Dow Sinks 1,620 Points as Data-Center Fears Drive Nasdaq Down 5.3%
Updated
Updated · CNBC · Nov 4
Dow Sinks 1,620 Points as Data-Center Fears Drive Nasdaq Down 5.3%
3 articles · Updated · CNBC · Nov 4
Summary
U.S. stocks deepened their selloff Thursday, with the Dow down 1,620 points, the S&P 500 off 3.9% and the Nasdaq sliding 5.3% into correction territory.
Election results drove the retreat: investors fear a Democratic sweep in Congress and key governor races could slow AI-linked data-center expansion, a major engine of recent market gains.
AI and chip shares led the drop for a second day, with Broadcom and Nvidia each down 8%, Oracle off 7%, Qualcomm falling 10% after weak guidance, and the SOXX semiconductor ETF tumbling 11%.
The selling spread well beyond tech, pulling Caterpillar down 5% and JPMorgan, Boeing and Nike lower, while wiping out the Dow's entire gain from Wednesday's 1,500-point postelection rally.