nasdaq sheds $1.7T as democrat sweep odds hit a record 72%

the nasdaq 100 fell nearly 5% on the day, wiping out about $1.7T in market cap, according to kobeissi. on the same day, market-implied odds of a democrat sweep in next week's midterms rose from 65% to 72%, a record and up 7 points in 2 days. kobeissi says the timing is noteworthy and the trump administration had not yet commented. he adds that treasury yields are barely easing, leaving high rates, a falling stock market, oil above $100 and rising CPI, PPI and PCE inflation. the link between the selloff and the odds is kobeissi's framing, not something proven. the same day elon spent warning that a democrat sweep means 'game over' makes the collision of politics and markets hard to ignore.