Global equity markets are reeling from a severe tech sell-off as US voters head to the polls this week for the 2026 midterm elections, with dealmakers and investors hoping for a smooth aftermath. Intel dropped almost 30% in one day on Friday 30 October on a disappointing sales outlook, while Alphabet lost over 13% of its value in the second half of last week after disappointing earnings. The Nasdaq 100 is now around 9% below its most recent peak set at the beginning of October, and the tech benchmark fell 3.46% on 30 October alone. Polls point to the opposition Democratic Party making strong gains, likely retaking control of the US House of Representatives and possibly the US Senate. One ECM investor said most investors just need a vote without a contested result and for Trump not to act negatively in response. A tech coverage banker noted fears this year may differ from history, warning of potential for a messy post-election period. A contested election could embroil the US in legislative deadlock ahead of the 11 December US government funding expiration, and there is also the matter of the US debt ceiling in 2027, with the government set to hit its borrowing limit between “winter and mid-summer” next year.