S&P 500 posts worst daily drop in over a year as tech stocks slump
Briefing by News4U · First published
The S&P 500 posted its worst daily decline in more than a year, dragged down by the technology sector after the Democrats' midterm election victory. The Nasdaq approached correction territory as chip and data-center stocks fell sharply. Qualcomm dropped 9%, Nvidia, AMD, Intel and Marvell Technology led a 7.1% decline in the semiconductor index, while Tesla fell 9.5% and SpaceX eased 6.7%. Data-center operators IREN, Hut 8 and Applied Digital lost 6-11%, and Dell slid 10.5%. Five of eleven S&P 500 sectors finished lower, with tech and consumer discretionary leading the losses. [1] [2]
Sources
- Stocks Erase Post-Midterm Elections Rally, Dragged Down by Tech
NY Times · · Summary only
- Steep losses in Tesla, Space X, data centre operators
RTÉ Business · · Full text