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MARKET BRIEFING · US

The election cleared away uncertainty and the Dow jumped 3%, yet AI data-center stocks fell alone.

November 4, 2026 · Read the Korean original

Major indices

  • Dow 53,356.12 +3.03%
  • S&P 500 7,688.62 +1.58%
  • Nasdaq 25,736.51 +1.44%

What moved the US market overnight was the election, not earnings. With Democrats taking both the House and the Senate, investors first concluded that fiscal expansion and tax cuts would now struggle to clear Congress, and the Treasury market accepted that conclusion. AP reported the 10-year yield easing to 4.92% from 4.95% the evening before. The reaction in oil was rougher. Bets that the shift in power could hasten an end to the Iran war pushed Brent down more than 4% to around $99 a barrel, and Reuters tied that drop to the broader lift in risk appetite. The dollar weakened as well. With yields and oil falling together, equities got relief on valuation and on input costs at the same time.

Judged by the indexes alone it looked like a single-minded celebration, but the inside of the session was split. The Dow closed at 53,356.12, up 1,569.40 points or 3.03%, its biggest daily gain since April 2025, while the S&P 500 added 1.58% and the Nasdaq Composite only 1.44%. That gap between the indexes describes the day. What the election removed was political uncertainty, and the benefit went to cyclical and consumer names before it went to tech.

Big tech and consumer names did the lifting. Amazon (AMZN, e-commerce & cloud) rose 7.1% on hopes for steadier tariff policy, and Apple (AAPL, smartphones & devices) set another all-time high during the session. On the other side stood AI data centers. A candidate who campaigned for an immediate data-center moratorium won the Texas governor's race, and of 41 local ballot measures nationwide, 40 leaned against data centers. By Reuters' tally IREN (IREN, miner turned AI cloud) fell 11% and Core Scientific (CORZ, miner turned AI data centers) lost 10%. Hyperscalers that already own their data centers went the other way, on the reading that a slower build-out raises the value of what they hold, so one story split the AI trade in two. Energy dropped 4.8% on the oil slide, and defense names were weak on expectations that the defense budget request now faces a harder road in Congress.

Korea inherits that split today. Memory chips are the most directly exposed to talk of a slower data-center build-out, so the question is whether the previous day's pullback continues. Power-infrastructure names such as transformer and power-equipment makers, whose earnings ride on US data-center spending, can feel pressure from the same story. Oil falling back below $100 a barrel, by contrast, is a relief for chemical producers that have been squeezed by naphtha costs.

What is confirmed here is the index moves, the election outcome, and the direction of oil and yields. How far data-center regulation actually goes, and when it would reach memory demand, remains analyst interpretation. Individual stock moves were also reported in slightly different sizes depending on when each outlet took its snapshot.

Korean industries to watch today

  • Semiconductors · Fears of a slower data-center build-out shake memory demand expectations
  • Power infrastructure · Pressure on transformer and power-equipment earnings tied to US data-center spending
  • Chemicals & refining · Oil back below $100 eases the naphtha cost burden

Watchlist stocks in the news

  • Amazon (AMZN) Close +7.10% · Rose the most among hyperscalers on hopes for steadier tariff policy. (Reuters)
  • Alphabet (GOOGL) Close +3.40% · Joined the big-tech bid as investors judged political uncertainty removed. (Reuters)
  • Meta (META) Close +1.60% · Took part in the big-tech advance but gained less than its peers. (Reuters)
  • Apple (AAPL) · Set a fresh all-time high intraday on hopes of a lighter tariff burden. (CNBC)
  • Microsoft (MSFT) · Drew buying on the view that a slower build-out raises the value of assets already owned. (CNBC)
  • Tesla (TSLA) Close -3.34% · Slid on analyst warnings that the Democratic win is a hurdle for the AI build-out. (Yahoo Finance)
  • SpaceX (SPCX) Close -3.81% · Fell the most among Musk-linked names as the group weakened together. (Yahoo Finance)
  • NVIDIA (NVDA) · Turned lower even as indexes surged, on worries about a slower AI spending pace. (Yahoo Finance)
  • IREN (IREN) Close -11.00% · Tumbled as the Texas governor's race stoked data-center moratorium fears. (Reuters)
  • Core Scientific (CORZ) Close -10.00% · Its pivot from mining to AI data centers put it in the path of regulatory fears. (Reuters)
  • Applied Digital (APLD) Close -6.70% · Dropped on concern that hosting demand could be tied up by regulation. (Reuters)
  • CoreWeave (CRWV) · Stood out among neoclouds, with the size of the drop varying by snapshot time. (24/7 Wall St.)
  • Nebius (NBIS) · Weakened on the same data-center regulation story. (24/7 Wall St.)
  • AMD (AMD) · Barely moved despite guiding 2027 growth above expectations. (Reuters)
  • HUT (HUT) Close -23.00% · Posted the day's steepest drop as data-center regulation fears concentrated on it. (Reuters)
  • XOM (XOM) · Fell with the energy sector as Brent slid toward $99 a barrel. (Reuters)
  • TAN (TAN) · Climbed nearly 6% on bets that federal clean-energy support stays in place. (Reuters)
  • LMT (LMT) · Slid on expectations the $1.5 trillion defense budget request faces a harder Congress. (Reuters)

Sources (Korean-language)

This market briefing was compiled by AI from this site's own price and filing data together with public news reports, and translated from the Korean original. Please check the sources below before relying on it.

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