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LIVE MARKETS-Stocks drop day after election rally; Nasdaq down 4%

By Reuters News

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

STOCKS DROP DAY AFTER ELECTION RALLY; NASDAQ DOWN 4%

The three major US stock indexes are down sharply, with the Nasdaq .IXIC down more than 4%, a day after a post-election market rally.

Qualcomm QCOM.O is falling more than 11% after a disappointing quarterly report, while the Cboe volatility index .VIX is rising. An index of semiconductors .SOX is more than 8% lower. The Nasdaq hit its lowest levels since April.

"Today, there's been a revisitation of that enthusiasm," from Wednesday, said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. "Basically the semiconductors and the data center stocks are under immense pressure and all their ecosystems around them, because there's going to be a lot of pushback."

Data center stocks also fell on Wednesday. The broader market rallied on Wednesday following Tuesday's midterm elections, which resulted in Democrats taking control of Congress and renewed optimism that an end to the US war with Iran may be in sight.

Republicans across the country have mostly been supporters of the AI buildout.

Technology .SPLRCT is down about 5% and leading declines among S&P 500 sectors.

Here is the late morning market snapshot:

(Caroline Valetkevitch)

EARLIER ON LIVE MARKETS:

JOBLESS CLAIMS, CHALLENGER LAYOFFS, LABOR COSTS/PRODUCTIVITY: YOUR MOVE, OCTOBER JOBS REPORT CLICK HERE

NASDAQ, S&P 500 EMINIS DOWN EARLY; QUALCOMM, CHIPS FALL CLICK HERE

AS BRENT WOBBLES, OIL TRADERS PILE INTO BULLISH BETS CLICK HERE

BIOTECH DEALMAKING KEEPS ADDING UP CLICK HERE

FRENCH BOND ANGST COULD BOOST KNOTT'S ECB CANDIDATURE CLICK HERE

CONSUMER STOCKS PUSH STOXX CLOSE TO AUGUST PEAK CLICK HERE

BEFORE THE BELL: ROTATION OUT OF AI ROLLS ON AHEAD OF BOE CLICK HERE

GOLDILOCKS OR GRIDLOCK? CLICK HERE


Early snapshot https://fingfx.thomsonreuters.com/gfx/mkt/znpngrgzevl/Pasted%20image%201793887938525.png

snapshot late morning https://fingfx.thomsonreuters.com/gfx/mkt/znpngrgnyvl/Pasted%20image%201793896368128.png

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