NASDAQ -5.5%, Dow -3.4%, S&P -4.3%; Nvidia, Broadcom drop nearly 10%

The New York Stock Exchange [Reuters]
The New York Stock Exchange [Reuters]

All three major US stock indexes tumbled Thursday (local time), erasing all gains made after Wednesday's midterm elections.

The sell-off was concentrated in technology stocks after the Democratic Party swept both chambers of Congress in the midterms, stoking fears of tighter AI industry regulation and a slowdown in data center investment. The Philadelphia Semiconductor Index bore the brunt of the selling, tumbling 1,257.52 points, or 12.25%, to close at 9,011.14.

The tech-heavy NASDAQ Composite fell 1,421.52 points, or 5.52%, to finish at 24,315.00 on Thursday. The index has now dropped more than 10% from its all-time high set last month, with analysts saying it has entered a technical correction.

The Dow Jones Industrial Average shed 1,833.06 points, or 3.44%, to close at 51,523.06, while the S&P 500 fell 334.89 points, or 4.36%, to end at 7,353.73.

Nvidia dropped 9.2% and Broadcom fell 10.6%, with selling pressure spreading beyond technology to financial and industrial stocks across the broader market.

Tesla and SpaceX, both led by Elon Musk, also tumbled — falling 10.8% and 9.3%, respectively — amid concerns that the Democratic Party's midterm victory would bring tighter regulation.


cheon@heraldcorp.com