Stock market today: Nasdaq plunges 5% amid chip stock wipeout, Dow and S&P 500 erase post-<a s post-election surge.
The Dow Jones Industrial Average (^DJI) plummeted 3%, shedding more than 1,600 points. Meanwhile, the S&P 500 (^GSPC) retreated 4%, and the tech-focused Nasdaq Composite (^IXIC) dropped 5.2%, pushing the index toward correction territory.
The PHLX Semiconductor index (^SOX) plummeted 10% as major chip manufacturers, including Nvidia (NVDA) and Micron (MU), saw their share prices tumble. Large-cap technology stocks appeared headed for their most significant single-day decline since the market crash at the start of the COVID-19 pandemic.
Investors remained focused on the implications of the Democrats’ sweeping victory on Tuesday and how it might impact the broader economy. As the uncertainty surrounding the election dissipates, the market is actively recalibrating to determine the potential winners and losers resulting from the shift in power on Capitol Hill.
Oil prices climbed amid increased overnight following remarks from Vice President JD Vance, who stated, “The reason we lost [the midterm elections] is the war.”
