Nasdaq set for correction as investors reassess AI spending boom

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Thu 15:16

Nov 5 (Reuters) - The Nasdaq slid 10% from its record close on Thursday, on pace to confirm a correction as AI spending worries and heightened scrutiny of data-center expansion rattled tech stocks.
The tech-heavy Nasdaq Composite Index .IXIC slipped 3.2% to 24,796.06 points, down 10% from its record-closing high of 27,599.89, reached on October 6.
Thursday's move wiped out all the gains the index had logged in the previous session following a the Democrat sweep of both houses of Congress as investors fretted about increasing scrutiny on further AI buildout. 
A drop of a 10% from the most recent record-closing high is considered a correction based on a widely used definition. The move would mark a second correction for the index this year.


 (Reporting by Utkarsh Hathi in Bengaluru; Editing by Anil D'Silva)
 ((UtkarshTushar.Hathi@thomsonreuters.com;))