Unexpectedly, Stock Markets Crash After Communist Victory

Hey, remember when a 0.31% drop on the Friday before the election was claimed to be All Trump's Fault and a sign of apocalypse?

What's this, then?

Nick Sortor @nicksortor

🚨 BREAKING: US stocks have just taken a HISTORIC nosedive after Democrats' blue wave this week, with TRILLIONS of dollars being incinerated in a single day

Democrats are already doing SEVERE damage to American retirement accounts.

Travel, tech, retail, energy, manufacturing stocks, and more: ALL SHARPLY down today

🔻 NASDAQ down over 5.5%
🔻 S&P 500 down 4.35%
🔻 DOW down almost 4.5%

A commenter -- maybe gp -- said that the tech sector has been a bubble for some time, due, I guess, to data centers and AI. He said that a correction was inevitable.

May be -- but certainly the reason for the puncturing of the bubble at this particular moment was the communist takeover.

Dow sheds more than 1,800 points as midterm results spur investor exodus from tech and AI

The stock market tanked on Thursday amid concerns that a shift in congressional political control following the U.S. midterm elections could slow the construction of data centers that power artificial intelligence services.

Stocks sank across the board, but technology companies with a hand in the AI sector were hit especially hard. The Nasdaq Composite Index tumbled 1,422 points, or 5.5%, to close at 24,315. The drop means the tech-heavy index is now in a "correction," or down more than 10% from its most recent all-time high, set in October.

The broader S&P 500 dropped 335 points, or 4.4%, to end at 7,354, while the blue-chip Dow Jones Industrial Average plunged 1,833 points, or 3.4%. Investors were reacting to the growing "headline" risks around AI, according to Wall Street analyst Adam Crisafulli of Vital Knowledge.

The rout was violent enough that it could delay the highly anticipated initial public offering by Anthropic, a bellwether for the entire AI business, Crisafulli told investors in a research note. Before the turmoil in financial markets, the IPO had been expected to take place this month and to raise as much as $100 billion.

The sharp drop also marks a sharp reversal from Wednesday, when the Dow posted its biggest gain of the year.

...

Investors worry that the enormous investment in AI is creating a stock market bubble, which happens when sky-high valuations become detached from companies' underlying fundamentals.

...

In other financial markets, the initial reaction to the election results faded a bit. The price of a barrel of Brent crude oil rose 2.6% to $97.11 and recovered much of its nearly 9% drop from the day before. Uncertainty still reigns about what will happen in the war with Iran and when the global energy industry can return to normal.

I don't know if you can see the "Community Note" appended here, but it says that $2.8 trillion in (paper) wealth was wiped out today. $3.5 trillion was wiped out in March 2020 -- when the Chinese bioweapon broke containment and infected the world.

I don't know if that is some leftwinger's attempt to downplay the losses or just someone offering fair comparison.

But this is huge. Democrats are 80% as bad for the market as a world-economy-shutting-down plague.

posted by Disinformation Expert Ace at 06:52 PM

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