Investors on Wall Street continued to rotate out of tech stocks on Thursday, reversing a brief post-election rally as the Nasdaq Composite fell into correction territory.
The tech-heavy index had declined 4.17 per cent as of 10.43am ET. The S&P 500 slid 2.68 per cent and the Dow Jones Industrial Average fell 880 points, or 1.65 per cent, erasing roughly half of the previous session's gains that followed a stunning Democratic midterm sweep.
AI-related stocks also tumbled as investors considered the question of whether Democratic control of both chambers of the US Congress would lead to greater oversight and regulation of the data centre buildout.
The chip bellwether Nvidia declined 7 per cent, while Broadcom tumbled 8 per cent.
This is a developing story ...
