The S&P 500 and Nasdaq posted their worst days since April 2025 on Thursday, as investors pulled out of tech stocks on fears that Democrats' midterm wins would slow AI data center construction. The Nasdaq fell about 4.5% into a correction, while the S&P 500 dropped about 4%, and all 11 sectors finished in the red. Neocloud providers were hit hardest: CoreWeave shares fell almost 9% and have lost more than half their value since the Nasdaq's October 6 record close, as Bloomberg reported Microsoft is tightening oversight of neocloud data center projects. Portfolio director Jeff Marks said hyperscalers, which already have large AI infrastructure, remain in a much better financial position than neoclouds to secure funding. Attention now turns to Friday's October jobs report, where economists expect 65,000 new jobs and a 4.2% unemployment rate, as odds of a December Fed rate hike fell from nearly 83% to 66% and the 10-year Treasury yield dropped back under 4.9%.
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/04/2026 | 691.95 |
| Change that session | +0.97% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/04/2026 | 766.73 |
| Change that session | +1.64% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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