Dow Jones Outperforms Nasdaq Following Midterm Elections

The Dow Jones Industrial Average outperformed the Nasdaq Composite in the first market session following the midterm elections, recording a 3% gain. As of November 4, 2026, the Dow reached a year-to-date gain of 11%, surpassing the Nasdaq's 10.7%. This marks the first time the Dow has beaten the Nasdaq since 2022.

The shift follows a month of sell-offs for the Nasdaq Composite, driven by high interest rates and investor anxiety regarding massive capital expenditures in artificial intelligence by companies including Alphabet, Amazon, and Meta Platforms. While the Dow has integrated growth-oriented tech components like Nvidia and Salesforce, its weighting in blue-chip and value stocks provided greater resilience during this period of tech-driven volatility.

Market analysts observe that while the Nasdaq remains more volatile, it has historically delivered superior long-term gains because its primary components typically maintain higher earnings growth rates.