TradingKey - On November 4, following the release of the U.S. midterm election results, the three major U.S. stock indices rallied sharply across the board. The Democratic Party won both houses of Congress, easing market concerns over political uncertainty and oil-driven inflation; however, AI infrastructure stocks showed mixed performance, with cloud computing giants strengthening while chip and memory stocks came under pressure.
The Dow Jones Industrial Average rose 3.03% to close at 53,361.33; the S&P 500 Index gained 1.58% to close at 7,688.62; and the Nasdaq Composite Index climbed 1.44% to close at 25,736.51.
In terms of sectors and individual stocks, Microsoft (MSFT) rose 6.68%, Amazon (AMZN) gained 6.12%, Apple (AAPL) climbed 5.31%, Alphabet (GOOGL) added 3.18%, and Meta (META) advanced 1.44%.
Conversely, AI infrastructure-related stocks generally pulled back. Nvidia (NVDA) fell 3.17%, Micron (MU) dropped 7.00%, Broadcom (AVGO) slipped 2.00%, and the Philadelphia Semiconductor Index fell 3.13%. Tesla (TSLA) lost 3.34%.
In commodities, Brent crude (UKOIL) plunged 9.26% to close at $94.61; WTI crude (USOIL) dropped 8.99% to $88.05. As the market reassessed the escalation risk of U.S. policy toward Iran, the geopolitical risk premium previously accumulated in crude oil rapidly unwound.
In precious metals, gold (XAUUSD) was trading at around $4,069, edging higher. The U.S. Dollar Index stood at 101.24, down about 0.42%, while the 10-year U.S. Treasury yield eased to 4.88%, jointly supporting gold prices to remain above $4,000.
In cryptocurrencies, Bitcoin (BTC) closed at $80,504, up 3.94%. Crypto assets, previously suppressed by election uncertainty and the Binance security incident, experienced a recovery.
