U.S. stock market loses ₹180 lakh crore in a day as tech stocks plunge

The U.S. stock market lost approximately 180 lakh crore rupees in market value in a single day, causing panic among investors. This sharp decline follows the Democratic Party's sweeping victory in the U.S. midterm elections. Newly elected Democratic governors in Texas, Ohio, and Georgia campaigned against AI data centers over concerns about excessive electricity and water usage. This has led to expectations of new restrictions or bans on these facilities, potentially reducing billions of dollars in planned international tech investments. The Nasdaq index fell 5 percent, with semiconductor stocks like Nvidia, AMD, Micron, and Qualcomm dropping 9 to 18 percent, while Oracle fell 7 percent. Tesla and SpaceX shares, linked to Trump donor Elon Musk, each dropped 10 percent, and the Dow Jones fell over 1,600 points. Investors have shifted toward safe-haven U.S. government bonds, lowering the two-year Treasury yield to 4.47 percent.