Wall Street slides as Nasdaq drops 3.3% on tech selloff

Wall Street experienced a sharp selloff on Thursday, with the Nasdaq falling 3.3% as investors moved away from technology stocks, while the Dow Jones lost 489 points, or 0.9%, and the S&P 500 dropped 1.9%. The decline followed a strong rally driven by Democratic victories in the midterm elections, as investors now anticipate a slowdown in artificial intelligence infrastructure growth. Chip makers Broadcom and Nvidia each fell 5%, while Oracle dropped near 5%, and Tesla and SpaceX lost 9% and 7% respectively. Cloud infrastructure companies also declined, with CoreWeave down 9%, Nebius 13%, and Iren 11%. In contrast, AI advertising firm AppLovin jumped 32% on better-than-expected results. Oil prices reversed course, with WTI futures rising over 1% to near $90 per barrel.