President Trump on Thursday blamed voters for a sharp stock market selloff, attributing the Dow Jones Industrial Average's 1,833-point drop to Democratic victories in the midterm elections. In a series of Truth Social posts, he wrote that the market "crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!"
The market's reversal came just a day after stocks surged on Democratic wins, with the Dow climbing 1,104 points in early trading Wednesday. But by Thursday's close, the index had given back those gains and more, while the Nasdaq composite fell roughly 1,422 points and the S&P 500 dropped about 335 points. Trump described the decline as "one of the Worst Days in History based on the results of the Election."
The president's remarks followed a sweeping Democratic victory that flipped control of both the House and Senate, with notable wins in battleground states like Texas, Iowa, Ohio, Maine, Michigan, and Kansas. Many Democratic candidates had campaigned on addressing cost-of-living concerns, a message that resonated with voters grappling with rising prices.
Some Republicans acknowledged the party's failure to address economic anxieties. Texas Sen. Ted Cruz (R) admitted that affordability was a top issue for voters, while Vice President Vance pointed to the ongoing Iran war as a factor but also cited cost of living. Democrats pushed back on Vance's framing, noting his support for Trump's Middle East policy.
Polling underscored the economy's central role in the election. A Reuters/Ipsos survey found 48 percent of voters ranked rising prices as the most important factor in their vote, and a Gallup poll from last month showed nearly half of respondents viewed the economy as extremely important.
Trump's response to the market turmoil has been to tout artificial intelligence — which he has sought to rebrand as "superintelligence" — as a potential economic boon. In a Truth Social post Friday, he wrote, "As President, I am 100% in favor of Super Intelligence (SI), and will work with the many States in the U.S. that want to become RICH by having them," likely referring to expanding AI data centers. He added, "They are GOLD, and only foolish leadership will say 'NO' to the riches they bring!"
The president's efforts to blame voters and Democrats for the market's decline come as Republicans grapple with internal recriminations over the midterm losses. Some GOP leaders have pointed fingers at Trump himself, while others are looking ahead to the lame-duck session with diminished ambitions. Meanwhile, market analysts have also cited concerns about AI-related debt as a factor in the selloff, complicating Trump's narrative that the losses were purely political.
As the president continues to lash out at the election results, his approval ratings on economic management face fresh scrutiny. With the new Congress set to take office in January, the Democratic majority is poised to challenge his agenda, including his recent proclamation protecting the Oval Office and Cabinet Room as national monuments, a move critics see as a distraction from pressing economic issues.
