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Informist, Friday, Nov. 6, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US indices end sharply down as tech, AI stocks plunge

 

MUMBAI--0730 IST--Major US indices ended sharply lower Thursday, wiping out gains from Wednesday's rally following the US midterm elections. Investors moved away from technology and semiconductor stocks over concerns that Democrats gaining control of both the Senate and the House of Representatives would curb funding for data centres and artificial intelligence projects. Among key indices, the technology-heavy Nasdaq Composite fared the worst and ended 5.5% lower, while the S&P 500 ended down more than 4% down. The Dow Jones Industrial Average fell over 3%.    

 

Major semiconductor stocks fell, with Broadcom and CoreWeave each down about 10%, while Nvidia Corp. fell more than 9%. US Senator Bernie Sanders called for a "National Data Centre Moratorium" in a post on social media platform X. "Americans don't want Big Tech oligarchs wrecking the environment, gutting jobs and threatening humanity's future," he said. AI infrastructure companies Nebius and Iren fell 17% and 15%, respectively.       

 

All the "Magnificent Seven" stocks fell, with Alphabet, Amazon, and Apple each ending around 2% lower, while Meta Platforms and Microsoft Corp. fell over 3?ch. Shares of SpaceX and Tesla fell over 9% and nearly 11%, respectively. "Investors are stepping away until they get a better sense of the implications of the midterms around the AI capex cycle in particular, which is the biggest economic tailwind we've had going for us for the last, call it, three years," CNBC quoted Tim Holland, chief investment officer at Orion.  

 

Stocks in other sectors also ended lower, with industrial major Caterpillar down more than 6%, while banking major JPMorgan Chase fell more than 4%. All 11 S&P 500 sector indices ended lower Thursday, with information technology suffering the steepest decline, down over 7%.  

 

Following are the closing levels of key indices in the US: 

 

Index	Level	Change in %
Dow Jones Industrial Average	51523.06	(-)3.4
NASDAQ Composite	24315.00	(-)5.5
S&P 500	7353.73	(-)4.4

 

(Vidhi Thacker)

 

US$1 = INR 94.48

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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