S&P 500 Firms Lose Nearly $3 Trillion as Gold Advances

A broad U.S. stock selloff erased nearly $3 trillion from S&P 500 companies at Thursday’s intraday low, while lower Treasury yields and rising gold prices signaled a turn toward defensive assets.

The Nasdaq Composite closed down 5.52%, the S&P 500 fell 4.36% and the Dow Jones Industrial Average lost 3.44%. The declines marked the weakest daily performance in nearly 19 months. The VIX, a gauge of expected stock-market volatility, jumped 11.57 points to about 28.2.

The two-year Treasury yield dropped roughly 11 to 12 basis points to about 4.47%. The 10-year yield fell around five to six basis points to 4.84%. Spot gold gained about 1%, ending near $4,090-$4,100 an ounce.

Technology and chip shares led losses. The selloff was tied to expectations that Democrats would control Congress after the midterm elections, along with concerns over AI data-center construction and tighter regulation. The Philadelphia Semiconductor Index fell more than 12%. Investors are watching October jobs figures and Federal Reserve comments for signs of whether demand for defensive assets will persist.