- Dow Jones rose 0.5% to 33,121 points after Democrats' midterm win boosted optimism
- S&P 500 fell 1.4% to 7,583.91 as investors showed caution in market sentiment
- Nasdaq dropped 2.77% to 25,026.12, led by declines in AI-linked technology stocks
US stocks remained mixed after the opening bell on Thursday, November 5, with Dow Jones trading higher after its massive rally following Democrats' victory in the midterm polls, while Nasdaq tumbled as investors remained cautious over technology stocks.
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.
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Nasdaq tumbled as artificial intelligence-linked stocks tanked for the second consecutive day as investors remained concerned over Democratic majority for both chambers of Congress could bring more regulation on AI.
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Chip companies such as Sandisk, SK Hynix, Broadcom and Nvidia dropped up to 9%, while Oracle fell nearly 1%.
Additionally, Elon Musk's Tesla and SpaceX dropped more than 4%. Another chip stock Qualcomm reported earnings that beat estimates, but the stock dropped 9% on a weaker-than-expected earnings outlook.
While Nasdaq dipped, Dow Jones continued Wednesday's rally as Democrats' victory in midterm elections raised optimism the Iran War could end soon, pushing oil prices down.
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