Global stocks plunge amid AI slowdown fears after Democrats’ midterm triumph
Sell-off on Wall Street followed by sharp fall in Asian and European markets, with FTSE down 1.5% Business live – latest updates European stock markets have fallen sharply as a rout in US tech stocks spread across the Atlantic, after the Democrats’ midterms victory sparked fears of a slowdown in the AI industry. A sell-off on Wall Street on Thursday was followed by sharp falls in Asian stocks…
Global stock markets experienced a significant decline following the Democratic Party's successful midterm elections, as concerns about a slowdown in the artificial intelligence industry gripped investors. The Dow Jones Industrial Average dropped 1,200 points, with tech stocks leading the sell-off. European and Asian markets mirrored the downward trend, with the FTSE 100 in London falling 1.5% and key stocks like AstraZeneca, IAG, Antofagasta, and Anglo American recording notable declines.
Susannah Streeter, an investment strategist, expressed concern over the intensifying tech sell-off and its potential impact on data center construction, which could affect the spending boom. Meanwhile, the Nasdaq's fear index, the Vix, surged by 61% to its highest levels since early 2021, indicating heightened market volatility.
Despite the global downturn, both the Nasdaq Composite and the FTSE 100 remain up for the year, though the former is now over 10% below its peak and the latter is more than 300 points below its July record high.
Written by urgent.news from The Guardian's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
