Wall Street selloff: Dow drops 1,833 points, Nasdaq enters correction

Wall Street suffered a severe selloff on Thursday, with the Dow Jones Industrial Average plunging 1,833 points and the Nasdaq Composite entering correction territory with a 5.5% drop, as investors fled technology stocks. The Nasdaq fell 5.52% to close at 24,314.997 points, while the S&P 500 dropped 4.35% to 7,353.86 points. The Dow closed at 51,523.06 points, erasing nearly all gains from Wednesday's post-election rally. Chipmakers and AI-related stocks led the decline, with Broadcom and Nvidia each falling 9%, amid fears that a complete Democratic victory could slow data center expansion. The selloff was driven by concerns that Democratic wins in Congress and gubernatorial races could hinder AI infrastructure growth, with Senator Bernie Sanders calling for a national moratorium on data center construction. The Magnificent 7 tech stocks lost nearly $900 billion in market value combined, with Nvidia alone shedding $374 billion.