Stock Market Today: Chip Rout Sends Nasdaq Down 5%
Stock market today: Tech shares lead a sharp reversal
US stocks fell suddenly on Thursday, giving back the gains from Wednesday’s post-election rally. The Dow Jones Industrial Average dropped 2.2%, or more than 1,200 points, while the S&P 500 slid 3.3%. The Nasdaq Composite sank 5%, putting it on track to close in correction territory.
Chip stocks bear the brunt
The PHLX Semiconductor index plunged 11% as Nvidia, Micron, and other chipmakers sold off. The steep losses in AI and semiconductor shares drove much of the day’s market decline. Investors tracking stocks and portfolio performance saw a sudden reversal after the previous session’s gains.
Election fallout and oil prices in focus
Investors continued to assess the Democrats’ sweeping election victory and what it could mean for business, the economy, and financial markets. With election uncertainty removed, attention shifted to which industries might benefit or face pressure under a changed political landscape.
Oil prices rose amid uncertainty over whether President Trump would pursue a deal with Iran to end the war in the Middle East. The available report ends as it begins describing comments from Vice President JD Vance, so consult the original source for further details. This market news is informational and is not personal investing advice.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.