Stocks Erase Post-Midterm Rally as Tech Shares Slide
The S&P 500 suffered its worst daily decline in more than a year, led lower by technology shares, according to The New York Times.
Stocks fell sharply after the midterm elections, erasing a rally that had followed the vote. The New York Times reported that the S&P 500 slumped to its worst daily decline in more than a year, dragged down by the technology sector as investors fretted about the durability of the A.I. build-out. The report was written by Joe Rennison.
The Guardian's live business coverage reported that Asia-Pacific markets slid after the Wall Street rout, even though most global indices remained higher for the year. Graeme Wearden wrote that the Nasdaq Composite was still up 4.6 percent since the start of January but was more than 10 percent below its peak. The Guardian's headline tied the sell-off to what it called an AI panic following Democrats' midterm success, and its summary included the line "The tech sell-off has intensified."
CBS News covered the market decline in a video segment about stocks tumbling after the elections, reporting that tech stocks plunged. The segment's summary gave no further figures on the losses.
The three reports agree that technology shares led the decline and that investor concerns about artificial intelligence were a central factor. They differ in emphasis. The New York Times focused on the S&P 500's worst daily drop in more than a year, while The Guardian stressed that most indices were still up for the year and that the Nasdaq remained well above its level at the start of January. The summaries do not give closing levels or percentage declines for the S&P 500 or the wider market, and they do not specify the trading session on which the losses occurred.
Sources: The New York Times: Stocks Erase Post-Midterm Elections Rally, Dragged Down by Tech; The Guardian: Global stocks tumble as AI panic grips markets after Democrats’ midterm success - business live; CBS News: Eye Opener: Stocks tumble after elections.