Wall Street suffers sharp tech selloff
The Nasdaq Composite fell 2.86% to 25,437.00, the S&P 500 declined 1.82% to 7,580.07, and the Dow Jones lost 1.09% to 51,770.31. The Nasdaq recorded its steepest daily decline since June. The Philadelphia Semiconductor Index dropped 7.2%, while declining Nasdaq stocks outnumbered advancers by approximately three to one.
Concerns over returns on massive AI infrastructure investments intensified selling across chipmakers and server suppliers. The Nasdaq's 7.8% decline from its October 6 record close highlights growing valuation pressure in technology stocks. Meanwhile, rotation toward energy and defensive sectors could widen market performance differences.
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