“Uncertainty is gone”: New York stocks surge on Democratic landslide, while Tesla and SpaceX fall
- Input
- 2026-11-05 00:24:26
- Updated
- 2026-11-05 00:24:26
New York stocks opened sharply higher on the 4th (local time).
The market rose as political uncertainty disappeared after Democrats won a landslide in the U.S. midterm elections held the previous day.
As of 10:04 a.m. Eastern Time, the three major indexes—the Dow Jones Industrial Average, the S&P 500 and the Nasdaq—were all up around 2%.
The Dow surged 1,153.32 points (2.23%) from the previous session to 52,940.04, while the S&P 500 rose 135.24 points (1.79%) to 7,704.16.
The Nasdaq surged 605.92 points (2.39%) to 25,977.93, while the Nasdaq-100, comprising 100 large-cap technology stocks, jumped 549.50 points (1.95%) to 28,729.76.
TQQQ, a leveraged exchange-traded fund (ETF) that tracks three times the Nasdaq-100’s daily moves, surged $3.57 (5.90%) to trade at $64.12.
Semiconductor stocks were weaker, though their losses were not steep.
Sector leader NVIDIA fell $1.17 (0.57%) to $205.52, while Micron dropped $18.93 (2.21%) to $836.17.
Intel fell $1.16 (1.92%) to $59.39, while SK hynix American Depositary Receipts (ADRs) slipped $2.99 (1.98%) to trade at $147.80.
AMD, which reported surprise results after the previous day’s market close, demonstrating solid demand for artificial intelligence (AI) semiconductors, surged $14.77 (3.05%) to $498.67.
SOXL, a leveraged ETF that tracks three times the daily share-price moves of 30 major semiconductor stocks, fell $0.83 (1.14%) to $72.29.
Big Tech stocks moved in mixed directions.
Alphabet, Apple, Microsoft (MS) and Amazon surged, while Elon Musk’s Tesla and SpaceX both fell.
Alphabet jumped $13.68 (4.89%) to $293.71, while Apple surged $19.99 (6.02%) to $351.89.
MS surged $33.36 (6.40%) to $554.35, while Amazon soared $19.70 (7.86%) to $270.39.
Tesla and SpaceX, whose CEO Musk had been at the forefront of supporting Republicans in the election, were weaker.
Tesla fell $11.17 (2.80%) to $387.33, while SpaceX slipped $2.72 (1.92%) to trade at $138.59.
Concerns that Musk’s businesses, which benefited from the Donald Trump administration, could face setbacks appear to have weighed on the stocks as Democrats took control of Congress.
[email protected] Song Kyung-jae Reporter