President Donald Trump on Thursday said a stock market drop that day was due to Democrats winning Congress back in the midterm elections.
The S&P 500 fell 4.4 percent for its worst day since the April 2025 tariff announcement, while the Dow Jones Industrial Average sank 1,833 points, or 3.4 percent, and the Nasdaq dropped 5.5 percent by the end of Thursday’s trading period.
On Friday morning, the Nasdaq was up more than 1.5 percent, the Dow was up slightly, and the S&P 500 was up around 1 percentage point.
“The Stock Market crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!” Trump wrote in a post on Truth Social, using a term he has been using for months to refer to the Democratic Party.
In another post, the president added that the drop on Thursday was “such a sad thing to watch” because “it took so much work to get us to a level that no one has ever seen before, and then this.”
“Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE,” he continued.
Tuesday’s elections saw Democrats take control of the Senate and House for the next Congress, securing significant wins in Ohio, Texas, Iowa, Maine, Michigan, and Kansas. It was a major blow to Trump, who spent nearly every day over the last month holding rallies to energize his supporters in several states.
Some Democratic candidates focused on cost-of-living issues, while Vice President JD Vance noted in a midterm post-mortem analysis that the ongoing U.S.–Iran war launched in February proved a significant issue for voters.
Vance also said that the cost of living, the U.S. government’s relationship with Israel, and a lack of “America first” policies played a role.
“Our voters showed up. And the above four reasons are why many of them voted for Democrats. This is according to a pollster who nailed the results,” he wrote.
Across the United States, voters largely rejected the development of data centers, facilities used to house computer equipment for storing and transmitting digital information. They power large-language models that drive artificial intelligence, or AI, which has skyrocketed in usage in recent years.
Trump on Friday praised AI as a means to boost the U.S. economy moving forward. In recent weeks, the president has tried to rebrand it as “super intelligence,” or SI.
“As President, I am 100% in favor of Super Intelligence (SI), and will work with the many States in the U.S. that want to become RICH by having them. They are GOLD, and only foolish leadership will say ‘NO’ to the riches they bring!” he wrote.
Democratic control of Congress is expected to profoundly reshape Trump’s final two years in office and hamstring his legislative agenda. Members of the Democratic Party have also threatened to launch investigations into Trump administration officials following wins on Tuesday evening.
The Associated Press contributed to this report.
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