Why did the S&P 500 lose over $2 trillion in 40 minutes today?

The S&P 500 just lost roughly $2 trillion in market value in 40 minutes, and Wall Street has the midterm elections to thank for a good part of the panic. Thursday’s selloff came after Democrats won control of both chambers of Congress, leaving investors worried about what happens next to America’s expensive AI ambitions. The index dropped 2.8%, wiping out Wednesday’s 1.6% gain, while losses across the broader market exceeded $2.3 trillion by midmorning. The funny thing is that investors were celebrating those same election results just a day earlier. Apparently, 24 hours was enough time for Wall Street to reconsider the whole thing. Why the election results sent AI stocks crashing Democrats didn’t just win Congress.

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