Markets in 5Thursday, November 5
Democratic midterm sweep lifts stocks and pulls oil lower
The Nov 4 session closed with broad gains after Democrats took both chambers of Congress, oil fell and the 10-year Treasury yield eased to 4.90 percent.
Stocks
Major indexes post strong gains on midterm results
The Dow Jones closed at 53,356.12 on Nov 4, up 1,569.40 points or 3.03%, while the S&P 500 rose 1.58% to 7,688.62 and the Nasdaq Composite gained 1.44% to 25,736.51. The Wall Street Journal said traders bet a divided government would be good for business, and the Russell 2000 closed up 1.58% at 2,856.96. The Dow's gain was its best day since April 2025, according to NBC News.
Rates
Treasury yields ease after midterm results
The official Treasury par yield for the 10-year note closed at 4.90% on Nov 4, down 5 basis points from 4.95% the previous day. The 2-year yield eased to 4.58% from 4.61%, leaving the 2s10s spread at 32 basis points. The 30-year yield closed at 5.28%, against 5.32% on Nov 3.
Commodities
Oil falls on hopes of Middle East settlement
Oil futures fell after Democrats won control of Congress, raising hopes for a settlement to the Middle East conflict, the Wall Street Journal reported. Oil declined more than 8% overnight and kept falling in early Asian trade. Gold recovered the $4,000 level in US trading as oil slid and Treasury yields fell.
Economy
ISM services index slows to 54.5 in October
The ISM Services PMI fell to 54.5 in October from 54.9 in September, its lowest in three months and just below a forecast of 54.8. New orders fell to 55.9 against a consensus of 59.5, and prices paid stood at 73.0. The ISM said many firms have not yet passed higher fuel and tariff costs on to customers. ADP separately reported that private employers added 86,000 jobs in October, slightly above expectations.
Earnings
AppLovin jumps after hours; Qualcomm slips
AppLovin rose 10.69% in the regular session to $271.75 on Nov 4, then surged after the bell following third-quarter results that topped estimates; Benzinga put the after-hours move at 22.83% to $333.80. Qualcomm fell almost 6% after hours despite a slight earnings beat, as its guidance of adjusted EPS of $2.15 to $2.35 for the current quarter compared with $2.26 expected by analysts. MarketWatch cited the loss of Apple business and high memory costs.