Phones 'explode' on Wall Street as 'steamroller' shows up for the AI trade
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Phones rang off the hook on Wall Street on Thursday as investors dumped stocks amid fears over the AI trade.
- ✓The Nasdaq 100 index fell 6.4%, erasing $2.5 trillion in value.
- ✓"The steamroller showed up today," said Jim Carroll.
Story at a Glance
- Category
- MARKET
- Reported By
- Reuters
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
NEW YORK, Nov 5 (Reuters) - Phones rang off the hook on Wall Street on Thursday as fear-stricken investors sought guidance from the rapid unraveling of the AI trade.
Spooked retail investors and hedge funds alike dumped stocks, Wall Street's fear gauge spiked and traders rushed to hedge as markets went into a tailspin.
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"The steamroller showed up today," said Jim Carroll, senior wealth adviser and portfolio manager at Ballast Rock Private Wealth in Charleston, South Carolina.
The Nasdaq 100 index fell 6.4%, erasing $2.5 trillion in market value on investor fears that the Democratic Party's sweeping midterm victory could stall AI infrastructure expansion, adding more uncertainty to a trade that has been on shaky ground for the last several weeks.
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