Wall Street’s best post-midterm rally in 44 years lasted just one day—then $3 trillion vanished as chip stocks plunged over AI fears

The Nasdaq fell about 5% on Thursday and the S&P 500 nearly 4%, just a day after Wall Street had cheered the Democratic sweep of Congress. By early Thursday afternoon, the Nasdaq dropped 5.2% and the S&P 500 3.8%, and the Dow was down 2.9%, or more than 1,500 points. The S&P 500 fell as low as 7,394.49, below where it closed on Election Day. Thursday’s drop off seemed to hit AI and tech stocks the hardest: the Philadelphia Semiconductor Index was down about 9.75% in a Reuters intraday snapshot and briefly fell as much as 11%, on track for…

Source: Fortune Crypto