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US Stocks Plunge on Renewed AI Worries as Nasdaq Enters Correction

The Nasdaq fell 5.5%, the S&P 500 dropped 4.4% and the Dow lost 3.4%. Semiconductors slumped 12.3% while 10-year Treasury yields declined.

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what happened

According to TradingView, citing RTTNews, US stock indexes fell sharply on Thursday and more than erased the previous session's gains. The Nasdaq dropped 5.5% to 24,315.00, the S&P 500 lost 4.4% to 7,353.73, and the Dow slid 3.4% to 51,523.06. The Nasdaq entered correction territory and posted its lowest close in over six months.

The tech sell-off resumed amid doubts about whether heavy spending on artificial intelligence will generate sufficient returns. The Philadelphia Semiconductor Index plunged 12.3%, nearing a closing low last seen almost seven months ago, while the NYSE Arca Computer Hardware Index fell 10%. Traders also worry that Democrats taking control of both houses of Congress in Tuesday's midterm elections could bring tighter AI regulation. Financial stocks weakened too, with the NYSE Arca Broker/Dealer Index down 4.3% and the KBW Bank Index down 3.6%. Gold stocks were among the few groups that bucked the downtrend.

why it matters

Initial jobless claims unexpectedly fell to 189,000, matching a multi-decade low. The more closely watched October employment report is due Friday, with economists expecting 62,000 new jobs and an unemployment rate of 4.2%. Demand for safe havens pushed Treasury prices higher, sending the 10-year yield down 5.7 basis points to 4.837%.

market impact

US stocks and chipmakers: tech sell-off pressures indexes, while government bonds draw safe-haven demand

  • S&P 500 pressure down — tech sell-off and doubts about returns on AI spending
  • Nasdaq pressure down — semiconductor and computer hardware stocks lead the losses
  • US Treasuries pressure up — safe-haven demand amid the equity sell-off

tags

EconomyLabor

instruments

S&P 500 ↗NasdaqDow JonesPhiladelphia Semiconductor IndexUS 10-year TreasuryKBW Bank Index

on polymarket

Will the S&P 500 have the best performance in 2026?87%Will S&P 500 (SPX) close at <$6,000 in December?5.9%Will S&P 500 (SPX) close at $6,500-$7,000 in December?22.5%

sources

  1. U.S. Stocks Plummet As AI Concerns Resurface, Nasdaq Plunges Into Correction Territory — TradingView, 5 November 2026 at 21:34 UTC
  2. U.S. Stocks Plummet As AI Concerts Resurface, Nasdaq Plunges Into Correction Territory — TradingView, 5 November 2026 at 21:34 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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