Apple and Microsoft shares jumped in a sharp post-election rally on Wednesday, November 4, 2026, after Democrats swept the midterms. Yahoo Finance said Apple hit an all-time high, lifting its market cap above $5 trillion, while Microsoft surged to a new record. The bounce followed an election-night futures drop and put two widely held stocks back at highs.
Key Takeaways
- Apple and Microsoft jumped about 5% to 6% after Democrats swept the midterms.
- Amazon led mega-cap tech, up around 7%, after AWS revenue grew 39%.
- The Nasdaq rose more than 2% and the Dow added roughly 1,100 points.
- Nvidia slipped on regulation worries; Tesla and defense fell for other reasons.
How the Post-Election Rally Opened
Investopedia reported that indexes soared after Democrats took Congress and won several key gubernatorial races. In recent trading the Dow was up 2.2%, or roughly 1,100 points, the Nasdaq Composite surged 2.3%, and the S&P 500 rose 1.7%. Yahoo Finance had the Nasdaq up more than 2% and the Dow up about 1,100 points, or about 2%.
The turn was abrupt. Stock futures fell sharply in after-hours trading Tuesday, then reversed once the size of the Democratic win was clear, Investopedia said. A day earlier the S&P 500 and Nasdaq had snapped three-session losing streaks, while the Dow finished slightly lower.
Apple, Microsoft, and Amazon Set the Pace
24/7 Wall Street had Apple at $347.92, up 5%, and Microsoft at $545.16, up 5%, in the morning session. Amazon led at $269.36, up 7%. Other outlets had slightly stronger readings: Investopedia had Apple and Microsoft up nearly 6% and Amazon up more than 7%, and Yahoo Finance said Microsoft surged 6% to a record.
Morning prices from 24/7 Wall Street show the split inside the group.
| Company | Morning price | Session move |
|---|---|---|
| Amazon | $269.36 | Up 7% |
| Apple | $347.92 | Up 5% |
| Microsoft | $545.16 | Up 5% |
| Alphabet | $287.87 | Up 3% |
| Meta Platforms | $630.88 | Up 2% |
| Nvidia | $203 | Down 2% |
| Tesla | $378 | Down 5% |
Over the past month, 24/7 Wall Street said Alphabet was down 16%, Meta down 13.35%, and Nvidia down 13.23%, while Amazon was up 7%, Apple up 4%, and Microsoft up 5%. In recent trading, Investopedia had Alphabet up 4%.
Cloud Growth, Then a Split Tape
Amazon’s lead had a fresh cloud print behind it. On October 29, AWS revenue grew 39% year over year to $45.98 billion, the fastest growth in nearly five years, 24/7 Wall Street reported. Earnings per share of $1.89 missed expectations of $1.96. CEO Andy Jassy said, “Backlog is $578 billion, growing triple digits year-over-year and well-diversified,” the outlet reported.
ADP reported that private employers added 86,000 jobs in October, 24/7 Wall Street said. Yahoo Finance said economists expected 67,000, that outlet noted. 24/7 Wall Street also said the 10-year Treasury yield fell to its lowest reading of the past month on November 2. Wednesday morning it was 4.93%, down from 4.97%, Investopedia said.
Investopedia said Nvidia, Broadcom, and Micron fell on concern tighter regulations could slow AI development, while AMD rose 3% after reporting $13.3 billion in revenue that beat analysts’ expectations. Arista Networks jumped 9% after strong earnings.
Yahoo Finance said Tesla and SpaceX initially fell on regulatory worries for AI data centers after Democrats took both chambers, then trimmed losses. Investopedia had Tesla down 4% and SpaceX down 3% on worries an expected merger could face heightened scrutiny. Defense stocks slid after the shift in the balance of power: Northrop Grumman and Lockheed Martin were both down more than 4%, and Palantir dropped 1%, Investopedia said. 24/7 Wall Street had Tesla at $378, down 5%, and cited election concerns specific to Elon Musk.
Investopedia said a Democratic majority is likely to challenge Trump tariff policy and take steps to end the Iran war, which could help tame inflation. The party is also likely to seek to reverse Medicaid and Medicare cuts and to slow efforts to rescind regulations.
- Brent fell more than 2% to around $100 a barrel, Yahoo Finance said.
- WTI fell 3% to $93.20, a three-week low, Investopedia said.
- Gold rose nearly 3% to about $4,050, and bitcoin was at $79,400, up from Tuesday’s low of $76,300, Investopedia said.
What the Split Means for Holders
For consumers holding these stocks, the useful signal is the split, not a single percentage. A record for Apple and a new high for Microsoft show risk appetite back in two widely held names, and Amazon’s bigger gain has a cloud number behind it. That still does not confirm a bottom. 24/7 Wall Street said a one-day rebound does not, and pointed to Amazon’s AI spending, which drove a trailing-twelve-month free cash outflow of $42.4 billion, plus tariff and trade-policy uncertainty.
Microsoft faces the same AI-spending question, which is why this site has tracked its bond sale for AI funding. If buyers were pricing a challenge to tariffs and steps to end the Iran war, weakness in chips and defense is the other side of that bet. Bitcoin at $79,400 with Tesla down is a reminder those markets can diverge, a gap covered in Tesla’s link to crypto prices.
