Market Wrap: Wednesday, November 4, 2026 — S&P 500, Nasdaq & Dow Jones

Today's stock market session was characterized by a broad-based rally, with all three major US indices posting significant gains. The Dow Jones Industrial Average led the charge, surging 3.03% to its best day since April 2025, while the S&P 500 and Nasdaq Composite also rose 1.58% and 1.44%, respectively. The rally was largely driven by the Democrats' decisive win in the midterm elections, which has alleviated concerns about political uncertainty and put a "blue tsunami" in motion. This shift in sentiment has led to a risk-on tone, with investors flocking to stocks and pushing yields lower.

The rally was not limited to the broader market, with the Nasdaq 100 also getting a boost from the election results. Nvidia's market value surpassed Apple's, contributing to the Nasdaq 100's gains. However, not all sectors were immune to the rally, with data center stocks tumbling in response to the Democrats' win. Treasury yields and oil prices also fell, reflecting the shift in investor sentiment. Despite the strong gains, some analysts are cautioning against getting too optimistic, citing historical precedent that suggests the market may not be out of the woods yet. Overall, today's market session was marked by a clear shift towards risk-on, with investors embracing the new political landscape and pushing stocks higher.