Overview
- The Nasdaq dropped 1.9%, the S&P 500 fell 1.1%, and the Dow slipped 0.84% at Thursday’s close.
- Large-cap tech and semiconductors led declines as investors reassessed lofty AI-linked pricing, with Microsoft down about 2%, Nvidia off roughly 3.7%, and the SOX semiconductor index lower by 1.45%.
- Qualcomm fell about 3.6% after warning of possible reduced Samsung orders, Palantir slid roughly 6%–7%, Fortinet lost about 6.6%, and Tesla dropped 3.5% ahead of a shareholder vote with results to be filed with the SEC.
- Challenger, Gray & Christmas reported 153,074 announced job cuts in October, the highest October total since 2003.
- The FAA ordered a 10% cut to traffic at 40 U.S. airports during the shutdown, weighing on Delta, United, and American shares.