US Stocks Surge After Democratic Midterm Sweep as Tech Earnings Add Fuel

US equities rallied sharply on Wednesday, November 4, 2026, as Democrats won a decisive "blue tsunami" victory in the midterm elections, taking control of Congress and removing the political uncertainty that had been weighing on markets. The Dow Jones Industrial Average surged 1,131 points, or 2.2%, while the S&P 500 gained 1.6% and the Nasdaq Composite climbed 2%. President Donald Trump told The New York Times he was "absolutely willing" to accept the results and indicated to The Wall Street Journal that Republicans would cooperate with Democrats going forward, further calming investor nerves.

Strong corporate earnings added momentum to the broad-based rally. Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year over year, setting September-quarter records for total revenue, iPhone revenue, and earnings per share. Diluted EPS came in at $2.10, a 14% year-over-year increase, with Services hitting an all-time high. Microsoft and Amazon shares also surged alongside the wider tech sector, with Amazon continuing to recover from its October 29 earnings release, during which AWS revenue hit $46 billion despite a headline EPS miss.

Qualcomm was a particular focus Wednesday, with the chip maker scheduled to report its fiscal fourth-quarter and full-year 2026 results after the close. The stock moved higher in anticipation, though analysts had flagged concerns about softer smartphone demand, elevated manufacturing costs, and Apple's efforts to develop its own cellular modem. In Q3, Qualcomm's revenue fell 4% year over year to $9.95 billion, though automotive revenue jumped 61% to $1.59 billion.

Clean energy stocks including Shoals Technologies and Array Technologies were among the sharper gainers on the session, as the Democratic congressional victory raised expectations for continued support of renewable energy policy. Riot Platforms also climbed, extending moves seen across crypto-linked equities. The broad rally reflected investor relief that a contested or prolonged election outcome had been avoided.