AI SELL - OFF WIPES OUT WALL STREET POST - ELECTION RALLY ; MAJOR ASIAN MARKETS ALSO PLUNGE UP TO 8 %

What happened: A sharp sell-off in US technology stocks wiped out Wall Street's post-election rally, and losses spread to major Asian markets at Friday's open. Key numbers: Nasdaq fell 5.52 per cent to 24,315.00, entering correction territory. S&P 500 fell 4.36 per cent to 7,353.73. Dow fell 1,833.06 points, or 3.44 per cent, to 51,523.06. Why it matters: The decline followed concerns that the Democratic Party's victory in both chambers of Congress could slow US data centre expansion, shifting investor attention to risks facing technology and semiconductor companies. Coverage: 4 outlets in 24h

A sharp sell-off in US technology stocks wiped out Wall Street's post-election rally, and losses spread to major Asian markets at Friday's open.

The decline followed concerns that the Democratic Party's victory in both chambers of Congress could slow US data centre expansion, shifting investor attention to risks facing technology and semiconductor companies.