A Two-Day Whipsaw

Thoughts on the Market by Andy Krieger

November 11, 2026

The post-election markets in the U.S. last week were fascinating. When Democrats won a sweeping victory in the midterms, the markets initially welcomed the change.

On Wednesday, November 4 -- the day after the election -- stocks rallied sharply. The S&P 500 rose 119.70 points (1.6%) to 7,688.62. The Nasdaq Composite rose 364.50 points (1.4%) to 25,736.51.

The next day brought a sharp reversal. On Thursday, November 5, the S&P 500 fell 334.89 points (4.4%) to 7,353.73. The Nasdaq Composite fell 1,421.52 points (5.5%) to 24,315.00, and the Dow dropped 1,833.06 points, or 3.4%.

It was the S&P 500's worst day since the "Liberation Day" tariff selloff in April 2025. It also more than erased the prior day's gain, which had been the best session in three months.