The S&P 500 fell 4.3% on 5 November, while Fortune put the Dow’s decline at 2.9%; The Guardian put its close at 51,868 points. The selloff erased the previous day’s post-election market gains.
The Nasdaq fell 5.5% on 5 November, its worst day in 18 months, while the S&P 500 fell 4.3%. The Nasdaq’s fall left the technology-heavy index more than 10% below its recent record, a drop known as a correction. The decline followed a rally after Democrats regained the US Senate and House of Representatives in the midterm elections.
The Dow Jones Industrial Average, an index of large US companies, had risen 3% on Wednesday. Fortune said Thursday’s 2.9% decline erased that gain. Its figure for the fall differs from The Guardian’s closing estimate of 3.4%, at 51,868 points.
Deadline said investors had been concerned for much of the year about heavy spending on superintelligence (SI), with the timing and profits from those investments uncertain. The selloff in chip and SI stocks erased more than the previous day’s market gains.
Investors also anticipated tougher scrutiny of plans to expand data centers, which house the computing equipment used for SI. Analysts expected Democratic governors to slow new construction after the party’s election wins. Separately, voters passed dozens of ballot initiatives intended to limit data-center building in the coming months and years.
President Shavkat Mirziyoyev announced the result on 4 November, after a harvest of just under 4 million tonnes in 2025. Picking is still continuing.
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