businessBREAKING
S&P 500 Falls 4.4% and Nasdaq Drops 5.5% After Wednesday Rally Reverses
U.S. stocks slump on Thursday as the S&P 500 falls 4.4% and the Nasdaq drops 5.5%.
Key points
- Nvidia fell 9.4%, Meta Platforms 4.2% and Space Exploration Technologies 9.2% on Thursday.
- The Nasdaq Composite is down 11.9% from its Oct. 6 high, in correction territory.
- Morgan Stanley's Ariana Salvatore said Gina Hinojosa's Texas victory raises the likelihood of substantial project delays.
Why it matters. Investors may reassess how a Democrat-controlled Congress could affect the pace of AI data-centre construction, given concerns about electricity and water consumption.
Wall Street's tech-heavy Nasdaq Composite slid 5.5% on Thursday, a day after a rally that followed the U.S. midterm results, while the S&P 500 lost nearly 4.4% in its worst one-day drop since April 2025. Nvidia fell 9.4%, Meta Platforms 4.2% and Space Exploration Technologies 9.2%, leaving the Nasdaq down 11.9% from its Oct. 6 high. Dan Ives of Yorkville Ives & Co. cited "white-knuckle fears" about a Democrat-controlled Congress and the AI trade.
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S&P 500 Falls 4.4% and Nasdaq Drops 5.5% After Wednesday Rally Reverses
U.S. stock markets fell sharply on Thursday, reversing Wednesday's rally that followed the midterm election results. The S&P 500 dropped nearly 4.4 per cent, its worst one-day decline since April 2025. The Nasdaq Composite Index fell 5.5 per cent, with the sell-off led by some of the world's largest technology companies. The Globe and Mail reported the move from the New York Stock Exchange. Further trading details and the cause of the reversal were not included in the available report.