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Dow Jumps, Apple Hits Record; Data-Center Power Stocks Sink

Midterms — Dow Jumps 2.3% and Apple Hits a Record; Data-Center Power Stocks Sink Up to 15%

Democrats' sweep of Congress lifts the Dow 2.3% to 52,999 and the S&P 500 1.2% to 7,658.5, and the equal-weight index keeps pace. Apple rises 5.8% to a record, Microsoft 6.0% and Amazon 5.8%. The market sells what the vote may slow: Vistra falls 15.3%, Vertiv 13.6%, Quanta 12.7% and GE Vernova 11.9%, and the chip index loses 3.9% even after AMD's strong outlook. Solar stocks and hospitals jump, defense falls. Datadog drops 13.7% on a soft revenue guide. The VIX falls to 17.5, gold is back above $4,000, and tonight Qualcomm, Arm, AppLovin, MercadoLibre and Coherent report.

In this edition

DIA SPY QQQ RSP AAPL MSFT AMZN GOOGL

The Midday 10 Wed, Nov 4, 2026 ~60 seconds 11:45 ET

Democrats' sweep of Congress lifts the Dow 2.3% and Apple to a record, but the market sells what the vote may slow: the power and equipment suppliers to data centers fall 9% to 15%, and the chip index loses 3.9% even after AMD's strong outlook.

US midday, intraday quotes ~11:30 ET (delayed)

  1. The indices — the Dow leads, and the average stock keeps up
  2. Apple, Microsoft and Amazon — the big winners of the vote
  3. Data-center power — Wall Street sells harder than Europe did
  4. Chips and AMD — a strong outlook, and a 6% gain given back
  5. Datadog — a beat, and a revenue guide that stalls
  6. The policy trades — solar and hospitals up, defense down
  7. Novo Nordisk — outlook raised, shares up 6%
  8. Sectors — Tuesday's split turned back around
  9. Jobs, bonds and havens — gold back above $4,000, oil down 5%
  10. The windows — Apple over its paid line, Palantir under its sold line; five reports tonight

The ten lines

  1. 1

    LEVEL The indices — the Dow leads, and the average stock keeps up

    DIASPYQQQRSP

    The Dow rises 2.3% to 52,999, about 1,210 points above Tuesday's 51,786.7 close, the S&P 500 1.2% to 7,658.5 and the Nasdaq Composite 1.1% to 25,662. Unlike Tuesday, the gain is broad: the equal-weight S&P 500 fund RSP is up 1.28%, in step with SPY's 1.22%. Small caps (IWM) add 0.6%. The Dow fund DIA, at 529.26, is 1.6% above its 50-day average near 521.1. SPY touched 768.63, above its line near 767.0, and is back 0.4% under it at 763.56; QQQ, at 689.63, is still 4.7% under its line near 723.9. The VIX, the market's fear gauge, falls 16% to 17.52 from 20.83. Investors read a divided Washington as less policy change, and Jay Woods of Freedom Capital Markets told CNBC that gridlock has historically been good for stocks (UPI).

  2. 2

    UP Apple, Microsoft and Amazon — the big winners of the vote

    AAPLMSFTAMZNGOOGL

    Apple rises 5.8% to 351.10, a record high that puts its market value above $5 trillion, Yahoo Finance reports. Analysts point to two things: Apple has little exposure to data-center construction, and memory prices, the cost that weighed on its margin outlook on Monday, are cooling. Evercore ISI's Amit Daryanani called it "THE name to keep working when investors want to get defensive." Microsoft gains 6.0% to 552.24, Amazon 5.8% to 265.34 and Alphabet 3.4%, while Meta adds 0.7%. Tesla falls 4.2% with the other Musk-linked names. The large tech companies that sell software and devices around the world rise; those that build AI hardware fall.

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  4. 3

    DOWN Data-center power — Wall Street sells harder than Europe did

    VSTVRTPWRGEV

    This morning's Daily Pulse asked whether the US suppliers of power and cooling to data centers would follow Europe's suppliers lower. They fall harder. Vistra, the Texas power producer, loses 15.3% to 118.25, Vertiv 13.6%, Quanta Services 12.7%, GE Vernova 11.9%, Eaton 9.9% and Constellation Energy 9.2%; in Europe this morning Prysmian fell 3.8%. In Texas the Democrat Gina Hinojosa won the governor's race on a pledge to pause new data centers, and Texas holds more than a quarter of the US capacity planned by 2030 (Yahoo Finance). KeyBanc downgraded Vistra on the Texas result (Investing.com). Analysts note that only about 20% of GE Vernova's contracted gas turbines are for data centers, and any federal law to slow construction still needs the president's signature. The companies that rent out AI servers fall with them: IREN 13.0%, CoreWeave 10.4% and Nebius 7.2%.

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C · line 11 · members

Today in line 11: why the vote splits tech in two rather than lifting or sinking it, why the data-center sell-off is about the states and not Congress, what AMD giving back 6% says, and the levels and grades for Thursday and Friday.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.