Trump: Elections a Setback for America.. Stock Losses Hit $3 Trillion - Sarmad

U.S. President Donald Trump described the results of the midterm elections as “a huge step backward,” and said the stock market lost $3 trillion in a single day.

Trump wrote on Sunday on his platform, Truth Social: “America has taken a huge step backward in its history as a result of the recent elections. Even the stock market, which was like a rocket during the Trump era, suffered losses of $3 trillion in one day.”

The U.S. president added: “But there is no need to fear. We will return bigger and stronger than ever!”

Trump’s remarks came after the midterm elections held on November 3, which resulted in the Democratic Party taking control of both the House of Representatives and the Senate from the Republicans, dealing a political setback to the U.S. president.

Trump had attributed the Republicans’ defeat to the absence of his name on the ballots, maintaining that his party would have won if he had personally participated in the elections.

In financial markets, Reuters reported that a wave of selling on Wall Street on Thursday, November 5, erased approximately $3 trillion from the market capitalization of companies in the S&P 500 index.

The Nasdaq Composite fell 5.5% during the same session, amid investor concerns that Democratic control of Congress would lead to tighter regulatory restrictions on the artificial intelligence sector and slow the expansion of data center construction.

U.S. stocks had recorded strong gains on November 4 following the announcement of election results, with the S&P 500 rising 1.6%.

In the latest trading session on Friday, November 6, stocks recovered some of their losses, with the Nasdaq rising 1.1% and the S&P 500 climbing 0.3%, despite continued market pressure throughout the week.