Euphoria meets raw fear on Wall Street as stocks plunge post US-midterms | ASX to open in red fol…

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Euphoria meets raw fear on Wall Street as stocks plunge post US-midterms

Investors are reconsidering AI's future in light of the Democrats' midterm elections victory. (Reuters: Max A. Cherney)

Euphoria met with raw fear as shares nosedived on Wall Street overnight.

Technology stocks were the hardest hit, with the NASDAQ plunging 6.3 per cent.

But the losses were widespread as the benchmark S&P 500 dived 4.3 per cent.

The heavy selling followed a day of unbridled optimism on Wall Street as investors mulled whether a Democrat-controlled Congress would inject some rationality around the AI infrastructure rollout.

A major rout on Wall Street has real implications for millions of Australians.

Most workers, via their superannuation, have approximately $4.5 trillion invested in financial markets and roughly 20 per cent of it is exposed to movements on Wall Street.

Sharemarket dips but ends week higher despite risks

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Australian shares have limped across the finish line but notched a second straight week of gains, despite facing a slew of domestic and global risks.

The S&P/ASX200 fell 44.3 points on Friday, down 0.49 per cent, to 9020.8, as the broader All Ordinaries lost 60.5 points, or 0.66 per cent, to 9144.7.

The top-200 was still up 1.2 one per cent since Monday and has risen for five of the past six weeks, despite the Reserve Bank hiking the official cash rate to 4.85 per cent on Tuesday, its highest level since 2008.

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