Chip stocks get slaughtered as Wall Street heads for its worst post-midterm day since 1896

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Wall Street's midterm celebration lasted one day. Chip stocks are getting taken to the woodshed Thursday, and the Dow Jones Industrial Average (^DJI) is heading for its worst second session after a midterm election in data going back to its start in 1896. It took the Nasdaq Composite (^IXIC) six minutes to erase its entire post-election rally. Then the selling got worse. The tech-heavy index is down more than 5% in late-morning trading, and the S&P 500 (^GSPC) is off more than 3%. Both are on pace for their worst day since the April 2025 tariff crash. Investors bought stocks Wednesday after Democrats won control of both chambers of Congress, helped by falling oil prices and lower Treasury yields.