Stocks tumble as midterms fuel AI fears and judge halts Trump’s D.C. arch: Morning Rundown

U.S. markets took a hit as concerns over newly elected Democrats added to fears about AI. Mississippi voters nervously await the result of nail-biter Senate race. And scientists believe they’re on the brink of a new era in Alzheimer’s prevention.

The Nasdaq and S&P 500 suffered their worst single-day losses since April 2025, when President Donald Trump’s global tariffs sent markets tumbling, with both indexes losing trillions of dollars in value. The tech-heavy Nasdaq plunged 6.3% yesterday, shedding $2.3 trillion in market value, while the S&P 500 fell 4.4%, losing $2.8 trillion. Asian markets also plunged after they opened Thursday night.

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Two lackluster earnings reports on Wednesday night from major chipmakers, Qualcomm and Arm Holdings, triggered the sell-off.

The plunge is partially tied to a blue wave of victories by anti-AI candidates in Tuesday’s midterm elections. Democrats elected to governorships, attorneys general posts and Congress have pledged to slow or halt AI data center construction.

Tech stocks have surged in recent years as excitement about AI has fueled billions of dollars in investments, but questions about whether it will generate…

Original source: https://www.nbcnews.com/business