‘The blood is in the streets’: Nasdaq plunges as US midterms rattle SpaceX and Nvidia 

US markets fell sharply after midterm election results gave Democrats control of both chambers of Congress, creating a check on President Trump and raising concerns among investors about AI and data centre investment. The Nasdaq dropped more than 5 per cent, as traders moved out of technology shares amid fears of political pressure on the sector.

Nvidia and Broadcom fell 8 and 9 per cent respectively, while Tesla and SpaceX each lost 10 per cent. The Dow Jones declined 2.4 per cent and the S&P 500 fell 3.5 per cent; in London, the FTSE 100 slipped 0.4 per cent, with Polar Capital and Computacenter down 7 per cent. Elon Musk spent about $474m during the midterm cycle, making him the largest single-cycle political donor in modern US history, according to the article.