Blue Wave, Now What? Trump Live, Miller In, Stocks Down
Blue wave week: Democrats took the House and the Senate, President Trump made Stephen Miller his chief of staff, the stock market had its worst day since April 2025, and the jobs report beat every forecast. Tonight we watch President Trump live from the White House, then go through what it means for your money and your business.
Tonight's Rundown
- Open.Trump Live From the White House
- I.Democrats Take Congress
- II.Miller In, Wiles Out
- III.Wall Street's Worst Day Since April 2025
- IV.165,000 Jobs
- V.What It Means If You Run a Business
- VI.Tonight's Sponsors
President Trump Delivers Remarks, Live From the White House
Democrats Take Congress
The facts
- Both chambers: Democrats flipped the House and the Senate on Tuesday.
- The timing: new members take their seats in January. Trump can still veto.
- Why: the Tax Foundation's Daniel Bunn called it "a repudiation of the anti-affordability agenda."
- The White House: says it has delivered "tangible wins to make life more affordable."
- Social Security: the trust fund is projected to run out in late 2032, a 22% cut without action.
Stephen Miller Replaces Susie Wiles as Chief of Staff
The facts
- The move: Miller takes over Monday, three days after the midterms.
- Trump: "Stephen's been with me since the beginning. He gets it."
- Wiles: not leaving. Trump says she moves to his political operation.
- Miller: the chief architect of Trump's immigration policy.
- Jeffries: called on Trump to fire him today.
Wall Street's Worst Day Since April 2025
The facts
- Thursday: Nasdaq down 5.5%, S&P 500 down 4.4%, Dow down 1,833 points.
- The fear: the new Congress reins in Big Tech and AI data centers.
- Data centers: voters rejected them in 40 of 41 local ballot measures.
- Nvidia: lost almost $450 billion in value. Tesla and SpaceX about $456 billion.
- Your 401(k): owns these stocks too.
Sources: NPR · CNBC · CNBC (Tesla, SpaceX) · Our story
165,000 Jobs, Nearly Triple the Forecast
The facts
- October: 165,000 jobs added. Wall Street expected 59,000.
- Unemployment: fell to 4.1%.
- Who hired: business services 70,000, healthcare 42,000, manufacturing 19,000.
- The catch: 1.96 million out of work over six months, the worst in about five years.
- The Fed: 76.8% odds of a rate hike at the December 8-9 meeting.
What This Week Means If You Run a Business
Do this now
- Financing: if you're close to a loan, look at locking a rate before December 9.
- Payroll: wages are up 3.1%. Re-estimate payroll before your workers' comp audit.
- Data center work: in Texas, Ohio or Georgia, plan for those jobs to slow.
- Crews: immigration enforcement may get stricter under Miller. Watch DHS guidance.
- The trades: homes, roofs and storm repairs don't depend on the AI boom.
Sources: Jobs report · Market · Miller
Tonight's Sponsors
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