Wall Street got a sharp reminder this month of how fast sentiment can turn. Last Thursday the S&P 500 lost 4.4%, its worst day since April 2025, after midterm election results raised fears that regulation could hurt the AI trade. The Nasdaq Composite fell into correction territory, roughly 11% below the record it set in early October.
A rally on lower oil prices offered some relief at the start of this week. Then inflation data reopened the wound. Consumer prices rose 0.4% in October, the...