Report
US Stock Market Selloff Amid AI Spending Scrutiny; Nasdaq Down 1.07%
Major US indices declined on November 2, with Nasdaq Composite down ~1.07% to ~25,164 and S&P 500 down ~0.51%.
TLDR
Markets are testing the sustainability of the AI-driven rally that powered records earlier in the year. Nearly $1 trillion in market value was erased as investors questioned Big Tech's AI spending and its near-term returns. A post on X described the stock market as being in "extreme fear" territory.
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