- US stocks declined with Dow Jones down 1.14%, S&P 500 fell 3.09%, Nasdaq dropped 4.8%
- Semiconductor stocks extended losses; AMD, SK Hynix, Micron, Intel fell sharply
- Investors worry about election impact on data-centre projects and possible restrictions
US stocks traded declined during early trade on Thursday, November 5 as Dow Jones witnessed profit booking post midterm polls' rally, while Nasdaq tumbled as semiconductor equities posted heavy selling. Dow Jones Industrial Average declined 1.14%, to 52,737.2 points, S&P 500 fell 3.09%, to 7,451.32, while the Nasdaq Composite slipped 4.8% to 24,484.
Here's are three reasons driving the Wall Street today -
Chips slide
Semiconductor stocks slipped on Thursday, extending losses into a second straight day as heavy selling hit key memory, processor, and equipment makers.ThAMD tumbling nearly 11%, SK Hynix dropping almost 8%, Micron Technology shedding 6.5%, and Intel sliding nearly 6%. Broadcom and Nvidia also succumbed to the downward spiral, declining roughly 4.5% and 3.8%, respectively. The slip comes as investors remain concerned over the potential impact of the election outcome on data-centre expansion. Democrats secured majority in states where opposition to large data-centre projects has been growing. Investors are assessing the possibility of tighter restrictions, delays and higher hurdles for new facilities.
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Profit booking after super rally
After opening in green, Dow Jones tumbled amid profit booking, with investors locking in quick gains following rally in the previous session after Democrats' sweeping victory in the US midterm elections. On Wednesday, US stocks surged at the opening bell on Wednesday, with the Dow Jones Industrial Average soaring more than 1,000 points as investors welcomed a decisive Democratic victory in the US midterm elections and President Donald Trump's acceptance of the results.
Oil prices
Oil prices recovered on Thursday, November 5 follwoing a sharp sell--off in the previous session. Crude rebound as investors assessthe risks as investors reassess the risks around US-Iran conflict. Brent crude rose 3% during the day trading near $97. Earlier in the day, Brent crude hovered below the $95-per-barrel mark after plunging nearly 9% in the previous session to hit a two-month low amid growing hopes of a possible de-escalation in the US-Iran conflict, following the Democratic Party's strong performance in the US midterm elections.
READ | US Midterms: Two Reasons Why Wall Street Switched From Panic To A 800-Point Rally In Hours
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