S&P 500's Post-Election Rally Almost Wiped Out

US stock indexes fell sharply Thursday as Wall Street's frenzy around artificial-intelligence technology faltered some more.

• The S&P 500 sank 94.49 points, or 1.6% to 5,861.57 for its fifth drop in six days after setting an all-time high last week. Wall Street's main measure of health has lost all but 1.4% of its rally since Election Day.
• The Dow Jones Industrial Average fell 193 points, or 0.4%, to 43,239.50.
• The Nasdaq composite tumbled 530.84 points, or 2.8% to 18,544.42.

Nvidia and other high-momentum AI stocks weighed heavily on the market Thursday as Wall Street's biggest stars keep dimming, the AP reports. After initially rising at the open of trading following a better-than-expected profit report, Nvidia quickly slid to a loss of 8.5%.

Better-than-expected earnings reports have become routine for Nvidia, whose chips are powering the surge into AI technology, but this was the company's first since DeepSeek shook the entire industry. Nvidia's performance for the latest quarter, along with its forecasts for upcoming results, were "good enough to keep the debate moving in a positive direction," according to analysts at UBS led by Timothy Arcuri. But it apparently wasn't enough to send Nvidia's stock higher, particularly given criticism that its price had already leaped too high, too quickly. After more than tripling two years ago, it more than doubled last year as its sales exploded.

The market also soured on Salesforce, which fell 4.1% despite topping analysts' profit expectations for the latest quarter. Several analysts called the performance solid, and the company continued to tout its AI offerings, but it gave forecasts for upcoming revenue that fell short of expectations. One AI-related company bucking the trend was Snowflake. The data cloud company rose 4.6% after delivering stronger profit and revenue for the latest quarter than analysts expected. A 1.7% rise for Berkshire Hathaway, the company run by famed investor Warren Buffett, was one of the strongest upward forces on the index. Gains of 1.5% for Visa and 1% for UnitedHealth Group also pushed upward on the market.

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