United States President, Donald Trump, has blamed the Democratic Party’s victories in the midterm elections for a sharp decline in the country’s stock market, which suffered a major selloff on Thursday.
Trump accused the Democrats of triggering the market downturn following their significant electoral gains earlier in the week.
“The Stock Market crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!” Trump wrote on his Truth Social platform after the US markets closed.
However, market analysts linked the selloff to growing concerns over the Democrats’ potential moves to restrict investments in artificial intelligence data centres.
The technology-focused Nasdaq recorded its worst percentage decline in a single session since April 2025.
AI data centre projects have faced widespread opposition from voters across political divides in the United States, with several candidates who won seats in the midterm elections promising to curb the developments.
The Democrats made significant gains by unseating Republican lawmakers in South Carolina, North Carolina, Iowa, Kansas, Ohio, Texas and Maine.
In Maine, former logger Troy Jackson defeated longtime Republican Senator Susan Collins, securing the Democrats’ seventh Senate seat previously held by the Republicans.
In Kansas, Methodist minister Adam Hamilton became the first Democrat elected to the Senate from the traditionally conservative state since 1932, while Iowa returned a Democratic senator for the first time since 2008.
Texas Democrat Talarico also declared victory in a Senate race, saying he had defeated “Goliath”, while Gina Hinojosa unseated Republican Governor Greg Abbott, ending decades of Republican control of the state.
The Democrats also retained key Senate seats, including those held by Jon Ossoff in Georgia and an open seat in New Hampshire.
The party’s victories extended to Michigan, where Abdul El-Sayed defeated former Republican lawmaker Mike Rogers to become the first Muslim elected to the US Senate. Democrats also recorded gains in the House of Representatives across Pennsylvania, Kentucky, Arizona, North Carolina, Wisconsin and New Jersey, including districts Trump won comfortably in 2024.
In Indiana, Democrat J.D. Ford defeated Republican congresswoman Victoria Spartz in a closely watched race in a district Trump carried by 17 percentage points two years ago.
The party also won Georgia’s governorship, with former Atlanta mayor Keisha Lance Bottoms becoming the first Black woman elected governor in US history.
The Republicans, however, secured victories in Florida, where Trump-backed Byron Donalds became the state’s first Black governor, while Ashley Moody retained her Senate seat despite strong Democratic opposition.
