Wall Street plunge: Nasdaq -5.5%, Dow -1,833; Trump blames Democrats for 401(k) hit

Stocks tied to the AI data-center buildout led a broad wipeout on Wall Street Thursday, more than erasing the market's gains from the day before, the Associated Press reported.

As of 1:46 p.m. Eastern, the S&P 500 was down 3.9%, on track for its worst day since President Trump's "Liberation Day" tariffs shook markets in April 2025. The Dow Jones Industrial Average was down 1,656 points, or 3.1%. The Nasdaq composite was 5.2% lower, now more than 10% below its October record, the level investors call a "correction."

The drop came one day after stocks rallied on the midterm results, and as Democrats prepare to take control of both chambers of Congress. Trading continues until the 4 p.m. close.

Update, Nov. 6: Markets closed Thursday with the Dow down 1,833 points (-3.44%), the S&P 500 down 4.36%, and the Nasdaq down 5.52%, entering correction territory, Fox Business reported. Nvidia fell more than 9% and the Philadelphia Semiconductor Index plunged more than 12% as investors priced Democratic midterm wins into AI regulation and data-center risk.

President Trump posted that the market suffered "one of the Worst Days in History based on the results of the Election," warned that "Your 401(k)s have, therefore, dropped," and blamed "Dumocrats," adding that Republicans would soon be "BIGGER AND STRONGER THAN EVER BEFORE."