Trump calls US election loss a 'giant step backward' after Republican defeat

President Donald Trump said the United States took a "giant step backward" after Republicans lost control of Congress in the November 3 midterm elections, but promised the party would return stronger than ever. Republicans lost their majority in both the House and Senate, with Democrats flipping Senate seats in seven states, including traditionally Republican strongholds Texas and Kansas. Trump also cited a $3 trillion single-day stock market loss. The market slump continued globally, with the Nasdaq falling 5.52% and Asian indices dropping sharply. AI and tech companies were hardest hit, including Nvidia losing about $400 billion in market value.