United States President Donald Trump described the results of the midterm elections as a “giant step backward” for the country. The Republicans lost control of the House of Representatives and the Senate, while the Democrats will take over the majority in both chambers of Congress.
“America took a giant step backward in history with the results of the latest election,” Trump wrote on Truth Social. He added that the stock market, which he said had been a “rocket” under his administration, had lost $3 trillion in a single day.
Democrats take control of Congress
The midterm elections were held on November 3. The Democrats’ victory is particularly significant because the party regained control of both the Senate and the House of Representatives simultaneously. As a result, during the final two years of Trump’s presidential term, the White House will face a Congress controlled by the opposition.
The new majority will be able to block or amend legislative initiatives by the administration, as well as launch investigations. The new Congress is due to take office on January 3, 2027.
Decline in technology stocks
Trump’s comment came after a sharp decline in US stock market indexes. Reuters reported that the market capitalization of S&P 500 companies had fallen by around $3 trillion. Technology companies and stocks linked to the development of artificial intelligence were the hardest hit.
The Nasdaq index recorded its biggest one-day decline since April 2025. Some investors feared that a Democratic majority could support stricter rules for the construction of data centers and the development of the artificial intelligence sector.
The American Association for Broadcasting reported that Trump had continued to criticize the election result, saying that the country would return “bigger and stronger than ever.” The Democrats will take full control of the legislative branch, but the president will retain his powers in the executive branch until the end of his term.
Sources: rbc.ru, abcnews.com, investing.com