Nearly $3 trillion wiped out, and Wall Street tries to understand if this is an opportunity

Nearly $3 trillion was wiped from the US stock market on Thursday, the largest single-day loss ever, amid concerns over AI regulation following the US elections. The Nasdaq entered correction territory. The shekel weakened to 3.18 per dollar. This week, the US CPI and earnings from leading companies are expected.

Nearly $3 trillion was wiped from the US stock market last Thursday, the largest single-day loss ever in market value terms. The sharp declines were driven by investor fears over AI regulation following the Democratic victory in the US midterm elections. The Nasdaq fell over 10% from its peak, entering correction territory. On Friday, a partial recovery saw the Nasdaq rise about 1.1% and the S&P 500 about 0.3%, while in Tel Aviv a sharper rebound of over 3% was recorded in the TA-35 index. The shekel weakened about 1.6% against the dollar to a rate of 3.18, and Modi Shafrir of Bank Hapoalim noted that since the elections in Israel, the shekel has been one of the weakest currencies in the world against the dollar. This week, the US CPI release and earnings from companies such as CoreWeave, Cisco, and Applied Materials are expected, as well as reports from Next Vision, Partner, the Tel Aviv Stock Exchange, Bank Leumi, OPC Energy, ICL, and Bezeq.