Thursday, November 5, 2026

Wall Street suffered a brutal sell-off on Thursday as a Democratic midterm sweep completely unwound the recent post-election rally and sparked the Nasdaq's worst day in 18 months. The tech-heavy Nasdaq plummeted -5.52% to 24,314.998, dragging the S&P 500 down -4.36% to 7,353.73, while the Dow Jones shed -3.44% to 51,523.06 and the Russell 2000 tumbled -4.45% to 2,729.887. The VIX spiked a massive +69.48% to 28.15—its highest level since the start of the 2026 Iran war—as panicked investors dumped risk assets and sought refuge in Gold, which ticked up +0.65% to 4,099.3.

Sectors in focus

• Tech and AI crash: Semiconductors & Related Devices cratered -11.14% and Computer Storage Devices plunged a staggering -14.85%. Megacaps like Nvidia (-9.3%) and AMD (-17.3%) led the rout as local ballot rejections of data centers and fears of stricter regulation fueled expectations of a severe slowdown in AI infrastructure spending.
• Defensive rotation: Investors fled high-growth tech for stable healthcare and services. Ophthalmic Goods (+3.52%) and General Medical & Surgical Hospitals (+3.31%) led the broader market, alongside Perfumes, Cosmetics & Other Toilet Preparations (+2.02%).
• Energy rebounds: WTI Crude climbed +2.95% to 90.72, recovering from an 8% drop the prior day as traders weighed potential post-election diplomatic shifts in the ongoing Iran conflict.

On the radar

• Nov 06: October Nonfarm Payrolls and Unemployment Rate
• Nov 10: Consumer Price Index (CPI) for October
• Nov 12: US Budget Balance
• Nov 13: Producer Price Index (PPI)
• Nov 17: Major retail earnings (Walmart)