Nasdaq Correction Deepens as AI Trade Unravels
The Nasdaq 100 fell 14.7% below its October 6 record, closing at 26,630 on November 5 after a 6.4% single-day drop, as investors unwound AI and chip positions following US midterms. Bitcoin is 39.6% below its all-time high of $126,080, while the S&P 500 sits 5.9% off its peak. Rising oil prices near $99 and the Fed holding rates at 3.75-4.00% add further pressure on risk assets.
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