NEW YORK, New York - U.S. stocks reversed course Thursday, a day after notching up record-breaking gains. The Dow Jones, which rose 1,589 points on Wednesday after the Democrats swept the midterms, plunged more than 1,800 points. The Nasdaq tumbled 5.50 percent.

"Unlike yesterday, you're just seeing that the sell-off in tech, the size of it, is now feeding itself into the broader market," Keith Lerner, chief investment officer at Truist Wealth, told CNBC Thursday. "The rubber band is becoming increasingly stretched," he added.

The Standard and Poor's 500 fell 334.82 points, or 4.35 percent, to close at 7,353.80 on volume of 4.915 billion. The index traded between a low of 6,316.91 and a high of 7,681.29 during the session, with a previous close of 7,350.35 and an opening price of 7,844.52.

The Dow Jones Industrial Average dropped 1,833.54 points, or 3.44 percent, to 51,522.58 on volume of 833.442 million. It ranged from 45,057.28 to 53,710.61, with a previous close of 51,486.82 and an opening of 54,744.33.

The NASDAQ Composite was the hardest hit of the major U.S. indexes, plunging 1,421.52 points, or 5.52 percent, to 24,315.00 on volume of 9.759 billion. The tech-heavy index traded between 20,690.25 and 25,559.03, with a previous close of 24,262.15 and an opening of 27,722.75.

U.S. Dollar Firms Against Most Majors Thursday, Yen and Franc Buck the Trend

The U.S. dollar strengthened against most major currencies in Thursday's foreign exchange trading, with the safe-haven Japanese yen and Swiss franc the notable exceptions, according to the latest market quotes.

The euro edged higher against the greenback, with EUR-USD at 1.1220, a gain of 0.07 percent. The pound also advanced, with GBP-USD at 1.3450, up 0.16 percent.

The dollar made its clearest gains against the commodity-linked currencies. AUD-USD stood at 0.6933, with the Australian dollar down 1.03 percent on the day, while USD-CAD reached 1.4013, reflecting a 0.25 percent move higher.

Against the safe-haven currencies, however, the dollar slipped. USD-JPY was quoted at 157.81, a move of 0.39 percent, and USD-CHF stood at 0.8169, a change of 0.04 percent.

Traders said the pattern reflected a modest risk-on tone in currency markets, supporting the Swiss franc and the yen, while the dollar held firm overall against most of its major counterparts.

Global Stocks Markets Close Divided Thursday as Asian Benchmarks Surge, Canadian, Israeli and  South Korean Stocks Plunge

World stock markets closed Thursday with a sharply mixed performance, as investors weighed strong rallies across much of Asia and Oceania against a steep selloff in Canada, South Korea, and continued weakness in Europe.

In Canada, the S&P/TSX Composite index tumbled 736.13 points, or 2.03 percent, to 35,605.27 on volume of 389.7 million. The index's session low stood at 29,530.90 and its high at 36,548.54, with a previous close of 35,659.44 and an opening of 37,069.10.

In London, the FTSE 100 closed at 10,782.66, down 46.55 points or 0.43 percent. The index traded between a low of 9,423.90 and a high of 10,948.24 during the session, with a previous close of 10,770.49 and an opening price of 10,989.50.

In Europe, the German DAX P fell 112.66 points, or 0.43 percent, to 26,325.01. The index's session low stood at 21,863.81, its high at 26,692.90, and its previous close at 26,223.34.

The CAC 40 in Paris bucked the trend, gaining 27.48 points, or 0.34 percent, to close at 8,205.37. It ranged between 7,505.27 and 8,286.43, with a previous close of 8,182.49 and an opening of 8,755.03.

The EURO STOXX 50 I dropped 34.17 points, or 0.55 percent, to 6,231.54, having traded between 5,376.81 and 6,318.59. Its previous close was 6,195.90 and its open was 6,577.20.

The Euronext 100 Index declined 11.55 points, or 0.61 percent, to 1,885.24, with a session range of 1,658.14 to 1,909.14, a previous close of 1,874.29 and an opening of 1,984.60.

Belgium's BEL 20 was a bright spot, rising 36.08 points, or 0.60 percent, to 6,015.09. The index traded between 4,774.82 and 6,051.88, with a previous close of 5,998.39 and an opening of 6,051.88.

Asian Markets Mostly Higher

Hong Kong's HANG SENG INDEX surged 877.48 points, or 3.67 percent, to 24,796.98. The index ranged from 22,518.00 to 24,871.92, with a previous close of 24,281.77 and an opening of 28,056.10.

In Singapore Thursday, the STI Index added 27.62 points, or 0.52 percent, to 5,296.25, trading between 4,414.81 and 5,305.86. Its previous close was 5,229.10 and its open was 5,828.50.

Mainland China's SSE Composite Index edged up 3.74 points, or 0.10 percent, to 3,689.91 on volume of 1.295 billion. The index traded between 3,574.27 and 3,701.59, with a previous close of 3,646.57 and an opening of 4,258.86.

In Japan, the Nikkei 225 fell 1,110.73 points, or 1.79 percent, to 61,077.90. It ranged from 48,235.30 to 62,653.98, with a previous close of 60,786.19 and an opening of 72,831.73.

Australia posted strong gains. The S&P/ASX 200 rose 230.60 points, or 2.61 percent, to 9,065.10, hitting its session high of 9,065.10 after a low of 8,262.40. The previous close was 8,834.50 and the open was 9,296.70. The ALL ORDINARIES index climbed 250.30 points, or 2.80 percent, to 9,205.20, also closing at its session high, with a low of 8,454.90, a previous close of 8,954.90 and an opening of 9,474.80. Across the Tasman, New Zealand's S&P/NZX 50 INDEX GROSS added 307.52 points, or 2.23 percent, to 14,090.97, closing at its session high after a low of 12,689.78. The previous close was 13,783.45, and the open was 14,090.97.

India's S&P BSE SENSEX jumped 2,008.61 points, or 2.60 percent, to 79,310.01. The index traded between 71,292.88 and 79,470.03, with a previous close of 78,520.56 and an opening of 86,159.02.

In Indonesia, the IDX COMPOSITE gained 110.49 points, or 2.25 percent, to 5,030.26, ranging from 4,824.36 to 5,072.05. Its previous close was 4,995.46, and its open was 9,174.47.

The FTSE Bursa Malaysia KLCI rose 19.30 points, or 1.19 percent, to 1,635.86, with a session range of 1,592.57 to 1,642.44, a previous close of 1,622.62 and an opening of 1,771.25.

Sharp Declines in South Korea and Taiwan

South Korea's KOSPI Composite Index suffered the day's steepest fall, plunging 300.00 points, or 5.28 percent, to 5,383.80 on volume of 277,253. The index traded between 3,833.35 and 5,586.46, with a previous close of 5,336.88 and an opening of 9,385.59.

Taiwan's TSEC CAPITALIZATION WEIGHTED ST dropped 1,374.19 points, or 3.20 percent, to 41,574.72. It ranged from 26,395.98 to 42,873.81, with a previous close of 41,513.57 and an opening of 49,968.92.

Middle East  Markets

Egypt's EGX 30 Price Return Index rose 502.50 points, or 0.99 percent, to 51,152.70 on volume of 260.89 million. It traded between 50,645.10 and 51,546.20, with both its previous close and open at 50,645.10 and 51,546.20, respectively.

In Israel, the TA-125 fell 130.03 points, or 3.38 percent, to 3,719.05, closing at its session low. The index's high was 3,811.32, its previous close was 3,357.51 and its open was 4,588.51.

South African Index Surges

The Top 40 USD Net TRI Index in Johannesburg climbed 309.36 points, or 4.72 percent, to 6,864.07, ranging from 6,120.39 to 7,036.30, with a previous close of 6,648.66 and an opening of 8,184.71.

Investors and traders attributed the divergent moves to a combination of regional earnings news, currency fluctuations and sector-specific pressures, with technology-heavy benchmarks in South Korea and Taiwan bearing the brunt of selling while resource-linked and emerging markets rallied.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

Related stories:

Wednesday 4 November 2026 | Dow Jones soars 1,589 points as Democrats clinch control of Congress | Big News Network

Tuesday 3 November 2026 | Wall Street ends mixed Tuesday as America goes to the polls | Big News Network 

Monday 2 November 2026 | Tech stocks take another hit Monday but broader market rises | Big News Network