The Aporia · Stunning losses on Wall Street as S&P 500, Nasdaq see biggest market cap drops ever in wake of midterms

Stunning losses on Wall Street as S&P 500, Nasdaq see biggest market cap drops ever in wake of midterms

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Herzlich, T. (2026, November 5). Stunning losses on Wall Street as S&P 500, Nasdaq see biggest market cap drops ever in wake of midterms. New York Post. https://nypost.com/2026/11/05/business/stunning-losses-on-wall-street-as-sp-500-nasdaq-see-biggest-market-cap-drops-ever-in-wake-of-midterms/

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Quick Summary

On Thursday following the Democrats’ midterm victories, Wall Street experienced unprecedented losses with S&P 500 firms losing $2.9 trillion and Nasdaq companies shedding $2.5 trillion in market value, both single-day records. The Dow Jones fell by 1,833 points (3.44%). Major tech stocks like Nvidia, Tesla, and Microsoft saw significant declines of up to $374 billion. These losses were driven by fears that the new Congress would slow down projects critical for artificial intelligence labs’ revenue growth.

Written by AI on 2026-11-06, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

On November 5, 2026, U.S. stocks experienced significant declines following the midterm elections, with the Nasdaq plunging into correction territory by falling 5.1%, its worst day in over a year and half. The Dow Jones Industrial Average dropped by about 1,200 points, reversing most of the gains it saw from the previous day when it soared more than 1,500 points due to midterm election results. Tech-heavy stocks, particularly those related to artificial intelligence (AI), were hit hardest as investors feared stricter regulations under a new Democratic-controlled Congress. Notably, shares in companies like OpenAI and Meta dropped sharply, while SpaceX's stock also fell significantly. The sell-off extended globally by November 6, with Asian markets such as Tokyo and Seoul experiencing losses.

Written for “Global Stocks Plunge Over AI Fears After Midterms” on 2026-11-06, grounded in this article and the 46 other(s) covering the same event.

Compared with similar articles

This article reads unscored and hedges 0% of its claims. Each row says how that neighbour differs.

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“Article A focuses on Trump's wealth decline due to TMTG stock performance following midterms, while Article B discusses broader market losses across major indices and tech giants.”

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“The articles describe different market reactions on consecutive days following the midterm election results, not the same specific event occurring at the same time.”

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NBC News

⚖️ Leans left Hedges 0 of 23 claims Outlet record 72/100

Dow plunges 1,200 points, shedding most of midterm results stock rally Different event

ABC News (US)

Hedges 0 of 4 claims Outlet record 67/100

“The articles describe a significant market downturn on the same day but report different points for the Dow (1,220 vs 1,833) and cite differing reasons for the drop.”

Nasdaq plunges into correction territory as Dem wins threaten data centers — and AI giants rush to stem fallout Same event

New York Post

⚖️ Leans left Hedges 4 of 24 claims Outlet record 66/100

Nasdaq heading for worst day in 18 months as Wall Street sustains widespread losses Same event

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⚖️ Leans left Hedges 1 of 16 claims Outlet record 65/100

Signals How these are calculated →

Claims extracted

sentences that state something as happening or true

Uncertain

0 of 12 hedged ("reportedly", "may", "according to")

Leaning

not political

takes no side on a contested political question

Publisher signals

66/100

New York Post's corrections and hedging, across everything collected from it. Not a measure of accuracy.

Outlets on this story

Economy/Business

Same framing elsewhere

articles that frame the event the way this one does

Who wrote this

Taylor Herzlich

68 article(s) here · 1 carrying a prediction

🔮 The Dow Jones Industrial Average plummeted 1,833 points, or 3.44%, completely wiping out its post-election rally as industry leaders grew convinced the new Congress will slow the pace of projects – potentially tanking revenue at top AI labs.

2026-11-05 · assertive framing · Stunning losses on Wall Street as S&P 500, Nasdaq see biggest market cap drops ever in wake of midterms

🔮 The Nasdaq plunged 5.1% Thursday, entering into correction territory, as investors and industry leaders braced for a data-center reckoning in the wake of Democrats’ midterms sweep – fearful the new Congress will slow the pace of projects and hit revenue at top AI labs.

2026-11-05 · assertive framing · Nasdaq plunges into correction territory as Dem wins threaten data centers — and AI giants rush to stem fallout

🔮 Elon Musk suffered a significant blow as Dems won big in the midterms – including pivotal seats in Texas – in spite of millions of dollars he poured into campaigns for Republicans he hoped would greenlight his ambitious data center projects.

2026-11-04 · mixed framing · Elon Musk suffers midterm blow as SpaceX, Tesla plummet: ‘My election-interfering space lasers didn’t work’

🔮 “Our commitment remains unchanged: Binance will bear the financial impact of the stolen funds.

2026-11-02 · assertive framing · Binance sees $4.7B in customer withdrawals after stunning North Korea hack

🔮 A notorious North Korean hacking unit may have compromised a single Binance employee’s laptop to pull off the record-breaking $6.3 billion hack of the cryptocurrency exchange – indicating a potential inside job or a stunning AI-powered infiltration of the company’s software.

2026-10-30 · mixed framing · How North Korean hackers pulled off $6.3B Binance heist — inside job, AI-powered techniques could have been at work

🔮 But it wasn’t enough to squash fears over its massive spending plans, as Amazon reaffirmed its 2026 capex forecast of $220 billion.

2026-10-30 · assertive framing · Nasdaq plummets 2% as Amazon, Intel and Reddit become latest victims of AI fears

🔮 If the stock closes down more than 9.77% in Thursday’s session, it will be the worst reaction in the company’s 22-year history and the second-largest single-day loss of any stock.

2026-10-29 · assertive framing · Alphabet sheds record $500B in market value as AI fears hit fever pitch

🔮 The Federal Reserve held interest rates steady Wednesday, even as inflation data has been worsening – but the central bank is largely expected to issue a quarter-point hike in December.

2026-10-28 · mixed framing · Fed holds interest rates steady – but investors bet on December rate hike

🔮 “Maybe we don’t have the hard power.

2026-10-22 · assertive framing · Peter Thiel disapproves of Iran war in notable break with Trump: ‘We should not have done it’

🔮 Trump told reporters late Wednesday that “something one way or another” will “happen fairly soon” in Iran.

2026-10-22 · assertive framing · Oil soars above $111 as stocks plummet on Iran strike news, AI spending concerns

Also by Taylor Herzlich

Nasdaq plunges into correction territory as Dem wins threaten data centers — and AI giants rush to stem fallout

2026-11-05 · New York Post

Elon Musk suffers midterm blow as SpaceX, Tesla plummet: ‘My election-interfering space lasers didn’t work’

2026-11-04 · New York Post

Binance says North Korean hackers conducted fake job interviews to hack engineer’s laptop in $6.3B heist

2026-11-03 · New York Post

Binance sees $4.7B in customer withdrawals after stunning North Korea hack

2026-11-02 · New York Post

Nothing else under this byline is closely related to this article, so these are simply their most recent.

All 68 articles by Taylor Herzlich →

Narrative

Claims (12 extracted, 0 hedged)

S&P 500 firms shed $2.9 million in market value and Nasdaq companies lost $2.5 trillion – both single-day records – on Thursday as investors panicked over a looming data-center reckoning in the wake of Democrats’ midterm sweep. asserted

investors → shed → sweep

The Dow Jones Industrial Average plummeted 1,833 points, or 3.44%, completely wiping out its post-election rally as industry leaders grew convinced the new Congress will slow the pace of projects – potentially tanking revenue at top AI labs. asserted

Congress → plummet → labs

The Magnificent 7 stocks — Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla — lost nearly $1.04 trillion total Thursday. asserted

stocks → lose → total

Jensen Huang’s chipmaker Nvidia shed a jaw-dropping $374 billion. asserted

Nvidia → shed → billion

Apple, Meta, Amazon and Alphabet saw their market values fall by roughly $59 billion, $58 billion, $55 billion and $42 billion, respectively. asserted

values → see → billion

Broadcom and Nvidia fell 10% and 9%, respectively. asserted

Broadcom → fall → ?

Qualcomm slumped 9% after it issued a weak forecast due to rising costs, even after its earnings beat Wall Street estimates. asserted

earnings → slump → estimates

Software giant Oracle fell 7%. asserted

Oracle → fall → ?

The iShares Semiconductor ETF – a leading AI chip fund – plummeted more than 12% for its worst day since March 2020 during the pandemic. asserted

ETF → lead → pandemic

“Neocloud” firms – which buy AI compute and lease it to other companies – like CoreWeave and Nebius plunged 10% and 15%, respectively. asserted

which → buy → CoreWeave

Data-center operators like Iren and Applied Digital fell 17% and nearly 15%, respectively, while equipment maker GE Vernova dropped nearly 7.5%. asserted

Vernova → fall → Iren

This is a developing story. asserted

This → develop → ?

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Stunning losses on Wall Street as S&P 500, Nasdaq see biggest market cap drops ever in wake of midterms

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Claims (12 extracted, 0 hedged)