S&P and Nasdaq Lower
US stocks traded mixed on Thursday, with the S&P 500 falling 0.3% and the Nasdaq tumbling 1%, while the Dow Jones gained around 270 points. The mixed performance followed a strong rally in the previous session, sparked by a Democratic sweep of Congress in the US midterm elections. The rotation away from AI-related and technology stocks continued, amid concerns that the Democrats' victory could lead to tighter regulations on US data centres and weigh on semiconductor demand. Chipmakers came under heavy selling pressure, with Nvidia falling 2.7%, Broadcom dropping 3.8%, Micron declining 5.4%, AMD plunging 9.6% and Applied Materials losing 5.9%. Tesla and SpaceX also extended their losses, falling 5.7% and 4.5%, respectively. Meanwhile, Qualcomm plunged nearly 12% after issuing a lacklustre profit forecast. In contrast, energy and financial stocks were among the best-performing sectors. Alphabet gained 0.7%, Amazon advanced 1.5%, Eli Lilly rose 1.0% and JPMorgan added 1.1%.
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US stocks traded mixed on Thursday, with the S&P 500 falling 0.3% and the Nasdaq tumbling 1%, while the Dow Jones gained around 270 points. The mixed performance followed a strong rally in the previous session, sparked by a Democratic sweep of Congress in the US midterm elections. The rotation away from AI-related and technology stocks continued, amid concerns that the Democrats' victory could lead to tighter regulations on US data centres and weigh on semiconductor demand. Chipmakers came under heavy selling pressure, with Nvidia falling 2.7%, Broadcom dropping 3.8%, Micron declining 5.4%, AMD plunging 9.6% and Applied Materials losing 5.9%.
Tesla and SpaceX also extended their losses, falling 5.7% and 4.5%, respectively. Meanwhile, Qualcomm plunged nearly 12% after issuing a lacklustre profit forecast. In contrast, energy and financial stocks were among the best-performing sectors. Alphabet gained 0.7%, Amazon advanced 1.5%, Eli Lilly rose 1.0% and JPMorgan added 1.1%.