKK31.7 billion; its shares rose as much as 6%.

First Solar Rises 11.86%; Sunrun Adds 13.48% on Policy Hope

Renewable energy stocks climbed on expectations of a policy shift after the Democratic sweep. First Solar (FSLR) rose 11.86% to $207.95, Sunrun (RUN) gained 13.48% to $9.85, Plug Power rose 10.6%, Bloom Energy gained 5.8%, FuelCell Energy added 6.24% and SolarEdge Technologies moved 4% higher. The Invesco Solar ETF jumped 5%.

Healthcare stocks also advanced, with Molina Healthcare up 6.3%, Centene up 4.7% and HCA Healthcare up 1.44%. UnitedHealth traded higher early. Defence stocks lost ground, with Northrop Grumman and Lockheed Martin down more than 3%, while Palantir (PLTR) fell 1.83%. RTX fell 3.32%, GE lost 2.30%, GE Vernova dropped 6.74% and Eaton fell 5.59%.

Top Gainers: Duolingo 26.92%, Kyndryl 25.73%, Clear Secure 25.98%

Among the top gainers, Duolingo (DUOL) surged 26.92% to $162.46, Kyndryl (KD) rose 25.73% to $16.27, Clear Secure (YOU) gained 25.98% to $60.17, Bruker (BRKR) climbed 20.72% to $68.21 and LivaNova (LIVN) added 18.84% to $94.95.

Liquidia (LQDA) rose 18.48% to $50.00, Riot Platforms (RIOT) gained 13.98% to $15.98, Block (XYZ) advanced 13.14% to $85.96, Procore (PCOR) rose 12.58% to $71.17, Stanley Black & Decker (SWK) added 12.25% to $117.40, Performance Food Group (PFGC) gained 12.08% to $108.19, Enphase Energy (ENPH) rose 12.05% to $34.08, and First Solar added 11.86% to $207.95.

Fiserv (FISV) jumped 12.46%, Bloom Energy rose 9.05% and DuPont gained 8.61%. Block (XYZ), the US payments company behind Cash App and Square, jumped after better-than-expected third-quarter earnings and a raised gross profit outlook.

On the losing side, Amdocs (DOX) fell 31.40% to $42.76, Fidelity National Information Services (FIS) dropped 22.26% to $30.31, Modine Manufacturing (MOD) lost 20.17% to $100.15, Unum Group (UNM) declined 16.75% to $75.78, Comfort Systems USA (FIX) fell 15.43% to $1,087.02 and Trimble (TRMB) dropped 15.74% to $55.28.

Peabody Energy (BTU) fell 15.58% to $17.46, Everus Construction (ECG) dropped 18.70% to $91.64, Sterling Infrastructure (STRL) lost 14.33% to $309.39, Hut 8 (HUT) fell 13.30% to $55.27, Solaris Energy Infrastructure (SEI) declined 12.30% to $60.84 and Innio (INIO) fell 12.21% to $16.07.

Datadog (DDOG) dropped 9.76% to $199.00, CVS fell 8.77%, Sysco (SYY) lost 9.33%, Shopify (SHOP) declined 8.74% and Archer-Daniels-Midland (ADM) slipped 6.82%.

Nikkei Falls 1.42% as Asia Chip Stocks Tumble

Asian markets closed mixed. Japan’s Nikkei 225 fell 1.42% to 62,188.63, and the Topix declined 0.89% to 3,895.38. South Korea’s Kospi rose 0.62% to 5,683.8, while the Kosdaq added 1.5% to 714.95. Mainland China’s CSI 300 gained 2.31% to 4,101.34, Hong Kong’s Hang Seng rose 1.43%, and Australia’s S&P/ASX 200 fell 0.59% to 8,834.5.

Asian semiconductor stocks tumbled, with SoftBank Group down over 8%, Disco down 10.19%, Advantest down over 8%, Renesas Electronics down 7.64% and Tokyo Electron down 7.04%. SK Hynix fell 5.08%, Samsung Electronics declined 3.87%, Seoul Semiconductor shed 4.37% and TSMC slipped 1.09%.

European stocks opened higher, with the Stoxx 600 up 0.44% early and later 1.76%; banks rose 1.83%, basic resources 1.71% and utilities 0.68%, while food and beverage stocks lost 0.57% and industrial goods fell 0.37%. The FTSE MIB rose 2.29%, the CAC 40 gained 2.12%, the DAX added 1.98%, the FTSE 100 rose 1.82% and the IBEX 35 climbed 3.25%. European renewable stocks also gained, with Orsted up 7.3%, Vestas 5.2%, SMA Solar 5.5% and Nordex 4.8%.

Also Read: What Are Fractional Shares? 

Apple Adds 5.29%; Microsoft 5.69%; Amazon 6.78%

In the Nasdaq 100 heatmap, Apple (AAPL) rose 5.29%, Microsoft (MSFT) gained 5.69%, Amazon (AMZN) jumped 6.78%, Alphabet added 3.20%, Meta Platforms rose 1.55% and Netflix gained 2.60%. Nvidia (NVDA) slipped 0.55% and Tesla (TSLA) fell 4.62%.

In the Dow heatmap, 3M rose 7.37%, Home Depot gained 4.83%, McDonald’s added 3.76%, IBM rose 2.65%, Salesforce gained 3.87%, Disney added 3.55%, JPMorgan rose 2.47%, Goldman Sachs gained 3.02% and American Express added 2.83%. Caterpillar fell 4.16%, Chevron lost 2.82%, UnitedHealth slipped 0.99% and Coca-Cola eased 0.03%. In the S&P 500 heatmap, Arista Networks rose 8.56%, Intuitive Surgical gained 7.82%, Booking Holdings added 8.36%, Home Depot rose 4.38%, McDonald’s gained 3.59% and Abbott Laboratories added 4.46%.

Caterpillar fell 3.64%, RTX lost 3.32%, GE Vernova dropped 6.74%, Eaton fell 5.59%, Lockheed Martin lost 4.28%, Exxon Mobil fell 2.96%, Chevron lost 2.40%, ConocoPhillips fell 2.96%, Marathon Petroleum dropped 4.96% and Phillips 66 fell 2.66%.

Nasdaq Volume 1.39 Billion; 52-Week Range 20,690-27,723

Nasdaq Composite volume stood at 1,388,530,000, compared with average volume of 7,997,160,156. S&P 500 volume was 449,075,463, Dow volume was 95,433,324, and Russell 2000 volume was 0 at 9:30:55 AM EST. The Nasdaq Composite’s 52-week range was 20,690.25 to 27,722.75, the Dow’s was 45,057.28 to 54,744.33, the S&P 500’s was 6,316.91 to 7,844.52, and the Russell 2000’s was 2,303.46 to 3,069.71. The early session’s gains were broad, with financials, consumer discretionary, healthcare, industrials and communication services stocks participating, while semiconductor and data centre-linked names lagged.

The opening session leaves the Nasdaq Composite at 25,884.25, the Dow at 53,028.56 and the S&P 500 at 7,701.52, with Treasury yields, the dollar, gold and oil in focus. Upcoming data include ISM services, non-farm payrolls, unemployment, average hourly earnings and CPI. Company events include CVS’s proposed separation and results from McDonald’s, AMD, Amgen, Arista, Novo Nordisk and Block.