NDX plunged -6.4% and SPX fell -4.4%, the market’s worst day since April 2025 as investors bailed from technology shares…
NDX plunged -6.4% and SPX fell -4.4%, the market’s worst day since April 2025 as investors bailed from technology shares on speculation that congressional Democrats will clamp down on the artificial-intelligence industry.
A rotation away from AI and toward defensive sectors morphed into a broader rout, with the VIX rising the most in two years to 28 from 17. Bitcoin sank -6%. $SOXX, the semiconductor ETF fell -12%. In a rush for safety, treasury bond yields fell -5.5bp to 4.85% despite higher oil prices (brent crude +4%). $NVIDIA(NVDA.US) -9.3% today and is now down -3% YTD. $Tesla(TSLA.US) -11% and $SpaceX(SPCX.US) -9% as odds of a potential TSLA-SPCX merger fell. Fading AI enthusiasm prompted investors to trim bets of a December Fed rate hike to 66% from 82% yesterday. Tomorrow’s Oct jobs report could extend today’s rout if too strong (>130K) or too weak (if negative). WS consensus for Oct non-farm payrolls is +65K new jobs.The copyright of this article belongs to the original author/organization.
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