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S&P 500 Gained 15.7% on Average in Six Months After Nine Midterms
The sample covers nine elections under Republican presidents and divided government, with positive six-month returns in every case.

All nine election cases in the sample produced a higher S&P 500 level six months later. Across the group, the index’s average advance was 15.7%. The elections took place under Republican presidents with divided government.
Federal Reserve policy and the corporate profit cycle are the index’s main drivers. The historical pattern may offer little signal for stock returns after the upcoming vote.
A separate analysis covered S&P 500 returns across 21 midterm cycles. The 2026 U.S. midterms are scheduled for Tuesday, Nov. 3.