Wall Street stocks rally as AI selloff eases on regulatory fears
Wall Street stocks mostly rallied Friday, with the S&P 500 and Nasdaq climbing, after a selloff triggered by fears that Democratic election wins would bring tighter US AI regulations. The Dow edged lower, and all three indexes remained on track for weekly losses. The Philadelphia Semiconductor Index jumped 4.2%, and Nvidia rose 3% following its worst day since January 2025. Other chipmakers like AMD, Intel, and Micron gained between 5.5% and 10%. Texas' Democratic governor-elect Gina Hinojosa announced plans for new laws limiting data centre buildup. Global markets declined sharply, with Europe's STOXX 600 down 1% and Japan's Nikkei and South Korea's KOSPI slumping about 6%. US payrolls beat forecasts with 165,000 jobs added, while the 10-year Treasury yield ticked up to 4.85%.