‘The blood is in the streets’: Nasdaq plunges as US midterms rattle SpaceX and Nvidia

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Norman, S. (2026, November 5). ‘The blood is in the streets’: Nasdaq plunges as US midterms rattle SpaceX and Nvidia. City AM. https://www.cityam.com/the-blood-is-in-the-streets-nasdaq-plunges-as-us-midterms-rattle-spacex-and-nvidia/

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Quick Summary

On Thursday, the Nasdaq index dropped more than five percent to around 24,416 points following US midterm election results that impacted stocks related to artificial intelligence and space technology. Companies like Nvidia, Broadcom, Tesla, and SpaceX saw significant losses of up to nine percent. The market turmoil was exacerbated by concerns over AI regulation and a potential slowdown in data center expansion, leading financial institutions such as JP Morgan and Goldman Sachs to also experience declines.

Written by AI on 2026-11-08, from this article's own text only (the story summary below draws on all the coverage).

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Story summary

On November 5, 2026, U.S. stocks experienced significant volatility following the Democratic victories in key races during the midterm elections. The Dow Jones Industrial Average plunged by approximately 1,200 points, erasing most of the gains seen on Wednesday after the election results were announced. Meanwhile, the Nasdaq Composite Index dropped over 5%, entering correction territory for the first time since early October. This selloff was driven primarily by fears that a Democrat-led Congress would implement stricter regulations on artificial intelligence (AI) and data centers. Leading tech companies such as Nvidia, Oracle, and SpaceX saw their shares plummet, with investors concerned about potential restrictions impacting AI development and expansion of data center projects. The market rebounded slightly the following day but remained volatile due to ongoing uncertainty regarding future policy directions.

Written for “AI Bubble Fears Amid Midterms” on 2026-11-09, grounded in this article and the 47 other(s) covering the same event.

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AI Bubble Fears Amid Midterms

Economy/Business · 48 article(s) covering the same event. Compare every outlet's account →

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

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

“While both articles discuss market downturns following midterm election results, they describe different days and broader indices (Dow in Article A, Nasdaq specifically in Article B).”

Stocks crater as investors recoil from tech companies Same event

CBS News

Hedges 3 of 12 claims Outlet record 68/100

Tech stocks plunge on worries about AI and Democrats’ midterm landslide Different event

NBC News

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

“While both articles describe the decline of tech stocks on November 3rd and mention similar factors like midterm elections, they refer to different dates (Article A: November 5th, Article B: November 8th) and specific details about companies affected.”

Shares in Musk's SpaceX plunge as tech and AI stocks fall Different event

BBC News

Leans left Hedges 1 of 14 claims Outlet record 66/100

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

New York Post

Hedges 0 of 12 claims Outlet record 66/100

“While both articles discuss significant market drops on November 3rd related to midterm election outcomes, they describe different days and slightly different focuses.”

Global stocks tumble as AI panic grips markets following Democrat midterms landslide - as Trump declares: 'You only have yourselves to blame!' Different event

Daily Mail

Hedges 3 of 41 claims Outlet record 69/100

“While both articles describe market reactions to the US midterm elections and concerns over AI, they cover different days of trading and focus on distinct aspects such as individual stock performances.”

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

New York Post

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

“Although both articles describe the Nasdaq plunging on November 5th due to concerns related to midterm election results and their impact on tech companies, they focus on different aspects and mention distinct sets of affected companies.”

AI stocks plunge after election, driving down US markets Different event

Al Jazeera

Hedges 2 of 24 claims Outlet record 60/100

“While both articles discuss market declines on November 5 and 8 following midterm elections, they describe different specific time periods and outcomes.”

Stocks plunge amid AI concerns after midterm election Different event

CBS News

Hedges 1 of 2 claims Outlet record 68/100

“While both articles discuss stock market declines following the US midterms and mention AI-related concerns, they describe different days of market activity with distinct details.”

Euphoria turns to raw fear on Wall Street Different event

ABC News (AU)

Hedges 7 of 30 claims Outlet record 67/100

“While both articles describe significant drops in tech stocks on Wall Street following political events, they refer to different days and provide distinct details about which stocks were most affected.”

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sentences that state something as happening or true

Uncertain

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

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93/100

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City AM · 39 article(s) · 0 correction(s) detected

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Who wrote this

Samuel Norman

3 article(s) here · 1 carrying a prediction

UK gov: Risk of sudden escalation in Middle East is high Barclays boss CS Venkatakrishnan said the new office would strengthen the bank’s ability to support clients in the region and “reaffirm our commitment to Saudi Arabia’s future”.

2026-11-09 · assertive framing · Barclays opens Saudi office despite government travel warning

It’s Monday morning and stock market futures are suggesting London’s blue-chip index is set to open slightly higher at the opening bell.

2026-11-09 · assertive framing · FTSE 100 Live: Stocks to open higher after last week’s tech sell-off

“The US mid-term election results will add to headwinds for big tech and the data center buildout.”

2026-11-08 · assertive framing · ‘The blood is in the streets’: Nasdaq plunges as US midterms rattle SpaceX and Nvidia

Also by Samuel Norman

Barclays opens Saudi office despite government travel warning

2026-11-09 · City AM

FTSE 100 Live: Stocks to open higher after last week’s tech sell-off

2026-11-09 · City AM

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

Claims (12 extracted, 0 hedged)

The Nasdaq index was plunging into the red on Thursday after the US midterms rattled AI-related stocks including Nvidia, Oracle and SpaceX. The tech-heavy index, which tracks 100 of the largest non-financial companies, sank more than five per cent to around 24,416 points. Chipmakers Nvidia and Broadcom each helped lead losses down eight and nine per cent respectively. Elon Musk’s Tesla and Space X each plummeted 10 per cent. asserted

Tesla → plunge → losses

Musk spent around $474m midterms, making him the largest single-cycle political donor in modern American history. asserted

him → spend → history

The fear is a total momentum unwind as Democrats pace the frontier and kybosh data centre buildout,” Neil Wilson, UK investor strategist at Saxo Markets, said. asserted

Wilson → pace → Markets

“This looks totally overdone but the nature of sell-everything of this market means we need to look for some stability first.” asserted

we → look → stability

The Dow Jones also tumbled 2.4 per cent while the broad-based S&P fell 3.5 per cent. asserted

S&P → tumble → ?

‘Shakeout’ is underway It follows the Democrats seizing control of the US House of Representatives and Senate in the midterm elections, putting a major check on President Trump’s power. asserted

Democrats → follow → power

Several Democrats campaigned on concerns around AI and data centres with the results sparking a rotation out of tech stocks. asserted

results → campaign → stocks

“A shakeout among the most speculative parts of the theme is underway,” said MRB Partners in a Thursday note. asserted

Partners → say → note

“The US mid-term election results will add to headwinds for big tech and the data center buildout.” asserted

results → add → tech

Financial related stocks had originally rallied in early trading but quickly joined the broader sell-off into later trading. asserted

stocks → relate → trading

In London, the FTSE 100 got swept up in the afternoon woes with the blue-chip index falling 0.4 per cent. asserted

index → sweep → woes

Top fallers included Polar Capital, which holds a major AI equity portfolio, and tech infrastructure builder Computacenter. asserted

which → include → portfolio

‘The blood is in the streets’: Nasdaq plunges as US midterms rattle SpaceX and Nvidia

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Claims (12 extracted, 0 hedged)