Trump blames Democrats for 401(k) losses after midterm rout

US President Donald Trump took to Truth Social on Thursday, blaming Democrats for stock market losses after Republicans suffered widespread midterm defeats. 'Your 401(k)s have dropped — it wasn't Republicans, it was Dumocrats,' he wrote. The Nasdaq 100 fell 6.4% — its worst session since March 2020 — wiping out $2.3 trillion, amid concerns over Democratic oversight of AI.