Stocks scored a historic rally today, after the midterm elections created a seismic shift in the country's political landscape. The Dow jumped 1,569 points, for its largest single-session gain since April 9, 2025. The S&P 500 and Nasdaq joined the blue-chip index higher as investors rotated out of AI-adjacent names in the wake of the political paradigm shift.
The energy sector also finished in the red as the war in Iran faces looming scrutiny, while Elon Musk's Tesla (TSLA) and SpaceX's (SPCX) sell off made headlines as well. Wall Street's "fear gauge," the Cboe Volatility Index, logged its worst single-day decline since April 9, 2025.
Oil Back Below $90 as Iran War Gets V.P.'s Blame
Oil prices sold off today, with Vice President JD Vance pinning the blue tsunami on backlash against higher oil prices stemming from the Iran war. December-dated West Texas Intermediate (WTI) dropped 8.3%, or $7.97, to close at $88.12 — black gold's first close below $90 since mid September.
Gold prices gained as the U.S. dollar moved lower. December-dated gold futures added 3.4% to settle at $4,073 per ounce.
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