What are today's top business/market headlines?

Here's a roundup of today's top business and market headlines, dominated by a dramatic post-election sell-off in AI/tech stocks:

🔴 Market Carnage: AI Trade Unravels

U.S. markets suffered their worst day in months on Thursday, as U.S. stock indices tumbled sharply, erasing the entirety of the substantial gains from the post-election rally, with the Nasdaq Composite dropping over 5% into correction territory, the Dow shedding more than 1,800 points, and the S&P 500 declining over 4% in their steepest single-day downturns since April 2025. The selloff was heavily driven by investor anxiety over a potential deceleration in AI infrastructure spending following the political shift in Washington, with the PHLX Semiconductor index plunging 10% as Nvidia, Micron, and AMD posted deep losses.

Market-cap damage was staggering: The S&P 500 lost an estimated $2.9 trillion in market capitalization, with the Nasdaq entering correction territory and widespread selling extending beyond AI names. Notably, Nvidia has given back all of its 2026 gain, with the stock that stands for the AI boom now below where it started the year.

🌏 Global Contagion in Asia

The rout spread overnight: South Korea's tech-heavy Kospi Index slid 8.8% in early trading, triggering a circuit breaker, with chipmakers Samsung Electronics and SK Hynix both plunging more than 9%, while Japan's Nikkei 225 lost 5.1% and futures pointed to losses in Taiwan, Hong Kong and China.

🏛️ The Political Catalyst

The trigger was Tuesday's midterm election results. Top Democrats are calling to rein in the AI buildout after the midterms sweep, with calls for a "national data center moratorium now." This marked a sharp reversal from Wednesday, when the election initially gave Wall Street a reason to buy almost everything — roughly three out of four S&P 500 stocks rose, Apple and Berkshire Hathaway closed at records, and airlines, homebuilders and retailers jumped as oil fell below $90 a barrel.

😱 Fear Gauge Spikes

Volatility exploded: The VIX closed above 28, a jump of more than two-thirds in one day, meaning investors are paying up heavily for protection against further drops.

💰 Flight to Safety

Bond markets rallied on expectations of fiscal restraint: Treasuries rose for a second day after the Democratic sweep fueled expectations that the Trump administration's tax and spending plans may be contained, with 10-year yields dropping 4 bps to 4.84% (lowest since Sept. 10) and the two-year note tumbling 12 bps to 4.46%.

🏭 Corporate Winners/Losers

📅 What's Next Today

All eyes are on the jobs report: Expectations for today's 8:30 a.m. ET October nonfarm payrolls stand at 65,000 for job gains versus 29,000 in September, with unemployment unchanged at 4.2% and wage growth seen rebounding to 0.3%.

🏦 Other Central Bank Moves

Overseas, the Bank of England raised interest rates for the first time in over 3 years, while Mexico unexpectedly cut its key rate to 6.25% for an "extended period."