Technology stocks went from celebration to rout within two sessions this month. On Wednesday, November 4, equities rallied after Democrats swept Congress in the midterm elections. By Thursday, the S&P 500 had fallen 4.36% and the Dow had lost 3.44%, while the Nasdaq Composite closed 5.52% lower, its worst day since April 2025. The drop pushed the tech-heavy index into correction territory, at least 10% below its October 6 record close. The selling did not stop there, and the S&P 500 went on to post its worst week since June. Truist chief markets strategist Keith Lerner called the action "something of a buyers' strike" in technology. Breadth was thin, with only about one in seven S&P 500 stocks rising on the day of the steepest decline.
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