Semiconductor ETF Sinks 10% as Nasdaq 100 Loses 5.77% on Election Fears
Updated
Updated · Bloomberg · Nov 5
Semiconductor ETF Sinks 10% as Nasdaq 100 Loses 5.77% on Election Fears
3 articles · Updated · Bloomberg · Nov 5
Summary
$1.9 trillion was wiped from the Nasdaq 100 on Thursday as the index fell 5.77% and a US-listed semiconductor ETF dropped 10%, extending Wednesday's losses.
A selloff that began in chip stocks broadened into a market rout as traders weighed how a Democratic sweep in the US midterm elections could affect artificial intelligence.
Information technology led all 11 S&P 500 sectors lower, falling 3.90%, while the broader S&P 500 turned fully red in US trading.
The latest slide adds to pressure across chipmakers after Qualcomm's weak forecast helped intensify concerns about AI regulation and a post-election slowdown in cloud and data-center spending.