Business

Stock Market Today: Dow Dips On Election Day; These Biotech, Insurance Stocks Clear Entries

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Business

Micron Stock Plunges Amid Memory-Chip Shortages

Business

Dow plunges 1,200 points, Nasdaq into correction territory after midterm results stock rally

The Dow Jones Industrial Average plunged about 1,200 points on Thursday, eroding most of the rally from a day earlier when midterm election results propelled the index to its best trading session in more than a year.
The S & P 500 dropped 3.2%, while the tech-heavy Nasdaq fell 4.8%, putting the index into correction territory, meaning it has fallen more than 10% from a previous peak last month.
The Dow declined 1,220 points, or 2.2%.
The selloff hammered many artificial intelligence firms as investors appeared to digest risk for the sector posed by newly empowered Democrats, many of whom ran campaigns critical of artificial intelligence data centers.
Nvidia, the chipmaking giant behind many of the semiconductors used in AI products, dropped 7% on Thursday. Rival chipmaker Advanced Micro Devices saw shares fall 12%. SanDisk, another AI hardware firm, plummeted more than 15% in value.
The slide also hit some other major tech firms behind AI development.
Microsoft, which holds a large stake in OpenAI, saw its stock price fall more than 2%. Amazon, which has spent hundreds of billions on its build-out of AI infrastructure, also dropped more than 2%.
The downturn in markets largely reversed blockbuster gains from the previous session.
On Wednesday, the Dow jumped 1,570 points, or 3%, recording its best one-day performance since April 9, 2025, when President Donald Trump announced the suspension of a far-reaching set of reciprocal tariffs.
Even as stocks climbed on Wednesday, Yorkville analyst Dan Ives warned ABC News of potential midterm fallout for the tech sector.
“The Democratic blue tidal wave across the Senate and House was a seismic shift that will have a negative impact on the pace of the AI Revolution buildout in the US over the next few years,” Ives told ABC News in a statement.
Tuesday’s midterm elections catapulted Democratic Senate and gubernatorial candidates to statewide victories in Republican strongholds like Ohio and Texas, both of which play host to a number of AI data centers.
A strong performance in House contests, meanwhile, appeared to set Democrats on a path toward a comfortable majority in the lower chamber.
OpenAI unveiled a new set of data center policies Thursday for that it called “responsible AI infrastructure” in the aftermath of the election.

Business

Pipefitter’s pipes will provide new ‘Voice of Logan’

EAST BOSTON, Mass. —
A pipefitter from Arlington, Massachusetts, was announced Thursday as the winner of Boston Logan International Airport’s “Voice of Logan” contest.
Christopher Donisi will provide the voice for the official overhead announcements, as travelers visit, return home from or pass through the airport.
“It feels amazing; I am so thrilled to be able to represent my city. It is unreal,” Donisi said while appearing on “Good Morning America.”
Donisi said his mother encouraged him to audition for the contest, which had more than 6,000 applicants.
“You have to follow your dreams, but you also have to follow your mother’s dreams,” Donisi said.
Video Below: Logan officials introduce new voice of airport
After his appearance on national television Donisi spoke to reporters at Logan and said that despite his new role, he is keeping his day job.
“This is my 10th time in front of a microphone, and it’s all been today. I usually have a wrench in my hands,” he said.
MassPort CEO Richard Davey said Donisi the agency could not be more happy with the choice and said Donisi will start recording holiday announcements next week.
Donisi, a married father with two children, said he’s expecting to have “a good, long career” at Logan.
The contest was all about finding someone with an authentic Boston accent who can make a Bostonian feel at home.
Donisi’s voice will bring an end to the nearly 25 years of service by Joe LoGiudice, whose voice has been heard by millions of travelers.
LoGiudice is not retiring from Massport. Instead, he will continue focusing on his other duties at the airport, where he has worked since graduating from Bridgewater State University in 1993.

Business

The AI Selloff Is Getting Worse. Nvidia, Dell and Data Center Stocks Are Plunging Hard. Is It Time to Buy the Dip?

Stocks tied to the artificial intelligence buildout fell broadly again in Thursday morning trading. On Wednesday, after Democrats swept the midterm elections, data-center builders and power-equipment makers fell as much as 20% or more, and Dell Technologies (DELL -13.13%), optical-networking makers, and other AI hardware names dropped 7% to 10%, even as the S&P 500 rose. Nvidia (NVDA -8.21%) slipped about 3% and Arm Holdings (ARM -11.96%) about 5%.
But Thursday was worse for the biggest names. Nvidia’s drop nearly doubled to about 6%, and Arm’s to about 10%, and this time the broader market fell too, with the S&P 500 down about 1.5% as of roughly 9:55 a.m. ET. The builders and adjacent stocks hit hardest on Wednesday kept falling, though by less, with data-center cooling stock Modine (MOD -7.37%) down 9% after a 21% decline on Wednesday.
Which Stocks Fell?
Many big names felt quite a bit of damage. Nvidia, the chipmaker at the center of the AI boom, fell about 6% to $188.75. Dell, one of the biggest sellers of AI servers, dropped about 9%, erasing about $20 billion in market value, and Arm lost about 10%, another roughly $20 billion. Palantir Technologies (PLTR -9.50%), server and component makers Hewlett Packard Enterprise (HPE -10.58%), and Celestica (CLS -13.58%) each fell 7% to 8%. Astera Labs (ALAB -18.15%), which makes chips that connect AI hardware inside data centers, slid about 11%.
Meanwhile, builders fell for a second day. Comfort Systems USA (FIX -10.76%), a mechanical and electrical contractor with heavy exposure to AI projects, fell about 9%. Argan (AGX -9.95%) lost about 9% and MasTec (MTZ -8.57%) about 8%, both pace for their second drop of 7% or more this month. EMCOR (EME -8.17%) and Dycom (DY -10.74%) were down 6% to 7%.
Also hard hit were optical-networking companies, which make the lasers and equipment that move data across fiber lines, including inside AI data centers. Ciena (CIEN -14.66%) fell about 11%, wiping out about $4.3 billion in value. Applied Optoelectronics (AAOI -19.90%) dropped about 13%, and Coherent (COHR -14.03%) and MACOM Technology (MTSI -17.89%) fell 9% to 11%.
Several companies that got their start in Bitcoin mining now build or rent out data centers for AI customers, and they fell too. Applied Digital (APLD -16.83%), which builds large data centers for AI workloads, fell about 11%. Core Scientific (CORZ -12.73%) and Cipher Digital lost roughly 8% to 9%. Meanwhile, Bitcoin itself was down only about 1% through about 10 a.m. ET, signaling that investors weren’t selling these stocks over crypto. It wasn’t until the broader market started tumbling that Bitcoin also started sliding, down nearly 6% by about 11 a.m. ET.
Why the Midterms Matter for Data Centers
A big part of the worry is how quickly new data centers can be built, given the blue wave that swept through the Midterm elections. With Democrats now in charge of both chambers, investors are bracing for more oversight of an industry that many governments are already trying to regulate. In Texas, for example, one of the biggest data-center markets, the new governor-elect campaigned on pausing new data-center construction.
UBS analysts put a number on the risk: If construction pauses spread, they estimate that nearly a third of the new U.S. data-center capacity expected to come online in 2028 could be delayed or lost. For companies whose growth is contingent on the supply available to meet booming demand, that’s a big deal.
Even Good News Isn’t Helping
Perhaps the clearest example of how jumpy investors are is Viavi Solutions (VIAV -16.64%), which crashed 18% the morning after it reported that quarterly revenue jumped 57% to $469.3 million, raised its outlook, and approved a $500 million stock buyback.
The firm clearly delivered strong results, but the massive plunge shows the stock is trading on fear about the whole AI build-out rather than the business in particular. That could mean more pain if political news gets worse. But it can also mean the market is throwing out good companies along with the risky ones.
So, Is It Time to Buy the Dip?