From high-flying AI stocks to tariff-hit alcohol companies, the midterms shook up Wall Street

Detailed summary

The overwhelming victory by the Democrats in the midterm elections shook up Wall Street this week. The biggest tremors were felt in shares of companies tied to the boom in…

NEW YORK (AP) — The overwhelming victory by the Democrats in the midterm elections shook up Wall Street this week.

The biggest tremors were felt in shares of companies tied to the boom in artificial intelligence on concerns that a Democratic Congress will put the brakes on further development of data centers.

Defense and oil companies fell on expectations Democrats would push for an end to the U.S.-Iran war, which would likely lower energy prices.

Meanwhile, hospital shares rose on the possibility that funding for several government programs could be restored or boosted, while liquor companies and others buffeted by tariffs rose on hopes for relief.

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