Trump blames 'Dumocrats' as US stock market plunges; Asian markets crash after US tech sell-off

President Donald Trump blamed Democrats for the sharp decline in the stock market following Tuesday's midterm election results, claiming the market had ‘suffered’ because of the outcome. In a post on Truth Social, Trump told his followers, “Remember, it wasn't Republicans, it was Dumocrats.” The president also highlighted the impact of the market decline on retirement savings, writing, “It took so much work to get us to a level that no one has ever seen before,” and adding, “Your 401(k)s have, therefore, dropped.”

The Nasdaq experienced the steepest decline among major US indexes, falling 5.5% to its lowest level since April. The S&P 500 dropped 4.3%, while the Dow Jones Industrial Average declined 3.4%. The S&P 500 also reached a four-month low. Meanwhile, Trump's estimated net worth fell by $54 million on Thursday as shares of Trump Media & Technology Group plunged more than 10%, reaching an all-time low. The president's fortune has declined by more than $200 million since Election Day.

Trump returned to social media to reinforce his argument that Tuesday's Republican losses were unrelated to him. In another post, he wrote, "I JUST WASN’T ON THE BALLOT. IF I WERE, WE WOULD HAVE WON IN A LANDSLIDE! President DONALD J. TRUMP"

Also Read: US midterms 2026: Democrats close in on 260 seats, poised for historic House majority since 1991

Asian markets plunge after US tech sell-off

Japanese and South Korean stocks plunged on Friday following an overnight sell-off in US markets, driven by concerns that the midterm election results could slow or derail investments in artificial intelligence data centers. Tokyo's benchmark Nikkei 225 index dropped 5.1% to 56,930 points in early trading.

South Korea's Kospi index plunged 8.5% to 4,923, triggering a circuit breaker that suspended trading for 20 minutes. Investors had initially welcomed Tuesday's Democratic drubbing of US President Donald Trump's Republican Party. However, market sentiment has since turned more cautious amid concerns that the electoral shift could affect major AI investments considered important for economic growth.

Among the major US indexes, the technology-focused Nasdaq suffered the biggest losses, closing 5.5% lower. The sell-off hit Nvidia and other semiconductor stocks particularly hard. The Nasdaq recorded its worst percentage decline in a single session since April 2025.