S&P 500 Jumps 1.8% as Democratic Wins Sink Oil and Lift Big Tech
Updated
Updated · The Boston Globe · Nov 4
S&P 500 Jumps 1.8% as Democratic Wins Sink Oil and Lift Big Tech
3 articles · Updated · The Boston Globe · Nov 4
Summary
Midday Wednesday trading put the S&P 500 up 1.8%, on track for its biggest one-day gain since August and the strongest next-day midterm rise since 2018.
Nearly 9% lower US crude prices drove much of the move, as investors bet Democratic control of Congress makes Trump less likely to escalate attacks on Iran and eases pressure on gasoline costs.
Consumer discretionary stocks climbed almost 5% on hopes cheaper energy will free up household spending, while oil and gas shares fell 5% as the market repriced war risk.
Amazon rose 7%, Microsoft 4% and Alphabet 3% as investors also rotated into hyperscalers, betting a Democratic Congress could slow data-center expansion and curb AI capital spending.
That shift hit data-center suppliers instead: the Philadelphia Semiconductor Index fell 4%, though economists said the broader outlook still depends more on Trump's tariffs, immigration policy and Iran decisions than on Congress.