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The Dow Jones rose 226 points, or 0.4%, at the start of trading Thursday, buoyed by shares of JPMorgan and American Express, while the S&P 500 fell 0.6% and the Nasdaq dropped 1.5%. Technology and AI stocks declined for a second day as investors worried that Democratic gains in the midterm elections—and control of both chambers of Congress—could lead to tighter regulation of the sector. Nvidia and Broadcom each fell 4%, while Qualcomm slid 9% despite beating earnings expectations, after forecasting profits below analysts’ estimates. The Dow had surged more than 1,500 points on Wednesday, its best daily performance since April 2025. But a portfolio manager cautioned that the rally and the shift away from AI stocks could prove temporary as market volatility continues.
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