AI stock sell-off sends Wall Street reeling and erases midterm rally gains

Global News · Stan Choe and Elaine Kurtenbach · 2026-11-05 18:41 UTC

Another wipeout for stocks tied to the buildout of AI data centers is overwhelming Wall Street on Thursday and more than erasing all its gains from the day before.

Another wipeout for stocks tied to the buildout of AI data centers is overwhelming Wall Street on Thursday and more than erasing all its gains from the day before, which was its best in three months.

The S&P 500 fell 3.5 per cent after opening with a loss that accelerated through the morning. It’s on track for its worst drop since President Donald Trump shook markets worldwide in April 2025 after announcing his “Liberation Day” tariffs.

The Dow Jones Industrial Average was down 1,433 points, or 2.7 per cent, as of 12:26 p.m. Eastern time, and the Nasdaq composite was 4.7 per cent lower.

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