Dow plunges 1,200 points, Nasdaq into correction after midterm results stock rally

What happened: The Dow fell about 1,200 points on Thursday, reversing most of the prior session's rally after midterm election results. The Nasdaq fell into correction territory. Key numbers: Dow down 1,220 points, or 2.2%. S&P 500 down 3.2%. Nasdaq down 4.8%, more than 10% below last month's peak. Nvidia fell 7%, AMD 12%, SanDisk more than 15%. Why it matters: The selloff hit AI firms as investors weighed risk from newly empowered Democrats, many of whom ran campaigns critical of AI data centers. Analyst Dan Ives said the Democratic wins will slow the AI buildout in the US. Coverage: 6 outlets in 24h

The Dow fell about 1,200 points on Thursday, reversing most of the prior session's rally after midterm election results. The Nasdaq fell into correction territory.

The selloff hit AI firms as investors weighed risk from newly empowered Democrats, many of whom ran campaigns critical of AI data centers. Analyst Dan Ives said the Democratic wins will slow the AI buildout in the US.