By Ahmed Abdelsalam
Global stock markets tumbled on Friday as a sharp sell-off in U.S. technology shares spread across Asia and Europe, fueled by concerns that a Democratic victory in the U.S. midterm elections could slow the artificial intelligence investment boom.
Asian Markets Lead Decline
Japan's Nikkei 225 index sank 6% in early trading, while South Korea's Kospi tumbled more than 8%, extending heavy losses from Wall Street's session on Thursday.
European Markets Follow
In London, the FTSE 100 opened 1.5% lower, down 166 points to 10,615. AstraZeneca led the blue-chip index with a 2.8% drop, while IAG, owner of British Airways and Iberia, fell 1.5% after missing profit forecasts. Miners Antofagasta and Anglo American also declined. Germany's Dax dropped 1.5%, France's Cac 40 lost 1.2%, and Spain's Ibex slipped 1.1%.
Wall Street Tech Rout
The Nasdaq Composite suffered its worst day in 19 months on Thursday, plummeting 5.5%. Chipmakers bore the brunt, with SanDisk plunging 22% and Western Digital falling 17%.
Market Volatility Spikes
The Cboe Volatility Index, known as the Vix, surged 61% to its highest level since the early weeks of the Iran war, signaling heightened investor anxiety.
Year-to-Date Gains Remain
Despite the sharp declines, major indices remain positive for the year. The Nasdaq is still up 4.6% since January, though more than 10% below its peak. The FTSE 100 has gained nearly 6.9% in 2026 but sits over 300 points below its July record high.
