MARKETS · US MIDTERMS
Published Saturday, 7 November, 1:00 p.m. ET · Source: closing prices of the New York Stock Exchange and Nasdaq, 3 to 6 November 2026
Wall Street had a rough week after Democrats won Congress. Between the close on election day, Tuesday 3 November, and the close on Friday 6 November, defence, oil and artificial-intelligence stocks fell while hospital operators rose.
The biggest losers outside the United States were Latin American oil companies listed in New York. Petrobras fell 12.1% and Argentina’s YPF 13.7%.
Key Facts
- Defence US defence contractors fell: Lockheed Martin 11.3%, RTX 7.0%, General Dynamics 5.5%, Northrop Grumman 4.6%.
- Energy US oil major Exxon fell 6.5%; Brazil’s Petrobras lost 12.1% and Argentina’s YPF 13.7%.
- Winners US hospital chains rose: HCA 6.9%, Tenet Healthcare 6.2%, Universal Health Services 10.4%.
- Market A fund tracking the S&P 500, the main US stock index, fell 2.5%.
- Basis Changes compare closing prices on Tuesday 3 and Friday 6 November 2026.
Defence and Oil Take the Hit
Lockheed Martin fell 11.3%, RTX (a US missile and jet-engine maker) 7.0%, General Dynamics 5.5% and Northrop Grumman 4.6% between the close on election day and the close on Friday. Exxon Mobil lost 6.5% and the refiner Phillips 66 lost 9.6%.
One reading is that investors expect a Democratic Congress to spend less on the military and to press for lower energy prices. That is a market judgment, not a statement from any company, and the wider market also fell over the same three sessions.
Latin American Oil Shares Fell Harder
Petrobras, Brazil’s state-controlled oil company, fell 12.1% in New York trading, from US$21.08 to US$18.53 a share. YPF, Argentina’s state-controlled oil company, fell 13.7%, from US$44.81 to US$38.66.
Ecopetrol, Colombia’s state-controlled oil company, fell 6.0%, from US$16.54 to US$15.55. A fund that tracks US energy companies fell 7.6%, so Petrobras and YPF fell by more than the US sector.
Vale, Brazil’s iron-ore miner, moved the other way and rose 5.6%, from US$10.98 to US$11.59. We have no evidence of why, and the gap shows the oil moves were not a general sell-off of Latin American shares.
Tech Stocks Slide
Nvidia, the leading maker of artificial-intelligence chips, fell 9.7%, and Tesla fell 10.1%. Trump Media & Technology Group, which owns the social network Truth Social, lost 32.9%, from US$5.95 to US$3.99.
No company has tied its decline to the election. The wider market also fell over the same days, as the S&P 500 fund’s loss shows.
Hospitals and Homebuilders Gain
HCA Healthcare rose 6.9%, Tenet Healthcare 6.2% and Universal Health Services 10.4%. Investors appear to bet that a Democratic Congress will restore or expand funding for programmes such as Medicaid, the public health insurance for low-income Americans.
An exchange-traded fund that holds US homebuilders, which tracks companies exposed to housing, rose 3.2%. A fund that tracks the S&P 500, the main index of large US companies, fell 2.5% over the same three sessions.
What It Means for You
Investors who hold Latin American oil shares through US-listed receipts, known as ADRs, saw the sharpest losses of the week. The move shows how closely these shares follow US politics and energy prices.
The next test is the US inflation report for October, scheduled for Tuesday 10 November at 8:30 a.m. ET. Our reports cover the political side, including what the midterms mean for Argentina’s debt and what comes next in Washington.
What Is Not Known
No company has tied its share price to the election, so every explanation here is an interpretation. It is also unclear how much of the fall will last once the new Congress takes office and sets its agenda.
More: Argentina Debt Risk Jumps After US Midterms; What Happens Next After the US Midterms; US Midterms and Trump Pressure on Brazil.
Frequently Asked Questions
Which stocks fell after the Democratic win?
Between 3 and 6 November, Lockheed Martin fell 11.3%, Exxon Mobil 6.5%, Nvidia 9.7% and Tesla 10.1%. Petrobras and YPF fell 12.1% and 13.7%.
Which stocks rose?
Hospital operators rose: HCA 6.9%, Tenet 6.2% and Universal Health Services 10.4%. A homebuilder fund also rose 3.2%.
Did the election cause the moves?
No company has said so, and the wider market also fell over the same days. Investors’ expectations about a Democratic Congress are one plausible reason.
Sources: New York Stock Exchange; Nasdaq; closing prices for 3 and 6 November 2026; US Bureau of Labor Statistics release calendar.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.