Dow has its best post-midterm day in 44 years as Big Tech rallies

The S&P 500 rose 1.58% to 7,688.62 and the Nasdaq Composite 1.44% to 25,736.51. Microsoft closed 6.7% higher, Amazon 6.1% and Apple 5.3%, while Nvidia fell 3.2%. CoreWeave fell about 10% and an exchange-traded fund of AI infrastructure stocks dropped 9%, according to CNN. Real estate gained 3.96% and energy lost 3.96%.

Reuters reported that investors bet curbs on new data centres would raise the value of existing capacity and ease pressure on cash flow. The largest technology companies plan to spend more than $740bn this year, up from about $400bn last year. Analysts cited divided government as a brake on fiscal policy, and the VIX volatility index fell almost 20%.