Technology stocks plunged on Thursday as traders assessed the implication of a Democratic sweep in the US midterm elections on artificial intelligence.
What started as a rotation out of semiconductor stocks morphed into a broad rout, with all 11 sectors in the S&P 500 Index in the red. The information tech sector led the declines, retreating 3.90%. The Nasdaq 100 fell 5.77%, erasing $1.9 trillion from its value, while an exchange-traded fund tracking US-listed semiconductor stocks dropped 10%, extending losses from Wednesday.