After a wild election night sowed confusion across U.S. markets, investors frantically bid up stocks Nov. 4, sending major averages to the biggest rallies in five months, as they grew more confident that the tightly contested outcome would ensure key elements of the bull market remain intact for years to come.

In 24 hours, investors have learned the jobless rate dropped, Tesla Inc. built more cars than forecast and that someone is back making huge options trades in tech megacaps. None of it mattered in markets captivated by news that not even the White House is safe from COVID-19.

Nikola Corp. got its first sell-equivalent rating, with the electric-vehicle startup downgraded to underperform from neutral at Wedbush, citing the loss of a driving force in founder Trevor Milton’s departure, and the threat posed to hydrogen fuel’s appeal by Tesla Inc.’s “eye-popping battery innovations.”

Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. The dollar strengthened and Treasuries were little changed.

Just days after announcing a $2 billion agreement with General Motors, Nikola Corp. is fighting back against a “short seller” accusing the startup of deception and lying about its electric technology.

A fresh sell-off in megacap technology shares sent stocks to the fourth loss in five days as investors remain worried that valuations stretched too far in a five-month rally. Treasuries rose with the dollar.

The selloff in U.S. technology shares picked up speed as investors fled the high fliers who fueled the historic five-month rally from the pandemic lows. Oil plunged, while Treasuries rose with the dollar.

Tesla Inc. fell as much as 4.2% in early Sept. 4 trading, heading for its first four-day losing streak since pandemic fears were at their height in mid-March.

Wall Street’s euphoria took a break Sept. 3, as steep losses in technology stocks dragged the rest of the market down with them.

Tesla Inc. shares are now officially in correction territory, in a week that saw the electric-vehicle maker announce a share sale that could dilute its value and a top holder say it would cut its stake nearly in half.