Wall Street Sells Off as Tech and Chips Lead a Broad Risk-Off Session, Defense and Banks Buck the Trend
Executive summary: US equities finished sharply lower, led by a steep drop in technology and semiconductor shares, while defense stocks and banks outperformed. The Nasdaq Composite fell -4.2%, the S&P 500 lost -2.0%, and the Dow Jones slipped -1.1%. The heaviest pressure came from AI and chip names, with SOXX down -9.0% and Nvidia off -5.2%. Energy, gold and silver also weakened, while XLF rose +2.3% and ITA gained +4.9%, underscoring a rotation away from growth and into select defensive and rate-sensitive pockets. [Continue Reading]
360LiveNews Markets Intelligence | 03 Nov 2026 21:15 LONDON
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Wall Street closes lower as tech and chips lead a broad risk-off move, while banks and defence hold up
Executive summary: US stocks ended the session under pressure, with the Nasdaq Composite, S&P 500 and Dow all finishing lower as a sharp selloff in technology and AI-linked shares outweighed gains in banks, defence and small caps. The heaviest damage came in semiconductors, where SOXX fell 7.8%, while Nvidia, Microsoft and Meta also dropped sharply. Energy stocks weakened alongside a steep slide in WTI crude, while gold, silver and platinum also fell. The move points to a broad de-risking across growth and commodity exposures, even as financials and defence names attracted relative support. [Continue Reading]
360LiveNews Markets Intelligence | 02 Nov 2026 21:15 LONDON
