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Nasdaq plummets 4% into correction territory, Dow drops more than 1,000 points as traders dump tech stocks: Live updates
The Nasdaq Composite plummeted on Thursday, erasing the sharp gains from the previous session, as investors accelerated their move away from technology stocks in the wake of the U.S. midterm elections.
The tech-heavy Nasdaq declined 3.9% and dipped into correction territory, trading more than 10% below a record set last month. The S&P 500 was down 2.8%. The Dow Jones Industrial Average shed 1,153 points, or 2.2%, as gains in stocks such as Chevron and Johnson & Johnson were not enough to spare the 30-stock index from the tech selling spree. The Dow erased most of its advance from Wednesday's massive postelection rally.
Stocks related to the artificial intelligence trade â particularly those linked to the chips industry and data centers â slid for a second day. Investors fear that a Democratic sweep of both chambers of Congress as well as victories in key gubernatorial races could spell a slowdown of the data center buildout.
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Chip stocks get slaughtered as Wall Street heads for its worst post-midterm day since 1896
Wall Street's midterm celebration lasted one day. Chip stocks are getting taken to the woodshed Thursday, and the Dow Jones Industrial Average (^DJI) is heading for its worst second session after a midterm election in data going back to its start in 1896.
It took the Nasdaq Composite (^IXIC) six minutes to erase its entire post-election rally. Then the selling got worse.
The tech-heavy index is down more than 5% in late-morning trading, and the S&P 500 (^GSPC) is off more than 3%. Both are on pace for their worst day since the April 2025 tariff crash.
Investors bought stocks Wednesday after Democrats won control of both chambers of Congress, helped by falling oil prices and lower Treasury yields. Now the focus is on what a Democratic Congress could mean for the AI build-out, and in particular for the data centers driving it.
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