After its heaviest fall since April 2025 the Nasdaq claws back one percent, and Trump calls data centres gold
Chip stocks partly recover from the blow that followed the US elections, while strong jobs figures show the economy is holding up.
The tech-heavy Nasdaq closed 1.09 percent higher at 24,579 points on Friday, the broad S&P 500 gained 0.31 percent and the Dow Jones lost 0.46 percent, Yahoo Finance reports. A day earlier the Nasdaq had dropped 5.5 percent and the S&P 500 4.4 percent, the steepest fall since the tariff panic of April 2025. Nvidia, which lost 9 percent on Thursday, recovered about 3 percent according to Newsweek, while AMD jumped 11 percent after a fall of more than 17 percent.
The sell-off followed the Democrats' victory in the midterm elections. According to Newsweek, voters backed restrictions on data centres in 40 of 41 local ballot measures in ten states, and Texas governor-elect Gina Hinojosa campaigned for a halt to new permits. Trump blamed the crash on the Democrats and said on Friday that he fully supports superintelligence and regards data centres as gold.
Friday's US jobs report was strong: 165,000 jobs were added in October, against economists' expectations of about 65,000 to 70,000, and unemployment fell to 4.1 percent, according to Yahoo Finance. The price of Brent crude slipped below 100 dollars a barrel.
European markets fell less sharply because Europe has few large tech companies, VRT NWS notes. Independent analyst Stefan Willems told the broadcaster that the most popular ETFs among Belgian investors consist of roughly 70 percent US shares. Those who invest a fixed amount each month need do nothing, he says. Erik Joly, chief economist at ABN Amro, stresses that investment in AI is continuing.