Stan Choe

November 2, 2026 — 5:25am

A selloff for tech stocks got even worse on worries that Wall Street’s frenzy around artificial-intelligence technology sent prices too high.

The S&P 500 tumbled 1.8 per cent for its worst day since June, and it closed out a third straight losing week. The weakness for technology stocks dragged the Nasdaq composite down a market-leading 2.9 per cent, while the Dow Jones Industrial Average dropped 572 points, or 1.1 per cent.

Wall Street suffered more weakness in AI stocks on Friday. AP

The Australian sharemarket is set to dip, with futures pointing to a slide of 4 points at the open. The Australian dollar was trading at US70.29¢.

The US stock market remains only 3.1 per cent below its all-time high, which has boosted the value of workers’ retirement accounts, but it’s become increasingly shaky as Tuesday’s midterm elections in the United States approach.…