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U.S. stocks reversed Wednesday’s post-election rally on Thursday, with the Dow down 2.2%, the S&P 500 down 3.3% and the Nasdaq down 5% in the latest reported figures. Semiconductor shares led the decline, while investors also weighed election-related policy uncertainty and higher oil prices. The Nasdaq was described as on track to close in correction territory; the supplied report does not confirm its final closing level.
U.S. stocks fell sharply Thursday, reversing Wednesday’s post-election rally as investors sold technology and semiconductor shares. In the latest figures reported by Yahoo Finance, the Dow Jones Industrial Average dropped 2.2%, or more than 1,200 points, the S&P 500 fell 3.3% and the Nasdaq Composite lost 5%; the report said the Nasdaq was on track to close in correction territory.
The sell-off gathered pace after a mixed start. Yahoo Finance reported that the Dow was initially up 0.6%, while the S&P 500 edged down 0.3% and the Nasdaq fell 1%. Later updates described a much steeper decline: at one point, the Nasdaq was down about 4%, the S&P 500 2.3% and the Dow more than 700 points, or 1.4%. The report’s latest summary gave larger losses, reflecting the market’s sharp move during the session.
Chipmakers bore the brunt. The PHLX Semiconductor index fell 11%, while Nvidia and Micron were among the companies cited in the broader decline. An earlier market update said Nvidia shares were down more than 6%, Micron more than 12% and AMD more than 13%. Yahoo Finance reported that the sell-off erased roughly $2 trillion in market capitalization; the report did not specify the calculation period or give a company-by-company breakdown.
Other assets and news offered a mixed picture. Brent crude traded around $97 a barrel and U.S. benchmark WTI around $90, as traders weighed uncertainty about the prospect of a U.S.-Iran deal to end the Middle East war. Bitcoin fell below $76,000 and lost more than 5%, according to the report. Separately, a Challenger, Gray & Christmas report said announced layoff plans in October were at their lowest level since 2023, ahead of Friday’s employment report.
Chip Sell-Off Reverses Rally
The reversal shows that Wednesday’s relief rally did not settle investor concerns. Technology and semiconductor shares drove the day’s losses, making the pullback especially relevant to investors whose portfolios are concentrated in companies tied to artificial intelligence, data centers and chip production. The reported 11% decline in the semiconductor index was substantially steeper than the losses in the broader indexes.
The decline also came as markets tried to price the consequences of Democrats’ sweeping victory in Tuesday’s midterm elections. Yahoo Finance reported that investors were considering possible winners and losers from a change in control of Congress, including implications for AI infrastructure spending and regulation. The report did not identify a single policy decision as the cause of Thursday’s drop, so election effects should be treated as part of the market backdrop rather than a confirmed explanation.
Oil’s rise added another uncertainty for markets and the economy. Prices were trading near $97 for Brent and $90 for WTI amid doubts over a possible Iran agreement. Those figures are a snapshot reported during the session, not a forecast. Together, the equity reversal, chip losses and oil-price move left investors facing several competing signals before the next major U.S. economic data release.
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From Election Rally to Reversal
U.S. stocks rallied Wednesday after Democrats won both chambers of Congress, according to the Yahoo Finance report. That response reflected relief among some investors that election uncertainty had eased, but the report also said markets were still sorting through what the result could mean for companies, regulation and the economy. Thursday’s losses erased the previous day’s gains, though the supplied material does not give the exact closing values needed to compare each index’s final level with Wednesday’s close.
The reversal unfolded alongside renewed pressure on chip and data-center shares. In an earlier update, Yahoo Finance reported that investors were weighing the election result’s potential implications for AI-related spending and regulation. Qualcomm also fell after its quarterly results, while other individual stocks moved for company-specific reasons: AppLovin rose in premarket trading after reporting results and guidance above analyst estimates, according to the report. Those different moves underline that the broad index decline did not mean every share fell.
Oil had dropped sharply Wednesday before rebounding Thursday. The report linked the change to uncertainty over whether President Donald Trump would pursue a deal with Iran to end the war in the Middle East. Vice President JD Vance also posted on X that the party lost the midterm elections because of the war, the report said. His comment was a political statement, not confirmation that negotiations or a deal were underway.
Closing Levels and Causes Unclear
The supplied report does not include final closing prices or confirm that the Nasdaq ultimately ended the session in correction territory. Its live updates show losses widening through the day, so the most recent reported percentages should not be mistaken for verified closing figures. The report also does not define the time period or calculation behind its estimate that about $2 trillion in market capitalization was erased.
It is also unclear how much of the decline was driven by election-related policy concerns versus other factors, including chip-stock selling, company news and broader market positioning. The source describes investor concerns but does not establish a single cause. The status of any U.S.-Iran negotiations was likewise uncertain in the report; rising oil prices reflected market uncertainty, not confirmation that talks had failed or a deal had been ruled out.
Employment Data and Market Follow-Up
Investors were looking ahead to Friday’s U.S. employment report, which could add information about labor-market conditions. The Challenger, Gray & Christmas figures on planned layoffs offered one earlier indicator, but they are not a substitute for the government employment data. The report did not provide a release time or forecast for Friday’s figures.
Markets will also continue to react to earnings and company guidance. Yahoo Finance listed results from Duke Energy, Airbnb and Lumentum among the day’s scheduled reports, while investors continued to assess the policy implications of the election. The next clear measures of the sell-off are the indexes’ confirmed closing levels and whether chip shares and oil prices extend or reverse Thursday’s moves.
Key Questions
How much did the major U.S. indexes fall?
Yahoo Finance’s latest reported figures put the Dow down 2.2%, or more than 1,200 points, the S&P 500 down 3.3% and the Nasdaq down 5%. The report was updated during the session and does not provide confirmed closing levels.
What drove the stock market decline?
The report identified a sharp sell-off in AI, technology and semiconductor shares as a major feature of the drop. It also described investor uncertainty about the election’s policy implications. The source does not establish one definitive cause for the market decline.
Did the Nasdaq close in correction territory?
The report said the Nasdaq was on track to close in correction territory, but the supplied material does not confirm its final close. That distinction matters because an intraday move does not establish where the index finished.
Why were oil prices rising?
Brent crude traded around $97 a barrel and U.S. WTI around $90, according to the report. It attributed the rebound to uncertainty about whether President Trump would pursue a deal with Iran to end the Middle East war; it did not confirm the status of negotiations.
Source: finance.yahoo.com
