The Nasdaq fell 5.5% in a single day. Using its previous high of roughly 18,000 as a ballpark, that works out to a nearly 1,000-point pullback in one session, sending it straight from the highs into correction territory. The S&P 500 followed with a 4.4% drop, or more than 260 points based on a level near 6,000. The main thing getting hit in this selloff is still the AI data center story—valuations were cut across the board for computing power, servers, power supply, cooling, optical modules, and related areas. On the market, the hardest-hit subsectors were those that had rallied the most. One server leader was down more than 7% at one point in premarket trading; power supply and cooling names generally gave back 6%–8%, while optical module stocks also fell sharply from their highs. The bigger the earlier gains, the harder the giveback today.

In terms of timing, volume was most pronounced in the first half hour after the open, accounting for a large share of the day’s total turnover. Prices then drifted lower, and programmatic stop-loss orders pushed them down again near the close. The last half hour often added another leg down, suggesting this wasn’t just a fundamental repricing but a concentrated retreat from crowded trades. The midterm elections have just wrapped up, but the market isn’t buying it, so investors are getting out first. Risk assets are being cut back, and even some stocks with solid earnings are getting dragged down. The order book shows sell orders stacked up while buy orders are sparse. I’m watching the hourly chart. These panic-driven selloffs often happen all at once, with sentiment unwinding in a rush, and the rebound can come quickly too. But don’t mistake a rebound for a reversal. Move quickly, don’t get attached to the trade, and think through your position size and stops in advance. Weekend trading volume is only about 30% of weekday levels, so the order book is already thin. Even modest volume can move prices up, making rebounds sharp—but the same thin liquidity can also lead to slippage when prices get hit. From what I’m seeing, the order book is incredibly thin. The best bid and ask are often several price levels apart, and a few large orders can move the price a good distance. What are you seeing on your end? Have the leaders in the computing power chain started to find a floor, or are the heavyweight stocks still weighing on the market?