Defense, oil and Tesla shares fall and hospital shares rise after Democrats win Congress
AI-linked shares swung wildly and liquor makers rose on tariff-relief hopes, ABC News reports, while Trump Media lost 33% of its value.
Democrats won control of in the elections held on Tuesday, and reacted. ABC News reports that shares tied to artificial intelligence swung wildly on worries that Democratic wins in statehouses and Congress could slow data center construction. Defense companies Northrop Grumman, Lockheed Martin, RTX and General Dynamics fell between 4% and 12% after Tuesday, as investors expected Democrats to push to end the US war with Iran.
Several big oil companies also lost ground, since investors figured that ending the war would push oil prices down. Hospital shares rose on hopes that and funding could be restored or boosted, and liquor makers rose on hopes of relief. Tesla and SpaceX fell after the midterms, and Trump Media lost 33% of its market value.
Breitbart News reports that Democrats flipped at least seven seats, with Alaska and Mississippi still uncalled. According to Breitbart, Vice President JD Vance wrote on X that the war is why Republicans lost, and Trump called that "largely true." ABC adds that crude prices plunged after the election and that the is weighing another rate hike in December.
- between 4% and 12%drop in Northrop Grumman, Lockheed Martin, RTX and General Dynamics shares after TuesdayABC News
- more than $445 millionElon Musk's spending to help Republicans keep Congress, per ABC NewsABC News
- 33%Trump Media's market value lost in three days after the electionABC News
- at least 43Republican-held House seats Democrats flipped, per BreitbartBreitbart News
- 3.9%economists' projected October inflation rate, up from 3.7% in SeptemberABC News
Three sides of the story
3 news outlets reported this
Tap a color or swipe sideways to switch sides.
Liberal1 outlet
Democratic sweep reshuffles winners and losers on Wall Street
ABC News leads its markets piece with the Democrats' "overwhelming victory" and what it did to Wall Street, sector by sector. AI-linked shares such as Nvidia and Lam Research "swung wildly" on worries about slower data center construction, while defense and oil companies fell on expectations that Democrats would push to end the war with Iran. Hospitals and liquor makers rose on hopes of restored funding and tariff relief.
It details Elon Musk's more than $445 million in spending for Republicans and the drops in Tesla and SpaceX, and says Trump Media lost 33% of its market value in three days. A second ABC News piece, a look at the week ahead, ties the Democratic sweep to "stubbornly high prices" for gasoline and groceries. It says economists project October inflation of 3.9%, crude prices plunged after the election, and the Federal Reserve weighs another hike in December.
It also reports that employers created 165,000 jobs in October but wages have lagged inflation.
Center0 outlets
Outlets on this side gave the story little coverage.
Conservative2 outlets
Why Republicans lost, and how the losses compare
Breitbart Business Digest opens its weekly wrap with a joke that the newsletter is ending "under orders from the new DSA masters of Capitol Hill." Its main section, "The Midterm Blu-Nami," says Democrats beat expectations, flipping at least seven Senate seats and at least 43 House seats, with Alaska and Mississippi uncalled and dozens of House races open. It compares the results with earlier midterms and says losing seven Senate seats is "not altogether that rare."
It then asks what went wrong for Republicans. It cites Vice President JD Vance writing on X that "the reason we lost is the war," Trump calling that "largely true,"
NBC exit polls in which about 74 percent called the war a crucial or major factor, and gasoline's weight in the consumer price index. The Washington Times reports that the Democrats' "overwhelming victory" in the midterms shook up Wall Street.
- Breitbart News: Breitbart Business Digest: America Sings the Blues
- The Washington Times: From high-flying AI stocks to tariff-hit alcohol companies, the midterms shook up Wall Street
- Liberal outlets did not mentionVance's post blaming the Iran war for Republican losses, and Trump calling it largely true Reported by Breitbart News
Which side made the stronger case?
We will email you when the story continues. At most one email a day.
ABC News reports that mortgage rates will likely stay high as the Federal Reserve weighs another rate hike at its December meeting, with the 30-year average near its highest level in nearly three years. Economists project October consumer inflation at 3.9%, and ABC says wage growth has not kept up with inflation.
All sources: 4 articles from 3 outlets
Liberal (2)
- ABC News: From high-flying AI stocks to tariff-hit alcohol companies, the midterms shook up Wall Street
- ABC News: Inflation, housing, jobs and corporate earnings will dominate the business calendar this week
Conservative (2)
- Breitbart News: Breitbart Business Digest: America Sings the Blues
- The Washington Times: From high-flying AI stocks to tariff-hit alcohol companies, the midterms shook up Wall Street
The evening briefing by email
One email a day, around 8:30 p.m. New York time: the seven main stories, each with its three sides, and the blind spot of the day. Unsubscribe with one tap.
A Telegram channel is coming soon.