The stock market fell sharply on Thursday as a punishing selloff in tech stocks dragged it lower, a day after equities rallied strongly following the Democrats' sweep of Tuesday's midterm vote.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Is this ‘the big one’ for the stock market? Wall Street sounds off as tech plunges.
Read the original on MarketWatch ↗
Keywords
QQQWall Streetmidterm electionstech stocks
Open a keyword to see other news on the same topic.
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.
Related news
- Blue wave sparks Wall Street rally after midterms
The Dow rose over 1,500 points at the close, and its 3% gain was described as the best day since April 9, 2025. The Nasdaq Composite gained about 1.5% as chip stocks lagged. The S&P 500 equal-weight index rose nearly 2% and small caps gained 1.5%. Bond yields fell, the US dollar index declined, gold had its best day in a while, and Bitcoin rose over 3%.
- Wall Street Reacts to Blue Wave on Election Night
Global markets mostly reacted favorably as Democrats regained control of Congress in the US midterm elections. Stocks and bonds rose while the dollar fell. Bloomberg Television spoke with Wall Street experts about how the races are affecting markets.
- Wall Street reacts to the stunning election day Blue Wave: winners, losers and those in between
Democrats won majorities in both chambers of Congress, flipping key Senate seats in Texas, Kansas, North Carolina and Ohio and crossing the 218-seat threshold to capture the House. In gubernatorial races, Keisha Lance Bottoms won in Georgia and Gina Hinojosa won in Texas. RBC Capital Markets strategist Lori Calvasina said the results are unlikely to halt the rotation from big-cap growth into small caps, noting that Russell 2000 futures outperformed Nasdaq 100 and S&P 500 futures overnight. She also said S&P 500 gains in the years after midterms tend to be sub-trend, averaging 6.2% in years without a down third or fourth quarter in the midterm year. EvercoreISI analyst Amit Daryanani named APH, ANET, AAPL, CSCO and MSI as names to play defense, citing diversified AI exposure and businesses less dependent on AI.
- Why Wall Street Is Split on Tech Stocks Right Now
Stocks are sputtering as momentum in the tech trade fades. The article suggests a rebound from here will be difficult.
- Tech Jumps Over Apple Q3 Report on Wall Street Pre-Bell; Asia, Europe Off
Wall Street futures pointed mixed and higher ahead of the open on Tuesday, as tech stocks excluding Apple (AAPL) drove the move.
- Wall Street sell-off continues as investors question returns on massive AI spending
Futures fell as Wall Street braced for another steep day of losses on Friday. The decline followed the latest Big Tech earnings, which reignited concerns that massive AI spending may not deliver the returns investors expect.
Related markets
Latest news
- Big Tech's massive AI spending is causing another problem for investors
Combined share buybacks by Alphabet (GOOGL), Amazon (AMZN), Meta (META), Microsoft (MSFT) and Oracle (ORCL) fell to just $4.4 billion in Q3, the lowest since Q3 2017 according to the Kobeissi Letter, and the third straight quarter below $5 billion. That is down 90% from the $45.9 billion peak in Q4 2021. Cash once used for buybacks is being redirected into AI projects, with the five companies' combined capital expenditures tracking toward approximately $800 billion in 2026. Wall Street analysts project that spending will surge past $1.2 trillion in 2027.
- JPMorgan Chase & Co. Warns a Rapid Rate Rise Could Shake the Financial System
JPMorgan Chase & Co. (JPM) says a rapid rise in interest rates is a broader risk to the financial system, because some institutions may be unable to adjust their balance sheets quickly, which could weaken confidence and intensify competition for funding. Charles Bristow, the bank's head of treasury and chief investment officer, said the bank has stress-tested its balance sheet against higher rates and that the market was pricing just over two rate hikes through 2027. Medium-term rate forwards have risen to around 5% from 3% about four years ago, and JPMorgan has generally avoided longer-dated investments. Bristow also said liquidity is a binding constraint across the banking system and that the sustainable dividend remains the bank's primary capital-return commitment.
- Qualcomm Says December Won’t Be Its Biggest Quarter Anymore as Apple Walks Away
Qualcomm's CFO said on the November 4, 2026 earnings call that December will no longer be its biggest quarter from fiscal 2027, as chip revenue from Apple ramps down. GAAP revenue fell 8% to $10.322 billion and non-GAAP EPS fell 28% to $2.17, while automotive revenue rose 89% to $1.99 billion. December-quarter guidance of $10.4 billion to $11.2 billion in revenue and $2.15 to $2.35 in non-GAAP EPS has an EPS midpoint of $2.25, which the article estimates trails the $2.29 consensus. Qualcomm targets $5 billion in data center revenue for fiscal 2027, mostly from two hyperscalers, one of them Amazon, while the value of the multi-year SpaceX deal was not disclosed. After the report, shares fell 7.52% to $160.16, about 36% below the May 29, 2026 record close of $251.02, by the article's estimate.
- Citi Loads Up On Tesla, Lucid And Rivian In Q3 While Slashing XPeng, General Motors
Citigroup increased its Tesla stake 10.1% to 8.69 million shares in Q3, worth about $3.09 billion at quarter-end, even as the position's value fell about 7% as the shares dropped. It more than doubled its Lucid stake (up 106% to 4.25 million shares) and raised its Rivian holding 39.7% to 8.56 million shares, while selling its small Faraday Future stake. Conversely, it cut its XPeng ADS holding 82.6% to 235,012 and its General Motors stake 5% to 1.70 million shares, while Ford rose 31% to 13.05 million. Citigroup's total reported holdings edged up to about $308.3 billion from $302.7 billion the prior quarter. TSLA stock has dropped 24% year to date, according to the filing report.
- Apple cuts employee AI budgets as new CEO looks to rein in costs
Apple is reducing internal budgets for employees using external AI services as new CEO John Ternus seeks to control spending, according to a Bloomberg report citing people familiar with the matter. The company has cut daily token-based spending limits for some teams to as little as $25, with the changes meant to push employees toward cheaper AI models, though some teams may qualify for exemptions. The move comes as Ternus faces rising costs, including higher memory prices that could weigh on margins ahead of the holiday shopping season. Meta Platforms and Uber have also introduced limits on employee AI tool use, and some Apple staff reportedly worry about restructuring after the company hired outside consultants. Neither Apple nor Ternus has publicly commented on the reported limits.
- Reason revealed why billionaire Trần Đình Long's son did not buy all the HPG shares he registered
Trần Vũ Minh, son of Hòa Phát chairman Trần Đình Long, bought 10 million HPG shares out of 50 million registered between October 7 and October 28, 2026, completing 20% of the plan. In his report to regulators, he cited unfavorable market developments as the reason the trades were not completed. It is not the first time: his March–April 2026 registration of 50 million shares ended with 33,291,904 shares bought (about 66.6%), so across 2026 he has bought 43.29 million of 100 million registered (43.3%). His holding rose from 230.65 million to 240.65 million shares, or 2.85% of charter capital.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.