Nasdaq Tumbles over 4% as Tech Selling Drags Stocks Lower. AMD Plunges 13%; Micron Falls 12%; Intel Down 8%; Nvidia Down over 6%; Meta Down About 5%

Tiger Newspress11-05 23:30

The Nasdaq Composite plummeted on Thursday, a day after a massive rally on the heels of Democrats’ midterm wins, as investors rotated away from technology stocks for another day.

The tech-heavy Nasdaq declined 4.3%, while the S&P 500 was down 2.7%. The Dow Jones Industrial Average shed 850 points, or 1.59%.

AMD plunged over 13%; Micron down over 12%; Intel down 8%; Nvidia down over 6%; Meta down about 5%.

Stocks related to the artificial intelligence trade — particularly those linked to the chips industry and data centers — 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 more regulation of the AI buildout across the country.

On the positive side, AppLovin — the AI-powered advertising company — surged 32% after delivering better-than-expected results and issuing guidance that beat estimates.

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Comments

  • neo26000
    00:36
    neo26000
    Stocks dropping again? 📉😂 Don't blame the Democrats, Republicans, or the Fed. Sometimes, we just have to admit that greed got the better of us. We wanted a little more profit, and the market decided to teach us a little more humility. 🤣 Wall Street is very good at reminding us that profits are only profits when we take them! 💸
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