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- Trump blames Democrats for stock market plunge after sweeping midterm victories
President Donald Trump blamed Democrats' sweeping midterm election victories for Thursday's massive stock market sell-off, following the party's sweeping midterm election victories, as Wall Street suffered its sharpest sell-off since April 2025.In a post on Truth Social, Trump warned that the market plunge had taken a toll on Americans' retirement savings."The Stock Market suffered one of the Worst Days in History based on the results of the Election," Trump wrote."Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this," he continued. "Your 401(k)s have, therefore, dropped."STOCKS PLUNGE AS DEM MIDTERM SWEEP FUELS AI REGULATORY CONCERNSTrump lashed out at Democrats, placing blame for Thursday's losses squarely on the party's election gains, which included winning control of both the House and Senate."Remember, it wasn’t Republicans, it was Dumocrats," he wrote. "Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE."U.S. stocks plunged Thursday, with the Dow Jones Industrial Average falling 1,833 points, or 3.44%, while the Nasdaq Composite dropped 5.52%, its worst session since April 2025.The S&P 500 also declined 4.36%, while the Nasdaq entered correction territory, closing more than 10% below its October record high.HOW DEMOCRATS’ MIDTERM GAINS COULD RESHAPE THE POLITICAL LANDSCAPE FOR AIThe sell-off was driven in part by steep losses in technology and artificial intelligence stocks as investors weighed the potential impact of Democratic election victories on AI regulation and data center development.Nvidia fell more than 9%, while the Philadelphia Semiconductor Index plunged more than 12%, FOX Business previously reported."The obvious catalyst for the sharp selloff is that markets are pricing in the midterm results," eToro market analyst Jakub Rochlitz said.The market downturn came just one day after stocks rallied following the midterm elections, wiping out the previous session's gains.Beyond the election results, investors have also raised concerns about the enormous borrowing and spending fueling the AI boom, particularly as technology companies expand data centers amid rising energy costs and uncertainty over future returns.FOX Business' Sophia Compton and Eric Revell contributed to this report. [TheTopNews] Read More.6 hours ago - The engine parts that ‘fight the laws of the universe’
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- What’s fueling Wall Street’s growing concerns about AI?U.S. stocks plunged Thursday as investors dumped AI stocks, but market experts say Wall Street's concerns go beyond a single bad day.The Dow Jones Industrial Average fell 1,833 points, or 3.44%, while the Nasdaq Composite plunged 5.52% in its worst session since April 2025. The Nasdaq also closed in correction territory, at least 10% below its Oct. 6 record closing high.Behind the rout are growing concerns about the massive spending and borrowing fueling the AI boom and whether those investments will pay off.STOCKS PLUNGE AS DEM MIDTERM SWEEP FUELS AI REGULATORY CONCERNS"Debt," Paul Mueller, an economist with the American Institute for Economic Research, said when asked what Wall Street is most worried about when it comes to AI."Wall Street is worried about the enormous amounts of debt obligations being issued by tech companies to build data centers, both because interest rates have been rising and because there is greater political uncertainty around how much opposition data center construction will face," Mueller told FOX Business.The concerns come as tech giants pour billions into the infrastructure powering the AI boom.Adam Patti, CEO of VistaShares, said investors are confronting three concerns at once, which are political uncertainty, return on investment and an increasingly crowded AI trade."The first is political: the midterm results, including wins in several key data center states, raised fears that the buildout will face more regulation, slower permitting and pushback over power bills," Patti said. "The second is return on investment, with investors asking how long hyperscalers can keep spending at this pace while free cash flow goes negative. The third is positioning. Semiconductors were the most crowded trade in the market, and crowded trades unwind violently."US STOCK FUTURES MIXED AS DEMOCRATS SCORE KEY MIDTERM ELECTION WINSEToro market analyst Jakub Rochlitz said heavy borrowing and crowded trades may have made the sell-off worse."What the markets were missing was a spark to start the sell-off. It seems that the mix of the election result and some disappointing tech earnings results was enough to tip markets over the edge. We are likely seeing a large number of crowded and leveraged trades unwind," Rochlitz said.Power is another concern because the massive electricity needs of AI data centers raise questions about grid capacity, utility costs and how quickly new facilities can come online."Power is the real bottleneck in AI today, more than chips, and it deserves investor focus," Patti said.He said much of the political… [TheTopNews] Read More.7 hours ago
- New York Times Company in Advanced Talks to Acquire Letterboxd
The roughly $330 million deal for the cinephile community site would be part of an effort to add new products and services to the company’s portfolio. [TheTopNews] Read More.7 hours ago - Steve Kornacki and NBC Drew Crowds as Midterms Got a Ratings BumpMore than 31 million viewers followed along with the Democrats’ big night on television, a 23 percent jump from the 2022 midterm elections. [TheTopNews] Read More.7 hours ago
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