India, Nov. 5 -- US stocks fell sharply on Thursday, with technology and semiconductor shares leading the losses. The Nasdaq was on track to enter correction territory as investors sold shares of chipmakers and companies linked to artificial intelligence (AI) data centres.

The sharp fall came a day after US stocks recorded a strong rally following the Democrats' sweeping victory in the US midterm elections. The easing of political uncertainty had boosted investor confidence on Wednesday, but the market turned lower on Thursday.

The Nasdaq Composite led the losses among major indexes. At 9:57 am ET, the Nasdaq fell 795.08 points, or 3.09%, to 24,941.44, Reuters reported.

The S&P 500 also recorded a sharp fall. The index dropped 127.74 p...