Why it matters
- The Dow rose 1,569.40 points, or 3.03%, to 53,356.12 on Wednesday, Nov. 4, its best day since April 9, 2025, CNBC reported. The S&P 500 gained 1.58% and the Nasdaq 1.44%.
- January Brent fell 8.7% to settle at $94.62 a barrel and December WTI fell 8.3% to $88.12, CNBC reported, as traders bet Democratic control of Congress raises the odds of a deal to end the Iran war.
- The VIX fell 20% to 16.61, the 10-year Treasury yield fell to 4.90% from 4.95%, and gold rose about 3.3%. Energy and defense stocks fell; health care and big tech rallied.
Session recap: what happened in this region's trading day, with sources.
Updated Nov. 5: Qualcomm closed down 9.49% at $156.75 on Thursday, Nov. 5, after the after-hours drop of about 5.3% noted below, and AppLovin closed up 31.04% at $356.10, Yahoo Finance data showed. See our Americas Thursday recap.
U.S. stocks rallied on Wednesday, Nov. 4, the day after the midterm elections, and oil prices plunged. The Dow Jones Industrial Average jumped 1,569.40 points, or 3.03%, to 53,356.12, its best day since April 9, 2025, CNBC reported. The S&P 500 rose 119.70 points, or 1.58%, to 7,688.62, and the Nasdaq Composite gained 364.50 points, or 1.44%, to 25,736.51, according to Yahoo Finance data.
Wednesday's close was not a record. The Dow closed higher, at 54,349.12, on Aug. 5, Yahoo Finance data show, and Wednesday was its first close above 53,000 since Sept. 8, CNBC said.
| Index | Wednesday close | Change vs. Tuesday, Nov. 3 |
|---|---|---|
| Dow Jones Industrial Average | 53,356.12 | +1,569.40 (+3.03%) |
| S&P 500 | 7,688.62 | +119.70 (+1.58%) |
| Nasdaq Composite | 25,736.51 | +364.50 (+1.44%) |
| Russell 2000 | 2,856.95 | +44.50 (+1.58%) |
| Cboe Volatility Index (VIX) | 16.61 | −4.22 (−20.26%) |
| PHLX Semiconductor Index | 10,268.65 | −331.75 (−3.13%) |
| S&P/TSX Composite (Canada) | 36,341.40 | +809.10 (+2.28%) |
| Ibovespa (Brazil) | 167,563.47 | +2,034.47 (+1.23%) |
| S&P/BMV IPC (Mexico) | 70,819.80 | +635.47 (+0.91%) |
Source: Yahoo Finance daily chart data.
Why did U.S. stocks rise today?
Stocks rose because the midterm results removed political uncertainty and sent oil sharply lower. Democrats were projected to win control of both the House and the Senate, with the Associated Press reporting they are set to control both chambers, and CNBC said the clear-cut result eased a source of risk for Wall Street. Several strategists told CNBC that markets have historically liked divided government. "Earnings trump elections," Brian Jacobsen of Annex Wealth Management told the AP.
Oil added to the rally. Vice President JD Vance wrote on social media that "the reason we lost is the war," CNBC reported. Analysts said the market now sees President Donald Trump as more likely to make a deal with Iran. "The elections are leading the market to conclude that Trump might now be inclined to make a deal," Andy Lipow of Lipow Oil Associates told CNBC.
Which sectors and stocks moved the most?
Gains were broad outside energy, defense and AI hardware. The Consumer Discretionary Select Sector SPDR fund rose 4.26%, financials 3.51% and communication services 3.47%, while the energy fund fell 4.74% and technology was flat, Yahoo Finance data showed. CNBC said the consumer staples fund hit an all-time high.
| Stock | Wednesday close | Change |
|---|---|---|
| Helen of Troy | $37.04 | +25.39% |
| Centene | $76.01 | +12.64% |
| HCA Healthcare | $510.70 | +10.34% |
| Dollar Tree | $147.00 | +9.64% |
| Microsoft | $555.80 | +6.68% |
| Amazon | $266.03 | +6.12% |
| Apple | $349.51 | +5.31% |
| First Solar | $194.51 | +4.63% |
| Nvidia | $200.13 | −3.17% |
| Tesla | $385.19 | −3.34% |
| Exxon Mobil | $169.27 | −4.62% |
| ConocoPhillips | $136.94 | −5.17% |
| Lockheed Martin | $595.04 | −6.88% |
| CoreWeave | $48.42 | −9.90% |
| Trump Media & Technology Group | $4.49 | −24.54% |
Source: Yahoo Finance chart data.
Health care stocks rose on hopes of reversing federal health care cuts, and solar names rose on the prospect of Democratic support for clean energy, the AP reported. Defense and big oil stocks fell. Apple hit a record intraday high of $354.33, CNBC said. AI and data center stocks lagged; CNBC tied part of that to a Texas data center moratorium pledge. Helen of Troy jumped after it confirmed it rejected a $37-a-share takeover proposal, CNBC reported.
After the bell, AppLovin was up about 19.9% and Qualcomm down about 5.3% around 4:56 p.m. ET, Yahoo Finance data showed. Both were on Nasdaq's after-hours earnings calendar with Arm Holdings and MercadoLibre.
What happened to oil, yields and gold?
January Brent, the front month, fell 8.7% to settle at $94.62 a barrel, and December WTI fell 8.3% to $88.12, CNBC reported. That was down from Tuesday's settlements of $103.60 and $96.09, as reported by Reuters. CIBC's Rebecca Babin told CNBC the sell-off "could be getting a bit overdone."
The 10-year Treasury yield fell to 4.90% from 4.95%, and the 2-year fell to 4.58% from 4.61%, Treasury data showed. December gold futures were about $4,070 an ounce late Wednesday, up about 3.3%, Yahoo Finance data showed. In economic data, the ISM services PMI eased to 54.5 in October from 54.9, Trading Economics said.
How did Canada, Brazil and Mexico trade?
Canada's S&P/TSX Composite rose 2.28%, as Shopify gained 6.25% in Toronto while Canadian Natural Resources fell 7.70%, Yahoo Finance data showed. Brazil's Ibovespa rose 1.23% even as Petrobras preferred shares fell 7.08% with oil. Mexico's IPC gained 0.91%.
This morning's day-ahead guide set up the session, and our Europe Wednesday recap covers the rally overseas. Tuesday's session is in our Americas Tuesday recap.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- CNBC, Dow soars 1,500 points for best day since April 2025 on clear-cut Democratic win, falling oil: Live updates (Nov. 4, 2026)
- CNBC, Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war (Nov. 4, 2026)
- Associated Press via WBTV, US stocks surge, Dow soars 1,500 points as Brent oil's price drops below $95 per barrel after Democrats take control of Congress (Nov. 4, 2026)
- Reuters via Investing.com, Oil prices ease to settle near 4-week low on hopes peace talks will end wars (Nov. 3, 2026)
- U.S. Treasury, Daily Treasury par yield curve rates, 2026
- Trading Economics, United States ISM Services PMI
- Nasdaq, earnings calendar for Nov. 4, 2026
- Yahoo Finance, chart data for the Dow, S&P 500, Nasdaq Composite, Russell 2000, VIX, PHLX Semiconductor Index, S&P/TSX Composite, Ibovespa, IPC, gold futures, sector funds (XLY, XLF, XLC, XLE, XLK), Helen of Troy, Centene, HCA Healthcare, Dollar Tree, Microsoft, Amazon, Apple, First Solar, Nvidia, Tesla, Exxon Mobil, ConocoPhillips, Lockheed Martin, CoreWeave, Trump Media & Technology Group, AppLovin, Qualcomm, Shopify (Toronto), Canadian Natural Resources and Petrobras