Trump blames Democrats' midterm win for $3 trillion market loss

President Donald Trump said on Truth Social on Sunday that the United States took "a giant step back in history" in the Nov. 3 midterms, when Democrats won both chambers of Congress.

This is a developing story and will be updated.

Trump attributed a market loss to the election outcome, saying the market, "which has been a 'ROCKETSHIP' under 'TRUMP,' took a one day, 3 Trillion Dollar loss." He added, "But have no fear, we will be back, BIGGER AND STRONGER THAN EVER BEFORE!"

Democrats had won 54 Senate seats against 44 for Republicans, with 33 of 35 races called, The Guardian reported. Counting continued in Alaska and Mississippi, where the contest was too close to call.

CBS News estimates that Democrats will have at least 54 Senate seats and around 256 House seats in January.

U.S. stocks shed roughly $3 trillion in market value on Thursday, Nov. 5, following a 1,569-point rise in the Dow Jones Industrial Average the previous day, according to market reports cited by The Times of India. The Nasdaq dropped 5.2%, with technology and AI-linked shares hit hardest as concerns focused on the outlook for data center expansion.

At NASA's Kennedy Space Center on Nov. 6, Trump said, "Our country lost three trillion dollars all because of an election," before adding, "I wonder what that means. If we would have gained three trillion dollars, I probably would have been more unhappy."

In a Saturday social media post, Trump directed the Justice Department to investigate Democrats who have previewed oversight inquiries into administration officials. He offered no evidence as he wrote that "Threatening letters have been sent to many people, all innocent, from Democrat Political Leaders," and ordered the department "to look into this criminal act, immediately!" He did not identify the letters.

Trump described impeachment threats against officials, including the attorney general, as "extortion at the highest level" and said they had committed no impeachable acts.

It was not immediately known whether the Justice Department has opened an investigation, or what the final outcomes will be in Alaska, Mississippi and the House count.

Attorney General Todd Blanche told CNN's "State of the Union" on Sunday that inquiries into Democrats seeking oversight probes were possible. "It depends on what's said. So, yes, there could be," he said.

Blanche said people may criticize Trump, but "at some point, you have to draw the line." He left unclear what offenses he thought had taken place.

Sen. Elizabeth Warren, slated to lead the Senate Banking Committee, told CBS News' "Face the Nation" that she was preparing inquiries of her own. "If you've been making your profits by cheating American families and scamming your investors, you better get ready for some investigations, serious ones."

Rep. Robert Garcia, expected to become chair of the House oversight committee, told CNN on Sunday that inquiries will examine Elon Musk's role in mass firings of federal workers and Stephen Miller's role in the immigration crackdown.

Trump announced that Miller will succeed Susie Wiles as White House chief of staff starting Monday. Miller said Deputy Chief of Staff Richard Walters, a longtime Wiles ally, will depart the administration.

Trump donor and energy executive Dan Eberhart told Reuters that Miller's promotion "signals the administration is going to have a fighting-from-a-bunker approach the last two years."

In an interview with CBS News' "60 Minutes," Trump said his administration may have been too tough on deportations and that the immigration crackdown had produced mixed electoral effects for him.

On Nov. 5, Trump told ABC News' Jonathan Karl that he intended to retain Pete Hegseth as defense secretary. "I have every intention to keep him."

Republican Rep. Thomas Massie is expected to bring back a privileged resolution to impeach Hegseth as early as Monday, ABC News reported.