US Stocks Rally on Midterm Election Day as Democrats Sweep Toward Control of Congress and Oil Falls

Summary

US stocks rose on Tuesday, Election Day, as voters decided control of Congress, with tech stocks driving the S&P 500 higher while investors weighed risks to the AI trade, according to Bloomberg. The Guardian reported that tech stocks recovered that afternoon after a selloff over AI spending, and that the midterms did not appear to have a huge impact on Wall Street, though investors were predicting Democrats would win at least the House and could gain Senate seats, which could mean more AI regulation. Bloomberg reported that a Democratic sweep of Congress, which highlighted opposition to the Iran war, extended this week's plunge in oil prices and helped push stocks and bonds to big post-election gains. Bloomberg later reported that US stocks surged on Wednesday as Democrats' sweeping midterm victory fueled optimism the Iran war could end soon, sending oil prices lower, while tech megacaps also jumped as investors bet a Democratic-controlled Congress would force companies to cut the AI spending they have been calling for.

Timeline

1. Bloomberg

   3 Nov 2026, 13:15 UTCSource ↗

   Bloomberg reports that US stocks rose as Americans headed to the polls on Election Day, with tech stocks driving the S&P 500 higher while investors assessed potential risks to the AI trade.

2. The Guardian

   3 Nov 2026, 22:18 UTCSource ↗

   The Guardian reports that US tech stocks recovered on Tuesday afternoon after a selloff spooked investors over AI spending, and that the midterms did not appear to have a huge impact on Wall Street.

3. Bloomberg

   3 Nov 2026, 22:20 UTCSource ↗

   Bloomberg reports that a Democratic sweep of Congress that highlighted opposition to the Iran war extended the week's plunge in oil prices, helping drive stocks and bonds to big post-election gains.

4. Bloomberg

   4 Nov 2026, 00:01 UTCSource ↗

   Bloomberg reports that US stocks surged Wednesday as Democrats' sweeping midterm victory fueled optimism the Iran war could end soon and sent oil prices lower, while tech megacaps jumped on bets that a Democratic-controlled Congress would force AI spending cuts.