Global stocks tumble as AI panic grips markets after Democrats’ midterm success – business live
Rolling coverage of the latest economic and financial news, as Asia-Pacific markets slide after Wall Street rout Donald Trump has blamed the Democratic party for the market selloff. Posting on his Truth Social site, the president wrote: The Stock Market suffered one of the Worst Days in History based on the results of the Election. Such a sad thing to watch! It took so much work to get us to a…
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.
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