President Donald Trump stated on Friday that the stock market endured one of the worst days in history on Thursday, a day after indices surged following the Democratic Party's significant midterm election wins. The sharp reversal in market sentiment occurred shortly after the Dow Jones Industrial Average rose by 1,104 points on Wednesday. However, on Thursday, the index dropped by more than 2,100 points from the opening bell before closing down by 1,833 points compared to the previous day.
In a post on Truth Social late Thursday, the president suggested that the Democratic Party bore responsibility for the market's downturn. He wrote, “The Stock Market crashed today because the Dumocrats had a big Tuesday. So sad to see, you only have yourselves to blame!” A subsequent post elaborated on his view, noting that the market suffered due to the election results.
Trump expressed regret over the decline, stating, “Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this.” He emphasized that the shift was not due to Republicans but rather Democrats, adding, “Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE.”
Other major indexes also experienced significant losses on Thursday. The Nasdaq composite, which had gained more than 500 points on Wednesday, fell by approximately 1,422 points. Similarly, the S&P 500, up by more than 120 points the previous day, dropped by roughly 335 points on Thursday.
The market volatility followed Tuesday's midterm elections, where Democrats secured control of both the House and the Senate for the next term. Their historic victories included wins in key battleground states such as Texas, Iowa, Ohio, Maine, Michigan, and Kansas. Many Democratic candidates had campaigned on addressing cost-of-living concerns, a strategy that some Republicans acknowledged was effective in appealing to voters.
Texas Senator Ted Cruz, a Republican, recognized affordability as a primary issue for the electorate after the results were tallied. Vice President Vance also analyzed the GOP losses in a post on X, pointing to the ongoing Iran war as the main issue. However, he also cited cost of living as a key factor, a point some Democrats challenged by arguing that he had supported Trump’s operations in the Middle East.
Recent polling data supports the focus on economic concerns. A Reuters/Ipsos poll found that 48 percent of voters ranked cost of living as the most important factor when deciding how to vote. A separate Gallup survey conducted in October found that nearly half of respondents considered the economy an extremely important factor before casting their ballots.
On Friday, Trump shifted his attention to the potential economic impact of artificial intelligence, a technology he has sought to rebrand as superintelligence. He declared his full support for the sector on Truth Social, stating that he would work with states eager to become wealthy by hosting these technologies, likely referring to the expansion of AI data centers.
The president described these facilities as valuable assets, writing, “They are GOLD, and only foolish leadership will say ‘NO’ to the riches they bring!” This statement highlighted his continued emphasis on technological development as a driver of economic growth.
