The result of the US elections reached the stock-market screens and the offices of the White House this week. Over the week world markets, by Reuters’ estimate, lost trillions of dollars of value on fears that a Democratic victory would tighten regulation of artificial intelligence; on Friday US indices recovered part of the losses, and US President Donald Trump announced a change of White House chief of staff.
World on November 6
- 6%
fall of the Nikkei and KOSPI indices on Friday - 4.2%
rise of the US semiconductor index after its biggest drop since April 2025 - 165 thousand
new jobs in the US according to the November 6 report - November 9
Stephen Miller starts work as White House chief of staff - November 10–11
three-way talks in Abu Dhabi
Based on the materials of the review
- 6%
A market that feared a law
On Wednesday, November 4, after the election results, Wall Street rose: the Dow Jones, according to AP, gained more than 1,500 points and the S&P 500 rose 1.6%. On Thursday the mood changed. Reuters writes that the world stock market lost trillions of dollars of value on fears that the Democratic election victory would bring tighter rules for the AI industry. The Philadelphia semiconductor index fell more than on any day since April 2025, and Nvidia shares had their worst session since January 2025, when the Chinese model DeepSeek shook the markets.
On Friday the selloff continued in Asia: Japan’s Nikkei and South Korea’s KOSPI lost about 6%. For the Nikkei it was its biggest one-day fall since April 2025, when markets were convulsed by the trade tariffs announced by Trump; Europe’s STOXX 600 fell 1%. US shares, though, recovered part of the fall: at the close the Dow Jones lost 0.46%, the S&P 500 gained 0.31%, the Nasdaq rose 1.1% and the semiconductor index jumped 4.2%.
Reuters names a specific step as the cause of the fears: Texas governor-elect Gina Hinojosa, a Democrat, said on Thursday that the state, which already has many data centres, would introduce laws protecting local communities from their further mass construction. Gerry Sparrow, president and portfolio manager of Sparrow Capital Management, whom the agency quotes, believes that most of the disruption to building AI infrastructure probably will not happen, and that the market is reacting to the uncertainty of a change of power from the federal level to states and cities. The jobs report stayed in the shadows: 165 thousand jobs were added, and wage growth was 3.1% instead of the expected slowdown below 3%.
Staff after the elections
On Friday Trump announced on social media that Stephen Miller would replace Susie Wiles as White House chief of staff. AP reports it: the decision was announced only days after Republicans lost control of Congress. Miller, the current deputy chief of staff, has worked with Trump since the 2016 campaign and, in AP’s description, remains one of the architects of the administration’s hard-line immigration policy. He takes up the new post on Monday, November 9. Wiles, the first woman in the job and Trump’s longest-serving chief of staff, will, according to the president, continue to work in his political organisation.
The table in Abu Dhabi
The external calendar has been set since the start of the week: on November 3 the Kremlin confirmed that three-way talks between Russia, the US and Ukraine would take place in Abu Dhabi on November 10–11, with Russian President’s aide Vladimir Medinsky leading the Russian delegation. US special envoy Steve Witkoff announced that the US would mediate the talks at working level; on the agenda, he said, are post-war security arrangements, de-escalation and humanitarian topics. On Friday Russian President Vladimir Putin, as Sputnik Kazakhstan reports, confirmed that the talks should begin on November 10.
Two conversations about AI on one day
On the day markets were discussing what AI regulation would mean for the exchanges, Astana talked about the same subject differently. At the Aqaba Process summit the leaders of the Central Asian countries and the King of Jordan discussed security in the field of artificial intelligence: according to 24.kg, the talk was about the use of AI for terrorist and extremist purposes and international cooperation against new threats. We wrote more about the summit.
What will be confirmed first
The nearest dates are already in the calendar: on November 9 Miller starts work, and on November 10–11 the Russian, American and Ukrainian delegations sit down at the table in Abu Dhabi. The markets will have to show whether the fear of AI regulation comes down to the uncertainty of a change of power that Sparrow speaks of, or to specific laws like the Texas ones.
