Post-midterm tech and semiconductor selloff
US tech lost over $1T in the first 30 minutes after the open, with the Nasdaq 100 down about 3%. Chips led, with Qualcomm, AMD, Nvidia, SanDisk and Tesla/SpaceX hit hard, and the move is widely tied to the Democratic midterm win.
What we know
An account on X put the Nasdaq 100 down 3% and the S&P 500 down 1.3%, and Kobeissi put the loss at $1.3T in 30 minutes. Qualcomm sank 14% on guidance showing smartphone chip sales down 26% YoY, AMD is down 35% from its October high, and Nvidia hit its lowest since April. Tesla fell 10% and SpaceX 7.5%, which Financelot linked to Musk's $474M of midterm donations. Goldman's desk said hedges were monetized. Traders split between calling a bubble break and buying the dip.
How the story developed
US tech lost over $1T in the first 30 minutes after the open, with the Nasdaq 100 down about 3%. Chips led, with Qualcomm, AMD, Nvidia, SanDisk and Tesla/SpaceX hit hard, and the move is widely tied to the Democratic midterm win.
S&P 500 and Nasdaq 100 futures erased overnight losses of up to 1.4% and 2.4%, while gold topped $4,000 and Tesla/SpaceX fell 5% in Germany.
Sources
“US tech stocks slide in wake of Democrats' midterm win”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.