The S&P 500 fell as much as 3.8% on Thursday, erasing in a single session the 1.6% rebound recorded the previous day following the Democrats’ midterm victories. Technology stocks led the decline, with the Nasdaq Composite losing nearly 5%, Nvidia dropping more than 6% and the semiconductor index plunging almost 11% amid concerns about increased scrutiny of the artificial intelligence buildout. The first 7% circuit-breaker threshold was set at 7,150.41 points: reaching it before 3:25 p.m. ET would suspend trading across the U.S. equity market for 15 minutes, while the 13% and 20% thresholds would trigger longer interruptions or a shutdown for the rest of the session. Cryptocurrencies also came under pressure, with Bitcoin falling below $76,000 and approximately $428 million in leveraged long positions being liquidated within an hour. Investors are now awaiting Friday’s employment report for clues about the Federal Reserve’s next interest-rate decision.
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