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If yesterday was the post-election party, Thursday was the hangover. Markets erased Wednesday’s strong gains as investors continued to digest the Democratic sweep of Washington: the S&P -4.36%, the Nasdaq -5.52%, the Dow -3.46% and the TSX -2.03%. Bearing the brunt were AI stocks as the market perceives a slowdown in the AI data centre build and weakening demand for computer chips. Nvidia plunged 9.26%, Intel slid 10.33% and Sandisk cratered 22.26%. Meanwhile, Tesla plunged 10.77% though AppLovin soared 10.69% after reporting a strong beat. Bitcoin fell 5.55% to US$75,695 while the U.S. 10-year yield decreased to 4.839%.

In Toronto, only three sectors rose, led by telcos, while tech, financials and discretionary tumbled the most. WTI regained nearly 3% to US$4,090 as the markets wait to see if Trump extends an olive branch to Iran or resumes fighting. Major movers on Bay Street included Suncor down 4.06%, Gildan sliding 18.86% and Russel Metals plunging 13.62%, though telcos Telus gained 2.33% in heavy trading and BCE rallied 4.58%. The metals were mixed: silver slipped 0.75% to US$51.70 though gold advanced US$29 to $4,090.

💾 NVIDIA Corporation (NVDA) -9.26%

💾 Intel (INTC) -10.33%

💾 Sandisk Corp (SNDK) -22.26%

🚗 Tesla Inc (TSLA) -10.77%

💾 AppLovin Corporation (APP) +10.69%

🅱 Bitcoin (BTCUSD) (BTC-USD) -5.55%

🛢 Suncor Energy Inc (SU.TO) -4.06%

👕 Gildan Activewear Inc. (GIL.TO) -18.86%

⛓ Russel Metals (RUS.TO) -13.62%

📱 Telus Corp (T.TO) +2.33%

📱 BCE Inc. (BCE.TO) +4.58%

Last night, the Democrats flipped the House and the Senate in an historic U.S. Midterm election, for only the third time in 80 years. Though predicted by polls, the Blue Wave astonished markets which initially fell in pre-market trading, but roared back on Wednesday. By the closing bell, the Dow soared over 1,500 points or 3.03% while the S&P rallied 1.58% and the Nasdaq 1.44%. Staples, healthcare and financials all made record highs. Several Mag 7 names jumped, including Apple by 5.31% to a fresh high, Amazon 6.12% and Microsoft 6.68%. However, the street expects the feverish data centre build to cool off, and sold names such as Vertiv which tumbled 12.89%. Elon Musk sank nearly half a billion dollars into supporting the Republicans, particularly in Texas which turned Democrat. His SpaceX sank 3.81%. Republicans, including Vice-President J.D. Vance blamed Trump’s war on Iran for triggering inflation and alienating voters. Trump Media & Technology shares cratered 12.89%. Meanwhile, CVS announced it was splitting in two, and its shares skidded 12.53%. Bitcoin advanced over 3% to US$80,190. The U.S. 10-year yield inched down to 4.88%.

Despite WTI tumbling nearly 8% to US$88.55, the TSX rallied 2.29%, helped by strong performances in materials and discretionary and nearly every other sector. Silver shot up 5.1% to US$52.20 and gold 3.45% to US$4,4065. Key names: Equinox Gold 12.4%, Americas Gold & Silver 13.46%, CNQ -7.7%, Telus 3.45% and Brookfield Asset Management 6%.

🍎 Apple Inc (AAPL) +5.31%

📦 Amazon.com, Inc. (AMZN) +6.12%

Ⓜ Microsoft Corp (MSFT) +6.68%

🧬 Vertiv Holdings (VRT) -12.89%

📡 SpaceX (SPCX) -3.81%

🚾 Trump Media & Technology Group (DJT) -12.89%

👨‍⚕️ CVS Health Corp (CVS) -12.53%

🅱 Bitcoin (BTCUSD) (BTC-USD) +3%

🥇 Equinox Gold (EQX.TO) +12.4%

⛏ U.S. Silver & Gold (USA.TO) +13.46%

🛢 Canadian Natural Rsrcs (CNQ.TO) -7.7%

📱 Telus Corp (T.TO) +3.45%

🏛 Brookfield Asset Management Inc. (BAM) +6%

New York and Toronto markets were mixed as Americans voted at the Midterm elections. Polls heavily favour the Democrats. The S&P gained 0.36%, the Nasdaq 0.83%, the Dow -0.38% and the TSX -0.75% or about 270 points. Tech stabilized after recent heavy selling. Key U.S. names included Oracle up 5.85&, Fiserv 12.46%, Sysco -9.33%, Kimberly-Clark -3.5% and Bloom Energy rallying 9.05% on an upgrade. On the TSX: Toromont 846%, Barrick -2.2%, Curaleaf 10.91%, Shopify -8.02% after reporting earnings, and Thomson Reuters -9% which also missed earnings. Sectors were mixed with healthcare outperforming all while tech and materials sank the most.

Meanwhile, the U.S. 10-year yield edged up to 4.96% while Bitcoin added 1.5% to US$77,865. Silver slid 1.7% to US$49.65, gold fell US$18 to US$,3928 and WTI reclaimed 0.5% to US$96.60 as threats of attacks in the U.S.-Iran war hangs over peace talks.

💻 Oracle (ORCL) +5.85%

🏛 Fiserv, Inc. (FI) +12.46%

🚚 Sysco Corp (SYY) -9.33%

🧻 Kimberly Clark (KMB) -3.5%

🧬 Bloom Energy (BE) +9.05%

⚙ Toromont Industries (TIH.TO) +8.46%

⛏ Barrick Mining (ABX.TO) -2.2%

🌿 Curaleaf Holdings Inc (CURA.TO) +10.91%

🛍 Shopify Inc. (SHOP.TO) -8.02%

🖨 Thomson Reuters Corp (TRI.TO) -9%

🅱 Bitcoin (BTCUSD) (BTC-USD) +1.5%