Trump blames stock market drop on Democrats' midterm victory
Former US President Donald Trump said the stock market plunged due to Democrats’ strong showing in Tuesday’s midterm elections.
On Thursday night, President Trump blamed voters for the historic stock market sell-off, saying they had themselves to blame. This comes two days after Republicans suffered a major defeat in the midterm elections. Stocks plummeted on Thursday, with the tech-focused Nasdaq falling more than 5% due to concerns over the future of AI development and the data centers that support it.
Investors were particularly unsettled after the Democratic gains in Tuesday's election, which signaled a shift towards restricting AI. Trump posted a message on Truth Social, stating, "The Stock Market crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!" The market had actually experienced a significant rally on Wednesday, but Trump took credit for that surge at the time.
Investors should watch for further declines in pre-market trading and potential losses in Asian markets, indicating a potentially tough Friday ahead.
Written by urgent.news from Axios's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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