U.S.markets took a hit as concerns over newly elected Democrats added to fears about AI.
Mississippi voters nervously await the result of nail-biter Senate race.And scientists believe they’re on the brink of a new era in Alzheimer’s prevention.Here’s what to know today.Stocks plunge as blue wave and AI worries crush tech salesStocks plummet as election outcome adds to growing fears about AI01:26The Nasdaq and S&P 500 suffered their worst single-day losses since April 2025, when President Donald Trump’s global tariffs sent markets tumbling, with both indexes losing trillions of dollars in value.
The tech-heavy Nasdaq plunged 6.3% yesterday, shedding $2.3 trillion in market value, while the S&P 500 fell 4.4%, losing $2.8 trillion.Asian markets also plunged after they opened Thursday night.This is Morning Rundown, a weekday newsletter to start your day.
Sign up here to get it in your inbox.Two lackluster earnings reports on Wednesday night from major chipmakers, Qualcomm and Arm Holdings, triggered the sell-off.The plunge is partially tied to a blue wave of victories by anti-AI candidates in Tuesday’s midterm elections.
Democrats elected to governorships, attorneys general posts and Congress have pledged to slow or halt AI data center construction.Tech stocks have surged in recent years as excitement about AI has fueled billions of dollars in investments, but questions about whether it will generate returns on those investments have grown louder in recent months.Trump blamed Democrats for the market slump in a Truth Social post.But, he has said little about Republicans’ election losses since Tuesday, instead signing a proclamation yesterday designating the Oval Office and Cabinet Room as a national monument.Some economists aren’t worried about the stock market dip.
Letting some air out of the AI bubble now, they say, could reduce the risk of a full-blown crash later.Read the full story here.Related coverage:Economists expect the Bureau of La...