Trump Blames Democrats for Stock-Market Rout, Calls Them ‘Dumocrats’

President Donald Trump blamed Democrats for the sharp drop in New York stocks, stepping up his attacks by saying the selloff had also shrunk Americans’ 401(k) retirement accounts after Democrats won control of both chambers of Congress in the midterm elections.

Trump wrote on Truth Social on November 5 that “the stock market had one of the worst days in history because of the election result” and called it “a very sad thing to watch.”

He said it had taken tremendous effort to lift the market to levels “nobody had ever seen before,” adding that the selloff had reduced Americans’ 401(k) balances. He then said people should remember that the plunge was “not because of Republicans, but because of the Dumocrats,” using a mocking nickname for Democrats.

Trump also told Americans not to be afraid, saying that “one way or another, we will soon be bigger and stronger than ever before.”

In New York trading that day, the Nasdaq Composite closed at 24,315.00, down 5.52% from the previous session. The S&P 500 fell 4.36%, while the Dow Jones Industrial Average dropped 3.44%. The S&P 500 posted its biggest decline since Trump’s tariff announcement in April last year.

Concern that a Democratic victory could bring tighter regulation of data center construction triggered selling in AI-related stocks. Doubts over whether massive AI spending would generate sufficient returns compounded the pressure, wiping out the previous day’s gains that had followed the easing of election uncertainty.