{"id":"1793923223644-money-segment","slug":"trump-calls-election-selloff-historic","title":"Trump calls election selloff historic","summary":"On Nov. 5, 2026, U.S. equities sold off sharply: the S&P 500 fell about 3.2% to roughly 7,445, and the Nasdaq dropped about 4.3% to roughly 24,627. The CBOE Volatility Index, or VIX, surged more than 70% on the day, its biggest daily gain since February 2018. President Trump released a statement calling it one of the market's worst days in history and tied the fall to the midterm election results.\n\nThe selloff followed Democrats' midterm victories, but market commentary suggested the election alone did not fully explain the drop. The Kobeissi Letter argued the move was “more technical than fundamental,” driven by a sudden sentiment shift colliding with heavy leverage and forced liquidations by major institutional investors. Fresh Democratic calls to restrict advanced AI development — including talk of a “ban on artificial superintelligence” — added to tech-stock anxiety, though Kobeissi called an outright ban unlikely because it would effectively mean the U.S. surrendering its AI race po\n\nOn Nov. 5, 2026, President Trump did issue a statement calling the day's stock-market selloff one of the market's worst days in history, according to multiple reports.\n\nTrump said the market had “one of the worst days in history” and tied it to the midterm election results, while saying people should not fear and promising America would be “bigger and stronger than ever before.”\n\nTrump reportedly called it “one of the worst days in history,” not the single worst day in history. The post drops the qualifier “one of.” This is a forward-looking market comment/prediction about KOSPI, not a checkable factual claim.\n\nTrump did say the market suffered “one of the Worst Days in History” following Democrats' midterm victories, according to reports. The post is a sarcastic/opaque reaction to a quoted post about Korean stock buyers; it makes no clear factual claim that can be checked.","publishedAt":"2026-11-06T00:00:23.644Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Closing Bell","verification":{"status":"verified","leadVerdict":"TRUE","notes":"TRUE: On Nov. 5, 2026, President Trump did issue a statement calling the day's stock-market selloff one of the market's worst days in history, according to multiple reports.\nSource: Watcher.Guru / Polymarket (https://x.com/KobeissiLetter/status/2118483781778551225)\n\nTRUE: Trump said the market had “one of the worst days in history” and tied it to the midterm election results, while saying people should not fear and promising America would be “bigger and stronger than ever before.”\nSource: Watcher.Guru (https://x.com/WatcherGuru/status/2118484600838312293)\n\nMISLEADING: Trump reportedly called it “one of the worst days in history,” not the single worst day in history. The post drops the qualifier “one of.” This is a forward-looking market comment/prediction about KOSPI, not a checkable factual claim.\nSource: Watcher.Guru / Polymarket POST 2118484113342792054: NOCLAIM N/A (https://x.com/unusual_whales/status/2118486389855805549)\n\nTRUE: Trump did say the market suffered “one of the Worst Days in History” following Democrats' midterm victories, according to reports. The post is a sarcastic/opaque reaction to a quoted post about Korean stock buyers; it makes no clear factual claim that can be checked.\nSource: Polymarket POST 2118484670044061787: NOCLAIM N/A (https://x.com/Polymarket/status/2118487889151701499)","claims":[{"verdict":"TRUE","summary":"On Nov. 5, 2026, President Trump did issue a statement calling the day's stock-market selloff one of the market's worst days in history, according to multiple reports.","sourceName":"Watcher.Guru / Polymarket","sourceUrl":"https://x.com/KobeissiLetter/status/2118483781778551225","claim":"BREAKING: President Trump releases a statement on today’s stock market crash. Trump calls today one of the market’s “worst days in history.” https://t.co/qobQdhCqut","author":"The Kobeissi Letter (@KobeissiLetter)"},{"verdict":"TRUE","summary":"Trump said the market had “one of the worst days in history” and tied it to the midterm election results, while saying people should not fear and promising America would be “bigger and stronger than ever before.”","sourceName":"Watcher.Guru","sourceUrl":"https://x.com/WatcherGuru/status/2118484600838312293","claim":"JUST IN: 🇺🇸 President Trump says the stock market suffered \"one of the worst days in history\" because of the midterm election results. \"Do not fear, however, we will soon…be bigger and stronger than ever before.\"","author":"Watcher.Guru (@WatcherGuru)"},{"verdict":"MISLEADING","summary":"Trump reportedly called it “one of the worst days in history,” not the single worst day in history. The post drops the qualifier “one of.” This is a forward-looking market comment/prediction about KOSPI, not a checkable factual claim.","sourceName":"Watcher.Guru / Polymarket POST 2118484113342792054: NOCLAIM N/A","sourceUrl":"https://x.com/unusual_whales/status/2118486389855805549","claim":"BREAKING: Trump has said that the stock market suffered the worst day in history based on the election. https://t.co/FwZe5CW3xS","author":"@unusual_whales"},{"verdict":"TRUE","summary":"Trump did say the market suffered “one of the Worst Days in History” following Democrats' midterm victories, according to reports. The post is a sarcastic/opaque reaction to a quoted post about Korean stock buyers; it makes no clear factual claim that can be checked.","sourceName":"Polymarket POST 2118484670044061787: NOCLAIM N/A","sourceUrl":"https://x.com/Polymarket/status/2118487889151701499","claim":"JUST IN: Trump declares the stock market suffered \"one of the Worst Days in History\" following Democrats' sweeping midterm victories. https://t.co/2WyMGNQQIG","author":"@Polymarket"}]},"sources":[{"url":"https://x.com/KobeissiLetter/status/2118483781778551225","name":"Watcher.Guru / Polymarket","kind":"x","verdict":"TRUE","author":"The Kobeissi Letter (@KobeissiLetter)"},{"url":"https://x.com/WatcherGuru/status/2118484600838312293","name":"Watcher.Guru","kind":"x","verdict":"TRUE","author":"Watcher.Guru (@WatcherGuru)"},{"url":"https://x.com/unusual_whales/status/2118486389855805549","name":"Watcher.Guru / Polymarket POST 2118484113342792054: NOCLAIM N/A","kind":"x","verdict":"MISLEADING","author":"@unusual_whales"},{"url":"https://x.com/Polymarket/status/2118487889151701499","name":"Polymarket POST 2118484670044061787: NOCLAIM N/A","kind":"x","verdict":"TRUE","author":"@Polymarket"}],"url":"https://oncast.fm/story/1793923223644-money-segment-trump-calls-election-selloff-historic","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1793923223644-money-segment-trump-calls-election-selloff-historic","cite":"Cite https://oncast.fm/story/1793923223644-money-segment-trump-calls-election-selloff-historic and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Adam","text":"President Trump put out a statement calling the election-night selloff one of the worst days in history."},{"host":"Bill","text":"One of the worst days. That qualifier is doing real work."},{"host":"Adam","text":"The S&P fell about three percent, the Nasdaq more than four. The VIX jumped over seventy percent."},{"host":"Bill","text":"So not the worst. Just one of them. Fine."},{"host":"Adam","text":"Some accounts on X are already dropping the qualifier. Unusual Whales wrote 'the worst day in history.'"},{"host":"Bill","text":"That's not what he said. The actual words are 'one of the worst days.'"},{"host":"Adam","text":"Watcher Guru on X posted the full line—'one of the worst days in history'—and he tied it to the midterms."},{"host":"Bill","text":"He also said do not fear, and promised bigger and stronger than ever."},{"host":"Adam","text":"That's a political line, not a market analysis."},{"host":"Bill","text":"But the market fell after Democrats won. It's not crazy to connect them."},{"host":"Adam","text":"It's too simple. The Kobeissi Letter on X called it more technical than fundamental."},{"host":"Bill","text":"Technical how? Elections change expectations for AI regulation and taxes."},{"host":"Adam","text":"Leverage. Forced liquidations. A sentiment shock meeting overleveraged institutional positions."},{"host":"Bill","text":"So the election was the spark, not the fire. That's exactly my point."},{"host":"Adam","text":"And the fire might still be burning. Volatility like that doesn't turn off overnight."},{"host":"Bill","text":"It can. The VIX spiked more than seventy percent, but that's what a leverage unwind looks like."},{"host":"Adam","text":"The VIX jumped sharply, one of the bigger moves we've seen. That's historic."},{"host":"Bill","text":"And 2018 wasn't the end of the world. Corrections happen."},{"host":"Adam","text":"But this one has an AI angle. Democrats won, and immediately there's talk of restricting advanced AI."},{"host":"Bill","text":"Oh, come on. Nobody is banning superintelligence. That would hand China the race."},{"host":"Adam","text":"Kobeissi says an outright ban is unlikely for exactly that reason. But the chatter hits big tech."},{"host":"Bill","text":"So traders priced in a scenario the same analysts call unlikely? Sounds technical, not fundamental."},{"host":"Adam","text":"No, no wait—that's exactly my point. The chatter is real even if the ban isn't."},{"host":"Bill","text":"Then it's sentiment affecting leverage. Not a fundamental collapse."},{"host":"Adam","text":"We don't need a fundamental collapse for a bad day. We got a bad day."},{"host":"Bill","text":"Fine. Bad day, yes. But calling it one of the worst in history because of an election needs more."},{"host":"Adam","text":"He didn't say because of the election alone. He said based on the election results."},{"host":"Bill","text":"Still, global markets were already fragile. Korea's Kospi looked shaky before the votes were counted."},{"host":"Adam","text":"Now you're adding global fragility. Good, that's my side."},{"host":"Bill","text":"I'm not on a side. I'm saying markets don't move on one variable."},{"host":"Adam","text":"Kobeissi also says zoom out and remain calm. They call it a correction in an overleveraged environment."},{"host":"Bill","text":"Zoom out? Easy to say when your thesis isn't getting liquidated."},{"host":"Adam","text":"They add that midterm years have historically been strong buying opportunities. That's their view, not mine."},{"host":"Bill","text":"History is a guide, not a promise. And it doesn't make the VIX any less jarring."},{"host":"Adam","text":"But a three percent down day can look like noise from far away."},{"host":"Bill","text":"Tell that to the forced liquidations. That's not noise to the people getting margin-called."},{"host":"Adam","text":"That's why leverage is dangerous. Kobeissi says institutional investors were forced to sell."},{"host":"Bill","text":"Forced selling creates prices that don't reflect value. That's the real story."},{"host":"Adam","text":"Then we agree the drop was mostly technical?"},{"host":"Bill","text":"I'd say mostly technical, with a political headline. Don't put me in the Trump camp."},{"host":"Adam","text":"Trump's camp includes 'do not fear' and bigger and stronger. That's not an analysis."},{"host":"Bill","text":"No, but it's better than silence. After a VIX spike, people want a voice."},{"host":"Adam","text":"Maybe. But I'd rather hear what the Fed does next than a campaign promise."},{"host":"Bill","text":"Now we're talking. Rates and bonds were already jittery before the election."},{"host":"Adam","text":"Speaking of global fragility, Zerohedge on X had a brutal line about Korea."},{"host":"Bill","text":"They wrote the Kospi may want to skip its next session. Might be halted at the open."},{"host":"Adam","text":"That's a prediction, but the pain in leveraged Korea ETFs is real."},{"host":"Bill","text":"They said KORU was down forty percent during the selloff and down ninety percent from June highs."},{"host":"Adam","text":"A triple leveraged ETF falling that far. That's how momentum chasers end."},{"host":"Bill","text":"Leverage is a tool. It also cuts both ways."},{"host":"Adam","text":"And it's a reminder that these one-way trades can stop being one-way in a single session."},{"host":"Bill","text":"That's why risk management gets tested in moves like this."},{"host":"Adam","text":"No argument. The Kospi halt talk is part of the same unwind story."},{"host":"Bill","text":"So is it the election or the unwind? I'll say unwind."},{"host":"Adam","text":"And I'll say the election was the catalyst. Either way, it was a rough one."},{"host":"Bill","text":"Rough, historic, whatever. It shows what happens when everyone's levered the same way."}]}