️🇺🇸 Bloomberg: US stocks fell as tech stocks fell on expectations of a Democratic sweep of Congress and tighter regulation of data centers in Texas.
The Nasdaq 100 fell 6.24%, the S&P 500 fell 3.7% and the Dow fell 2% amid weak earnings from Arm Holdings and Qualcomm and warnings from Wells Fargo Chief Equity Strategist Oshong Kwon that the market was pricing in more anti-Gina-Coming-Center Government laws.
Goldman Sachs strategist Ioannis Blakos noted that the S&P 500 has historically risen an average of 15.5% in the 12 months following midterm elections, a trend investors hope will support a year-end rally.