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2026-11-05 23:14:36
[Chip Stock Sell-Off Intensifies, Nasdaq 100 Falls Over 3%] Chip stocks saw a further decline as investors assessed the potential impact of a Democratic sweep of Congress on AI deals. AI has been a key driver of the US stock market bull run. An index measuring the performance of chip giants has fallen 35% from its record high in June. Earnings outlooks from Qualcomm and Arm Holdings failed to satisfy Wall Street. The Nasdaq 100 fell 3.5%. Apple plans to raise approximately $7 billion through an investment-grade bond issuance to support share buybacks, adding another round of recent bond issuances by US tech giants. Tesla shares fell 10%. Most S&P 500 components rose as funds rotated into more defensive sectors. Investors flocked to safe-haven assets ahead of the US jobs report, pushing up US Treasuries. Brent crude rose to $97 a barrel. Oil prices fell sharply in the previous trading session following the US midterm elections, and traders are now reassessing market conditions.
