Dow plunges 1,201 points as Nasdaq 100 nosedives 6% in brutal Wall Street selloff
Wall Street's post-election glow vanished in a hurry. By 10:51 am ET the Dow had shed 1,201 points, the Nasdaq 100 had plunged 6.04% and the S&P 500 was down 3.62%, as tech and chip stocks buckled under fears of tougher AI regulation from a Democratic Congress.
Wall Street's morning turned ugly fast. At 10:51 am ET the Dow Jones Industrial Average had dropped 2.25%, a slide of 1,201 points, while the Nasdaq 100 nosedived 6.04% and the S&P 500 sank 3.62%.
The euro barely budged through the chaos, trading flat at $1.12348 against the dollar by 10:52 am ET.
It's a whiplash session. Less than two hours earlier the Dow was up 0.62%, a gain of 350 points, and Wednesday's close had been a celebration — the blue-chip index surged 3.03%, or 1,570 points, on a post-election rally after Democrats won majorities in both the Senate and the House.
The drop is being driven by tech and chip names, with investors spooked that a Democratic Congress will push stricter artificial intelligence regulation. Broadcom fell 4.71%, Nvidia tumbled 4.04% and Oracle shed 3.85%, according to Breaking The News, while Tesla sank 8.94% and SpaceX lost 6.20%.
The political backdrop is still raw. Republicans blamed the war with Iran for their heavy midterm losses, and President Donald Trump acknowledged the conflict played a large role, pointing to the higher prices it fueled.
Earnings are still on deck, with Airbnb, Lyft and Dropbox set to report after the closing bell. For now, traders are watching a market in freefall — more to come.
TopicsDow Jones Industrial Average · Nasdaq 100 · S&P 500 · Nvidia · Broadcom · Oracle · Tesla · SpaceX
Source: breakingthenews.net
Written by Paparazzi with AI. Not financial advice.
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