Stocks plunge amid AI concerns after midterm election
Channel: CBS News
Uploaded:
Duration: PT532S
Read a transcript preview of “Stocks plunge amid AI concerns after midterm election” from CBS News, uploaded on 2026-11-05.
Transcript preview
Language: English (original, YouTube automatic captions)
[0:03] Welcome in. I'm Elizabeth Cook. You have
[0:05] been watching a special report on the
[0:07] massive drop in the stock market today.
[0:10] Stocks plummeted amid a tech and AI
[0:13] sell-off, erasing nearly all the
[0:15] post-midterm election gains of
[0:16] yesterday. The Dow plunged more than
[0:18] 1,800 points or around 3%. The S&P fell
[0:22] 500 fell around 4% and the tech heavy
[0:26] Nasdaq dropped more than 5% or more than
[0:29] 1,400 points and entered correction
[0:31] territory. So let's take a take a closer
[0:33] look with our interactive stock market
[0:34] heat brought to you by Finn Viz showing
[0:37] the top 500 stocks and you can see it.
[0:40] It's all red. But let's focus on those
[0:43] major tech stocks that have been
[0:45] propping up the economy. We are talking
[0:47] about the so-called Magnificent 7 which
[0:49] are all heavily invested in AI. Big
[0:53] drops in the chip sector with Nvidia
[0:55] down around 9% while other semiconductor
[0:58] stocks were down double digits. In
[1:00] software, Microsoft dropped around 3%.
[1:03] Then in consumer tech, Apple had big
[1:06] gains yesterday but was down slightly
[1:08] today along with Amazon. You see there,
[1:11] Google and Meta took a hit, but the
[1:13] biggest percentage drop was Tesla, which
[1:16] closed down around 10%. Okay, a lot to
[1:19] digest here. So, let's bring in Jessica
[1:21] Insk. She's the direc