CA, US & World
Stock Market Loses $2.5 Trillion as Tech Sell-Off Sends Nasdaq Into Correction
Wall Street suffered a major sell-off Thursday, with technology stocks leading a broad market decline that erased roughly $2.5 trillion in market value from the Nasdaq.
The Nasdaq Composite dropped 5.52%, its worst single-day performance since April 2025. The decline pushed the tech-heavy index into correction territory, more than 10% below its record high reached October 6.
The Dow Jones Industrial Average fell 1,833 points, wiping out its gains from Wednesday's post-midterm rally. The S&P 500 and Dow also recorded their worst days since April 2025.
Investors are reassessing the future of artificial intelligence and the massive data center investments supporting the technology. The concerns intensified following Democratic victories in several states, particularly Texas, where the incoming governor has proposed a temporary pause on new data center development and changes to certain business tax incentives.
Texas has become a major hub for data center investment, with companies including Google, Meta, Oracle and OpenAI committing significant resources to the state.
Chipmakers and companies supplying the infrastructure for artificial intelligence were among the hardest hit. Nvidia shares dropped 9.3%, while a closely watched semiconductor index fell 12.3%. Tesla shares declined 11%, and shares of AI computing providers CoreWeave and Nebius also posted steep losses.
The selling extended beyond technology. All 11 sectors of the S&P 500 finished lower, while the market's volatility gauge, the VIX, surged roughly 70%, marking its biggest one-day increase in nearly two years.
Investors moved toward government bonds amid the uncertainty, pushing the yield on the 10-year Treasury to its lowest level in two months.
Some market analysts characterized the decline as an emotional reaction to political and economic uncertainty rather than a clear indication of the long-term outlook for technology stocks.
Others said the pullback could help cool an AI investment boom that has raised concerns about excessive spending and the possibility that companies are building more data center capacity than future demand will require.
The sell-off follows months of volatility for technology stocks. The Nasdaq and S&P 500 are now down approximately 12% and 6%, respectively, from their October 6 peaks.
By: CNN Newsource
November 5, 2026
stock market selloffNasdaqDow JonesSP 500artificial intelligence stocksAI data centersNvidia stockTexas electionGina HinojosaWall Streettechnology stocksNovember 2026 market
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