Global stocks tumble as AI panic grips markets after Democrats’ midterm success – business live
Summary
Global markets fell after investors sold technology stocks amid concerns that a Democratic-controlled Congress could tighten oversight of data centres and slow AI investment. The sell-off followed steep U.S. losses, while major Asian indexes also dropped sharply.Key Facts
- More than $3.2 trillion was wiped off the U.S. stock market in the previous session.
- The Nasdaq fell 5.5%, the S&P 500 fell 4.36%, and the Dow Jones Industrial Average lost 3.44%.
- SanDisk shares fell 22%, while Micron and AMD each lost 17%.
- Nvidia fell more than 9%.
- Japan’s Nikkei dropped almost 6%, South Korea’s KOSPI fell 6.7%, and Taiwan’s TAIEX declined 4.5%.
- The FTSE 250 was down 1.25% in the reported trading session.
- Investors were also watching the U.S. non-farm payrolls report and consumer confidence data.
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