The Nasdaq Composite fell 5.52 per cent on Thursday, 5 November 2026, to 24,315.00 — its largest one-day drop since the April 2025 tariff sell-off — and closed in correction territory, more than 10 per cent below its 6 October record.
The S and P 500 fell 4.36 per cent to 7,353.73 and the Dow Jones Industrial Average dropped 3.44 per cent, losing 1,833 points to 51,523.06, wiping out the previous day’s post-election rally gains.
Nvidia fell 9.26 per cent to 181.60 dollars, its biggest one-day drop since the DeepSeek sell-off in January 2025, leaving it about 24 per cent below its 6 October record close.
The Philadelphia Semiconductor Index plunged 12.25 per cent to 9,011.14 — its second-largest one-day fall on record and worst since March 2020 — with AMD and Micron each down about 17 per cent, Qualcomm down 19 per cent on a weak outlook, and Broadcom and Intel each down about 10 per cent.
The sell-off erased an estimated 2 trillion to 2.5 trillion dollars in market value, according to reports, with all 11 S and P 500 sectors falling.
Investors repriced fears that the AI data-centre buildout could slow and become more expensive, with analysts estimating data-centre pauses or moratoriums could put about 30 per cent of capacity expected in 2028 at risk. The Nasdaq-100 fell 6.4 per cent, its steepest one-day drop since March 2020.
Tesla fell more than 10 per cent and SpaceX more than 9 per cent on the day. Meta fell about 4 per cent, while Amazon and Alphabet also declined.
The scale of the move stunned Wall Street. Just weeks ago, chip stocks were the market’s unstoppable engine; on Thursday they led the sharpest sell-off in more than a year. The question now is whether this is a healthy reset for an overheated trade — or the start of something bigger.
It was a dramatic swing after Apple’s record stock high and 5 trillion dollar valuation earlier in the week, and a reminder that markets can turn fast. Even as NASA named a new JPL deputy director, the tech world was counting its losses.
Bhudev Bhagaliya is an experienced and senior journalist who has carved a distinct niche for himself in the world of Hindi journalism through his profound understanding and precise writing style. With over two decades of experience in the field of journalism, he has held key responsibilities at Dainik Hindustan for 12 years and at Amar Ujala for one year. Currently, he serves as the Content Editor for the Jagrook Youth News newspaper and portal, where he plays a crucial role in ensuring the quality and credibility of the news content. Bhudev Bhagaliya consistently writes about issues that help raise awareness within society and among the younger generation.