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U.S. stocks reversed Wednesday’s post-election rally on Thursday, with the Dow down 2.2%, the S&P 500 down 3.3% and the Nasdaq off 5% in Yahoo Finance’s late-day update. Semiconductor shares led the sell-off, while the CBOE Volatility Index rose as much as 65%. The report did not provide closing figures, so the Nasdaq’s reported move toward correction territory was not a confirmed closing status.
U.S. stocks reversed Wednesday’s post-election rally on Thursday, with technology and semiconductor shares leading a sharp decline. In a 5:37 p.m. GMT+1 update, Yahoo Finance reported the Dow down 2.2%, the S&P 500 down 3.3% and the Nasdaq down 5%, as investors reassessed the market outlook after Democrats’ election gains.
The sell-off gathered force after a mixed start to the session. Yahoo Finance reported that the Dow initially rose 0.6%, while the S&P 500 edged down 0.3% and the Nasdaq fell 1%. By a later update, the three indexes had fallen further; the Dow was down more than 1,200 points. The figures are intraday moves reported during the session, not confirmed closing results.
Semiconductor shares bore the brunt: the PHLX Semiconductor Index fell 11%, while Nvidia and Micron were among the chip companies sliding. A separate Yahoo Finance update said AMD was also sharply lower. The report described a roughly $2 trillion loss in market capitalization among stocks affected by the sell-off, but did not specify the measurement period or calculation methodology.
Market volatility rose alongside the declines. Yahoo Finance reported that the CBOE Volatility Index climbed as much as 65% to 27.45, citing Futurum Equities chief market strategist Shay Boloor, who called it the largest one-day jump in more than two years. Oil also rose, with Brent around $97 a barrel and U.S. benchmark WTI near $90 in the report, amid uncertainty over prospects for a U.S.-Iran deal to end the Middle East war.
Chip Selling Drove the Reversal
The sharp change in direction matters because Wednesday’s gains had followed the midterm election results, which appeared to ease some investor uncertainty. Thursday’s decline showed that election-related optimism did not protect markets from renewed concerns about AI investment, chip valuations and the policy outlook. The source report did not identify one single cause for the sell-off, and the election’s impact on particular industries remains a developing question.
The semiconductor index’s 11% decline and the Nasdaq’s reported 5% drop point to technology shares as a major pressure point. A rapid rise in the VIX, a widely watched measure of expected market volatility, also indicated a sharp increase in demand for protection against market swings. These are indicators of conditions during Thursday’s trading, not a forecast of how markets will perform next.
Higher oil prices add another market concern. The report linked the rebound to uncertainty about whether President Donald Trump would pursue a deal with Iran. Changes in oil prices can affect energy costs and inflation expectations, but the report did not quantify any economic impact from Thursday’s move.
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Election Gains Met New Doubts
Wednesday’s rally followed a Democratic sweep of both chambers of Congress, according to the Yahoo Finance report. The source said investors were weighing what the results might mean for the economy and markets, including the direction of AI infrastructure spending and regulation. It did not provide detailed policy proposals or establish how lawmakers’ control would affect company earnings.
That uncertainty was visible in the contrast between the two sessions: stocks rallied after the election before reversing as chip and technology shares came under pressure. The report also noted that even some stocks that had risen Wednesday, including Apple, turned lower Thursday. Meanwhile, the CBOE volatility gauge’s reported jump underscored how quickly sentiment shifted.
Other developments offered a mixed picture. Challenger, Gray & Christmas reported that company layoff plans in October were at their lowest level since 2023, according to Yahoo Finance, as employers focused on retaining staff. The report also flagged an upcoming employment report and quarterly results from companies including Duke Energy, Airbnb and Lumentum. Those items may inform investors’ view of the economy and corporate performance, but no results from those upcoming releases were included in the report.
Closing Figures Remain Unreported
The supplied report is an intraday account, updated at 5:37 p.m. GMT+1; it does not give final closing levels for the Dow, S&P 500 or Nasdaq. It said the Nasdaq was on track to close in correction territory, but without closing data that status cannot be treated as confirmed. The report also does not identify a definitive trigger for the sell-off or establish how much of the decline reflected election-related policy concerns versus other market factors.
Details of a possible U.S.-Iran agreement were also unsettled in the report. Although Vance’s post prompted optimism, it did not confirm a change in government policy or negotiations. The impact of the election on AI-related spending, regulation and individual companies likewise remained uncertain.
Investors Await Jobs and Earnings
Investors were due to receive the employment report scheduled for Friday, November 6, according to Yahoo Finance. The Challenger, Gray & Christmas figures on October layoff plans offered one labor-market signal, but they do not determine what the broader jobs report will show.
Markets will also assess upcoming corporate earnings, including reports from Duke Energy, Airbnb and Lumentum cited by Yahoo Finance. Further trading will show whether Thursday’s losses persist or the indexes stabilize, but the supplied report provides no confirmed closing figures or subsequent market moves.
Key Questions
How much did the major U.S. indexes fall?
Yahoo Finance’s late-day update put the Dow down 2.2%, the S&P 500 down 3.3% and the Nasdaq down 5%. These were intraday figures; the supplied report did not include closing results.
What led the sell-off?
AI and semiconductor shares led the decline, with the PHLX Semiconductor Index down 11% in the report. Yahoo Finance also said investors were weighing election implications for AI infrastructure spending and regulation, but it did not establish a single definitive cause.
Did the Nasdaq close in correction territory?
That was not confirmed in the supplied report. Yahoo Finance said the Nasdaq was on track to close in a correction, but the report did not provide final closing data.
Why did volatility rise?
The CBOE Volatility Index rose as investors sold technology and chip shares. Yahoo Finance reported a peak of 27.45, up as much as 65%, citing strategist Shay Boloor; that was an intraday reading, not a closing figure.
What market developments were expected next?
The report pointed to a Friday employment report and upcoming results from companies including Duke Energy, Airbnb and Lumentum. It did not give the employment report’s outcome or those companies’ results.
Source: finance.yahoo.com
