Wall Street suffered a brutal reversal on Thursday as an aggressive technology sell-off wiped out post-election gains, dragging the Dow Jones Industrial Average down 1,153 points, or 2.2%. The Nasdaq Composite plunged 3.9%, slipping straight into correction territory more than 10% below its record peak set last month. Selling swept through trading desks from the opening bell. The S&P 500 slumped 2.8%, setting a difficult backdrop for Indian bourses ahead of the November 6 session.
Chips and mega-cap growth names took the brunt of the punishment. The Nasdaq 100 plunged 6.4% as institutional accounts slashed exposure to semiconductor leaders, unsettled by uninspiring earnings guidance and the threat of tighter regulatory scrutiny over artificial intelligence under Democratic congressional control. Isolated defensive gains in Chevron and Johnson & Johnson provided negligible cover. They failed to arrest the slide.
Risk aversion rapidly spilled beyond equities into speculative corners. Bitcoin tumbled 5.8% to drop below $76,000, marking a seven-week low as broader macro liquidation compounded industry-specific pressures. Energy desks, meanwhile, attempted to establish a floor. Brent crude hovered near $97 a barrel while West Texas Intermediate edged above $89, reclaiming modest ground after Wednesday’s near 9% collapse tied to the US midterm election outcome.
| Benchmark / Asset | Price / Point Level | Net Change | Market Context |
| :--- | :--- | :--- | :--- |
|---|---|---|---|
| Dow Jones Industrial Average | Down 1,153 points | -2.2% | Erases post-election surge |
| Nasdaq Composite | Tech heavy | -3.9% | Enters correction, >10% off record high |
| Nasdaq 100 | Semiconductor lead | -6.4% | Earnings outlook and policy worries |
|---|---|---|---|
| S&P 500 | Broad index | -2.8% | Widespread institutional derisking |
| Brent Crude | Global marker | ~$97 / barrel | Recovers after previous session's 9% drop |
| Bitcoin | Digital asset | <$76,000 | Plunges to seven-week low (-5.8%) |
Domestic equity desks must absorb these global crosscurrents while managing a packed corporate earnings calendar on Friday. Metal producers headline the docket. Tata Steel and Hindalco Industries are scheduled to release their second-quarter financial reports, with market participants watching order backlogs, input cost inflation, and margin trajectories.
Sub-sector rotations will also play out across counters reacting to freshly posted earnings. Britannia, Titan, and Bharti Airtel will see active trading interest following strong quarterly numbers. But traders will likely mark down Glenmark Pharma and Oil and Natural Gas Corporation (ONGC), where year-on-year drops in net profit will test buying support the moment trading gates open.