Trump Links Wall Street Selloff to Democrats’ Strong Midterm Performance

US President Donald Trump has accused Democrats of contributing to the sharp fall in the country’s stock market following their strong performance in this week’s midterm elections.

In a Thursday post on his Truth Social platform, Trump linked the market downturn to the opposition party’s electoral successes, following a sharp selloff in US stocks.

“The Stock Market crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!” he wrote.

Financial analysts, however, pointed to growing fears that Democratic victories could put investments in artificial intelligence (AI) data centres at risk, particularly as opposition to the projects gains momentum across the country.

The Nasdaq, which is heavily weighted towards technology companies, suffered its biggest percentage drop in a single trading session since April 2025.

Opposition to data centre projects has emerged among voters from both major political parties, with several candidates who secured victories in the midterm polls campaigning on promises to limit or delay their development.

The Democratic Party made significant electoral gains, taking several seats previously controlled by Republicans in South Carolina, North Carolina, Iowa, Kansas, Ohio, Texas and Maine.

In Maine, Troy Jackson, a former logger, defeated Republican Senator Susan Collins, marking the Democrats’ seventh Senate seat pickup from the Republican Party.

In Kansas, Adam Hamilton, a Methodist minister, secured a historic victory, becoming the first Democrat elected to represent the state in the Senate since 1932. Iowa also returned a Democrat to the Senate for the first time since 2008.

Texas recorded major Democratic victories as Talarico celebrated his Senate win by declaring that he had defeated “Goliath”. Meanwhile, Gina Hinojosa defeated Republican Governor Greg Abbott, bringing an end to decades of Republican dominance in the state’s governorship.

Democrats also successfully defended important Senate seats, including Jon Ossoff’s seat in Georgia and an open seat in New Hampshire.

In Michigan, Abdul El-Sayed defeated former Republican lawmaker Mike Rogers, making history as the first Muslim elected to the US Senate.

The party’s momentum was also reflected in House of Representatives contests, where Democrats gained seats across Pennsylvania, Kentucky, Arizona, North Carolina, Wisconsin and New Jersey. Some of the victories came in districts Trump had won decisively in the 2024 presidential election.

In Indiana, Democrat J.D. Ford defeated Republican Congresswoman Victoria Spartz in a constituency Trump had carried by a 17-percentage-point margin in 2024.

The Democrats further secured Georgia’s governorship, with former Atlanta Mayor Keisha Lance Bottoms becoming the first Black woman to occupy the office.

Despite the Democratic gains, Republicans maintained their strength in Florida. Trump-backed Byron Donalds won the governorship, becoming the state’s first Black governor, while Ashley Moody successfully defended her Senate seat against a strong Democratic challenge.

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