The tech-heavy Nasdaq was on course for its steepest one-day drop in 18 months after sliding as much as 5% on Thursday.
Investors appear to be reacting to growing signs that the artificial intelligence sector could face stricter rules following this week’s midterm elections in the United States.
As losses spread across Wall Street, the Nasdaq composite fell into “correction territory”, more than 10% below its recent record high.
The index was also heading for its biggest single-day fall since Donald Trump announced his “liberation day” tariffs on US trading partners in April 2025.
