S&P 500 Falls 2% as Nvidia, AMD Slide on Data Center and Election Fears
Updated
Updated · Hamilton Journal News · Nov 5
S&P 500 Falls 2% as Nvidia, AMD Slide on Data Center and Election Fears
3 articles · Updated · Hamilton Journal News · Nov 5
Summary
The S&P 500 dropped 2% by midmorning, erasing Wednesday’s rally, while the Nasdaq sank 3.6% and the Dow lost 502 points.
Nvidia fell 6.3%, AMD tumbled 13.1% and CoreWeave slid 10% as investors worried high borrowing costs could slow AI data-center expansion and Democrats’ midterm wins could bring construction pauses.
Those losses outweighed broad strength elsewhere: a slight majority of S&P 500 stocks rose, with AppLovin jumping 31.8% after strong results and a buyback expansion, and Tapestry gaining 8.3% on raised forecasts.
The AI selloff also hit overseas markets, knocking South Korea’s Kospi down 5.3% and Japan’s Nikkei 225 off 1.8%.
Outside stocks, Brent crude rebounded 2.5% to $96.95 as Iran-war uncertainty persisted, while the 10-year Treasury yield eased to 4.86% despite solid U.S. jobless-claims and productivity data.