U.S. technology stocks plummeted on Thursday, Nov. 5, 2026, sending the Nasdaq 100 into official correction territory as investors sold off shares tied to artificial intelligence and semiconductor hardware.
At the 4:00 p.m. Eastern Time close, the Nasdaq 100 fell 6.36% to end at 26,628.85, leaving the index 14% below its recent peak. The S&P 500 declined 4.33% to 7,355.45, while the Dow Jones Industrial Average dropped 1,829.85 points, or 3.43%, to close at 51,526.27. The broader Nasdaq composite fell 5.5%, marking its sharpest single-day retreat since April 2025.
Semiconductor companies absorbed deep losses during the session, with Nvidia dropping about 9% and erasing nearly $450 billion in market capitalization. Qualcomm shares declined between 8% and 9% after reporting $650 million in data center revenue and issuing a lower-than-anticipated forecast for the current quarter. Chief Executive Officer Cristiano Amon said component shortages rather than a drop in demand held back growth, stating, "We don't have a demand issue; it's a supply issue." Elsewhere in the sector, Sandisk fell 20%, Micron dropped 16%, the iShares Semiconductor ETF dropped 11%, and CoreWeave slipped 10%.
Market participants pointed to Tuesday's midterm elections, in which Democrats secured control of both chambers of Congress along with key races in Texas, Ohio, and Georgia. Local voters also weighed in on infrastructure, approving data center restrictions in 40 of 41 ballot measures across 10 states, according to Ballotpedia.
