Wall Street Reverses Course as Dow Drops Nearly 1,700 Points, Nasdaq Enters Correction Territory
Technology and semiconductor shares led the selloff as the S&P 500 fell 3.9% and the Nasdaq dropped 5.2%, entering correction territory.
- Wall Street suffered a sharp reversal Thursday, with the Dow Jones Industrial Average tumbling 3.1% as the Nasdaq Composite plunged 5.52%, sliding into correction territory after falling more than 10% below its Oct. 6 record high.
- The downturn followed Tuesday's midterm elections, in which Democrats secured control of both chambers of Congress, reversing Wednesday's initial rally when the Dow surged 3%.
- Chipmakers bore the brunt of the selling, with the iShares Semiconductor ETF sinking more than 12%. Nvidia shares dropped 8.7%, while Advanced Micro Devices plunged 15.5% as investors reconsidered artificial intelligence infrastructure expansion.
- Senator Bernie Sanders of Vermont wrote Wednesday that "Americans don't want Big Tech oligarchs wrecking the environment, gutting jobs and threatening humanity's future." Neocloud companies retreated, with Iren dropping nearly 17% amid industry backlash concerns.
- Tim Holland, chief investment officer at Orion, noted investors are stepping away to gauge the midterms' impact on the AI capex cycle, which he called "the biggest economic tailwind we've had going for us for the last, call it, three years.
13 Articles
13 Articles
KLBJ-AM - Austin, TX
Wall Street reverses course as Dow drops nearly 1,700 points, Nasdaq enters correction territory
Wall Street suffered a sharp reversal Thursday, with the Dow Jones Industrial Average tumbling 1,631 points, or 3.1%, as investors retreated from technology and artificial intelligence stocks. The S&P 500 fell 3.9%, marking its steepest daily decline The post Wall Street reverses course as Dow drops nearly 1,700 points, Nasdaq enters correction territory appeared first on KLBJ-AM - Austin, TX.
Dow plummets 1,800 points; Nasdaq tumbles into correction territory on AI tech wreck
U.S. stocks suffered a brutal sell-off on Thursday, wiping out the sharp gains that followed the midterm elections as investors fled technology shares amid mounting fears of a slowdown in data-center construction. According to a report from CNBC, the Nasdaq Composite plunged 5.52% to close at 24,315.00, sliding into correction territory after falling more than […]
Fear in equity markets for AI blocks the fall in spread and returns, the differential bounces at 111 basis points
Northwest Newsradio
Dow plunges 1,800 points, wiping out gains from midterm results rally
ABC News The Dow Jones Industrial Average closed down more than 1,800 points on Thursday, wiping out all of the rally from a day earlier when midterm election results propelled the index to its best trading session
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
