US Stock Market Trends (November 5): Democrats Sweep Congress, Dow Surges 1,569 Points, AppLovin Rises About 21% After Hours

Democrats swept both chambers of Congress and won key governorships including Texas, lifting the Dow Jones Industrial Average 1,569.40 points (+3.03%) to 53,356.12, its biggest single-day gain since April 2025, while the S&P 500 rose 1.58% to 7,688.62 and the Nasdaq gained 1.44% to 25,736.51. Texas governor-elect Gina Hinojosa's pledge to pause data center construction, with Wells Fargo estimating Texas holds about 27% of U.S. data center capacity, drove capital out of AI infrastructure names—Nvidia fell about 3%, CoreWeave dropped more than 7% intraday and its 2031 bonds yielded 15.919%—into megacaps, with Apple hitting a record $354.33 and a $5.12 trillion market cap and Microsoft also setting a high. WTI crude fell more than 8% to $88.12 a barrel and Brent dropped about 8% to near $95 on bets that the Republican loss, blamed by Vice President JD Vance on the Iran war, raises pressure to end the conflict; the 10-year Treasury yield fell 8.8 basis points to 4.886% and bitcoin briefly touched $75,000 before rebounding to around $80,000. After the close, AppLovin jumped about 21% to $328.05 on Q3 revenue of $2.18 billion (+55%) and Q4 guidance of $2.37-2.40 billion plus a $3.2 billion buyback increase, while Qualcomm fell about 7% to $160.98 on soft guidance and a 26% drop in handset chip revenue to $5.14 billion. Investors next watch Thursday's jobless claims and Friday's October nonfarm payrolls, with markets expecting another Fed rate hike in December, and Compass