Nasdaq-100 falls 5.7%, S&P 500 4%: chip stocks lead the drop
In short
- At 21:40 Sofia time the Nasdaq-100 was down 5.72%, the S&P 500 down 3.98% and the Dow down 3.13%.
- Chip and AI stocks fell hardest: AMD −15.3%, Broadcom −8.8%, Nvidia −8.7%.
- Gold was up 1.3% against yesterday’s close, while Bitcoin was down 5.0% in 24 hours.
US stocks are giving back the post-election rally: at 21:40 Sofia time the S&P 500 was down 3.98% and the Nasdaq-100 down 5.72%. The US session ends at 23:00 Sofia time, so the numbers can still change.
What happened
Wednesday’s rally followed the midterms, where Democrats took Congress. On Thursday it reversed. According to Yahoo Finance’s live blog, chip and AI stocks led the fall as investors weigh what a Democratic Congress could mean for AI infrastructure spending and data-centre regulation. The PHLX Semiconductor index was down about 11% at one point, and the S&P 500 had lost more than $2 trillion in market value by late morning in New York.
HawkValue data at 21:40: the S&P 500 stood at 7,383 (−3.98%), the Nasdaq-100 at 26,809 (−5.72%) and the Dow at 51,687 (−3.13%). Among single stocks: AMD −15.3%, Tesla −11.5%, Broadcom −8.8%, Nvidia −8.7%, Meta −4.1%, Microsoft −3.4%.
The VIX fear gauge jumped by more than half – by the blog’s account its biggest one-day jump in over two years. The Bank of England also raised its rate by 0.25 points to 4% on an 8–1 vote (we covered the expectation this morning).
Gold was £3,054 an ounce at 21:40, up 1.3% on yesterday’s close; silver was up 0.9%. Bitcoin was £56,621 (−5.0% in 24 hours) and below $76,000, after trading above $80,000 on Wednesday.
What it means for you
The maths: £10,000 in a Nasdaq-100 fund at −5.72% is a loss of £572, leaving £9,428. The same £10,000 in gold at +1.30% is a gain of £130. In Bitcoin at −5.02% it is a loss of £502.
This is a one-day move and not yet final. After a day like this the thing to watch is whether the next session extends the fall or recovers part of it; Yahoo Finance notes that Friday brings the US jobs report. See live prices for stocks, crypto and gold.
Bottom line
Today stocks and Bitcoin fell together, and gold was the only one of the three in positive territory. That is a fact about one day, not a forecast.
Sources: Yahoo Finance · HawkValue data at 21:40.
For information only. This is not investment advice.
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