The Nasdaq briefly crossed the 10% correction threshold as chip stocks led a broad selloff.
Why it matters: The Nasdaq's more-than-5% session decline put direct pressure on portfolios heavily exposed to technology and semiconductor shares. The move crossed an intraday correction threshold, but the supplied reports did not establish a closing-level correction.
- The Nasdaq Composite fell to roughly 24,796.06, 10.2% below its October 6, 2026 closing level of 27,599.89.
- The Dow dropped 1,656 points, or 3.1%, at 1:46 p.m. Eastern time on November 5, 2026.
- The Philadelphia Semiconductor Index briefly fell about 11%, its steepest decline since March 2020.
- The Dow's November 5 decline exceeded its 1,569-point gain on November 4, while the Nasdaq gave back a prior 1.4% rise.
U.S. stocks sold off sharply on November 5, 2026. The Dow was down 1,656 points, or 3.1%, at 1:46 p.m. Eastern time, according to the Associated Press.
The Nasdaq Composite fell to roughly 24,796.06, or about 10.2% below its October 6 closing level of 27,599.89. Reuters reported that the Nasdaq's session decline exceeded 5% and that the S&P 500 fell more than 3%, in coverage republished by Kitco.
A correction is commonly measured as a 10% decline from a recent closing high. The Nasdaq crossed that level during trading, but the latest time-stamped figure in the supplied material was 1:46 p.m. ET. The reports did not include official November 5 closing levels, so they did not establish a closing-level correction.
Chip stocks led the decline. The Philadelphia Semiconductor Index briefly fell about 11%, its steepest drop since March 2020, Reuters reported. Shares of data-center and AI-related companies IREN, Hut 8, Applied Digital, CoreWeave and Nebius fell sharply; GE Vernova and Constellation Energy also declined, according to the Reuters report.
The selloff followed a November 4 rally in which the Dow gained 1,569 points and the Nasdaq rose 1.4%, figures reported by the AP. The supplied reporting does not establish that the market move delayed data-center projects, corporate investment or financing plans.
By the numbers
- 10.2% - Nasdaq intraday decline from its October 6 closing level
- 11% - Philadelphia Semiconductor Index intraday decline
- 1,656 points - Dow intraday decline at 1:46 p.m. ET
Yes, but: The 10% threshold was crossed intraday, not confirmed at the close. Official November 5 closing data were not included in the supplied reports.