Overview
- The Dow closed at 46,091.74 after falling 498.50 points, while the Nasdaq lost 275.22 points to 22,432.85.
- Selling concentrated in large technology stocks on concerns about overheated AI investment and sustainability of recent growth.
- Expectations for a December Federal Reserve rate cut receded, pressuring risk appetite.
- Nvidia slid 2.8%, Microsoft fell 2.7%, and Amazon dropped 4.4%, leading the day’s declines.
- The intraday loss neared 700 points as buyers stepped back ahead of Nvidia’s Nov. 19 results and the Nov. 20 release of the delayed September jobs data.