Trump says stocks hit a record high after the midterms, but all three major indexes are below their peaks

President Donald Trump wrote on Truth Social after the Democratic midterm sweep: "Stock Market just hit another Record High... Your 401(k)s are through the roof," CNBC reported. Major indexes did jump on Wednesday, but CNBC, citing FactSet, said none of them is at a record high.

The numbers

Per CNBC and FactSet, measured from each index's all-time intraday high: the Dow Jones Industrial Average is down about 2.7%, the S&P 500 about 1.7% and the Nasdaq Composite about 6.6%.

We checked separately against closing prices using Yahoo Finance data on Nov. 4 (the last price is a live reading during the session, so it will move):

The two methods differ slightly because intraday highs sit above closing highs, but they tell the same story: a strong day, not a record.

What the claim gets wrong, and what is true

Rising does not mean record. An index can gain 1% or more in a day and still sit below a high set weeks earlier. The Nasdaq's gap, more than 6%, is the widest of the three, and CNBC separately reported that AI data center names sold off after Texas flipped; see our update on the split. Readers who own broad index funds in a 401(k) can check their own balance against the October and August highs rather than rely on any headline.

What the gap means in dollars

Take a $100,000 balance that tracks the S&P 500 and sat at its October 6 closing peak. At about 1.4% below that peak, it would be worth roughly $98,600 on our Wednesday reading, about $1,400 short of its high. A balance tracking the Nasdaq Composite from its October 6 peak, at about 6.2% down, would be roughly $93,800, about $6,200 short. The arithmetic is simple, but it is the number that answers the claim for anyone who checks a retirement account.

Why this matters for the week ahead: the rally was driven by the election result, and the indexes still have to rebuild their highs on earnings and economic data, not on politics alone. The October jobs report is due Friday, Nov. 6 at 8:30 AM ET, per the BLS schedule. Our pre-market brief has the calendar.

What we did not verify: the "91 Days" figure and the rest of the post's wording beyond the sentences quoted above. We quote CNBC's rendering of the post.

See also: Markets, gold back above $4,000 after the sweep.

Sources: CNBC live updates (FactSet data), Yahoo Finance index prices pulled Nov. 4, 2026. This is market information, not investment advice.