---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000975209.md"
description: "Yesterday’s -6% NDX decline caused by the Dems’ sweep of the House and Senate in the midterms seemed like short-term thinking yesterday and seems even more so today.  The decline was based on the thesis that Dems will slow the buildout of AI data centers - a thesis not provable with numbers.   Concepts not provable with numbers almost always have short shelf lives and I expect by next week we won’t hear about Dems slowing the data center buildout again. Meanwhile, S&P 500 2026 earnings remain robust at $369 +33% y/y (with no degradation since Tues night) and implies a 2026 P/E of 19.9x, which translates to a 5.0% earnings yield — above the 4.88% 10-yr treasury yield, which has not happened in months (relationship has been inverted). I expect the equity premium to be restored at  its normal 50-100bp premium as the Iran war winds down - which the blue wave from the midterms likely accelerates."
datetime: "2026-11-06T20:15:11.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000975209.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000975209.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000975209.md)
author: "[Gary Black Tracker](https://longbridge.com/en/profiles/17077344.md)"
generator: "portal-rs"
---

# Yesterday’s -6% NDX decline caused by the Dems’ sw…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**