Nasdaq sinks into correction as AI selloff erases election rally
Thursday's close: Nasdaq falls 5.52%, the Dow loses 1,833 points, oil rebounds and the jobs report comes next.
Thursday's selloff erased the post-election stock rally, with the Nasdaq closing in a correction as investors retreated from the AI infrastructure trade. The Dow lost more than 1,800 points, while oil rebounded after Wednesday's sharp decline. Friday's jobs report is the next major test.
The close
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,353.73 | -4.36% |
| Dow Jones | 51,523.06 | -3.44% |
| Nasdaq Composite | 24,315.00 | -5.52% |
What moved
AI worries became a wider market selloff. Chipmakers and data-center companies fell as investors weighed the possibility of tighter scrutiny of new AI infrastructure after Democrats won control of Congress. Large technology platforms also declined. That is a change in expectations for future policy and spending, not proof that a nationwide construction ban has become law.
The Nasdaq finished more than 10% below its record close. That meets the usual definition of a correction. The final close follows the intraday slide; it does not predict where stocks will go next. Thursday's losses also reversed the relief reflected in Wednesday's Dusk Ledger.
Oil reversed direction. Brent settled at $98.29 a barrel, up 3.88%, while WTI settled at $90.52, up 2.72%. Tanker attacks and uncertainty over dependable Middle East oil flows complicated hopes for a quick normalization of supply. Wednesday's lower prices were not evidence that the war or shipping risks had ended.
Bitcoin shared the risk-asset retreat. It fell below $76,000 during the session. At 4:10 PM ET, CoinDesk placed it just below that level, down about 5.2% over 24 hours. This is a timestamped snapshot, not a daily close: crypto trades beyond the stock-market bell. More on energy, crypto and AI is in today's Chain, Crude & Chips.
What to watch next
The October employment report is scheduled for Friday, November 6, at 8:30 AM ET. Payrolls, unemployment and wages will offer a new read on the labor market after this week's market swings. The results are not yet known.
The table records regular-session stock closes, not after-hours prices.
