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U.S. midterms could disrupt AI-led tech gains in the S&P 500

The Technology Select Sector SPDR ETF has gained 4.3% this month, as the S&P 500 stays roughly flat into the Nov. 3 elections.

Reported · Written up by our desk · North America

LiveMint Markets says U.S. midterm elections, set for Nov. 3, may pose a bigger threat to the market’s recent momentum than investors typically expect, particularly to the AI-driven rally in tech.

The outlet points to resilience ahead of the vote, noting the S&P 500 has avoided the usual September weakness and remains positive month-to-date despite historic Treasury yields, high oil prices, and a Federal Reserve interest-rate hike.

LiveMint Markets attributes much of that strength to the tech sector, saying the Technology Select Sector SPDR ETF has gained 4.3% this month while the S&P 500 is roughly flat.

It adds that anti-AI sentiment in some local and state races could produce legislation that hampers AI expansion, which would matter because a handful of AI-related stocks have carried a large portion of the index’s gains.

Latest closeS&P 500 7,683.69 ▼0.8%

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