U.S. stocks plummeted, with market value once evaporating nearly $3 trillion, as funds rushed to Treasury bonds and gold for safe haven.

BlockBeats news, November 6 - US stocks experienced severe selling during intraday trading this Thursday. The Nasdaq Composite closed down 5.52%, the S&P 500 fell 4.36%, and the Dow dropped 3.44%, marking the worst single-day performance in nearly 19 months. Tech and chip stocks led the decline, with S&P 500 companies losing about $3 trillion in market value intraday, while the VIX fear index surged 11.57 points to around 28.2 during the same period.

The decline was mainly driven by expectations that Democrats would control Congress after the midterm elections, market concerns over AI data center construction and tighter regulation, with tech/chip stocks leading the drop and the Philadelphia Semiconductor Index falling over 12%. During the market downturn, funds flowed noticeably into safe-haven assets:

· US short-term bonds were in demand, with the 2-year Treasury yield plunging about 11–12 basis points to around 4.47%, and the 10-year falling 5–6 basis points to 4.84%, steepening the yield curve.

· Spot gold rose about 1%, closing near $4,090–4,100 per ounce.

· The Japanese yen and Swiss franc strengthened.

· Berkshire Hathaway hit a record high intraday, and although it pulled back slightly by the close, it still significantly outperformed the broader market, reflecting defensive fund inflows.

Going forward, the market still needs to watch employment data, Fed statements, and the implementation of AI-related policies, which could affect whether these flows continue. Notably, US October unemployment rate and October seasonally adjusted nonfarm payrolls data will be released tonight at 21:30, when market volatility is expected to increase significantly.