Nasdaq heading for worst day in 18 months as Wall Street sustains widespread losses
Source: The Guardian ·
Share index slumps 5% amid signs AI industry will face tougher regulation after Democrats’ midterm elections successThe tech-heavy US Nasdaq share index is on track for its worst day in 18 months after slumping by up to 5% on Thursday amid growing signs that the artificial intelligence industry will face tougher regulation after this week’s midterm elections.As Wall Street sustained widespread…
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The tech-heavy US Nasdaq share index is on track for its worst day in 18 months after slumping by up to 5% on Thursday amid growing signs that the artificial intelligence industry will face tougher regulation after this week’s midterm elections. As Wall Street sustained widespread losses, the Nasdaq composite tumbled into ‘correction territory’ – more than 10% below its recent record high. The index was heading for its biggest one-day fall since Donald Trump announced his ‘liberation day’ tariffs on US trading partners in April 2025. Worries over massive AI spending gripped the New York stock market and rippled out to other bourses worldwide as investors anticipated tougher scrutiny of datacentre expansion plans. Chip stocks led the slump, with memory maker SanDisk tumbling by 19% and hard drive maker Western Digital falling by 16.5%. Wall Street’s ‘fear index’, the VIX, jumped by 40% to its highest levels since the early weeks of the Iran war, in a sign of rising market volatility.…