Record US stock wipeout led by AI/chip crash
The US market lost roughly $2.8-3T in a day after the midterms, with Nasdaq down ~5.6%, S&P ~4.3% and semis ~12%. Record ETF volumes and levered-ETF/vol-control selling amplified the move.
What we know
An account on X reports Nasdaq -5.56%, S&P -4.33%, Dow -3.45%, while the Philadelphia semiconductor index sank 12%. Another account on X called it the biggest single-day wipeout ever ($2.8T vs. the $2.69T Covid record). McElligott cites $47B in levered ETF selling and $61B in vol control, and Balchunas notes record QQQ (~$80B) and SOXL ($25B) volume. Data centers were hit hardest (IREN -16%, NBIS -15%). Views split: Minervini stays short and warns of a 1-2 week meltdown, while Tom Lee calls it forced liquidation. Others buy the dip (Chase MU at $652, Cole on QQQ RSI).
How the story developed
The US market lost roughly $2.8-3T in a day after the midterms, with Nasdaq down ~5.6%, S&P ~4.3% and semis ~12%. Record ETF volumes and levered-ETF/vol-control selling amplified the move.
The Nasdaq 100 fell about 6% and roughly $2.8T was erased from US stocks, a claimed single-day record. The AI trade is at the center, with forced selling and leveraged ETF rebalancing adding pressure.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.