Nasdaq Enters Correction Territory as Tech Stocks Wipe Out $2.5 Trillion
Key Facts
The Nasdaq Composite entered correction territory after falling 5.21% to 24,396 points. ProtoThema English reported that technology stocks wiped out approximately $2.5 trillion in market value during the intense selloff. These market moves follow adjustments to the political landscape after a Democratic sweep in the US midterm elections held on November 3, 2026.
Major technology equities faced significant pressure, with Tesla shares falling more than 9% and Nvidia dropping by approximately 6%, while Intel saw a 7% decline. In economic data, initial jobless claims released on November 5, 2026, fell to 189,000, coming in below the forecasted 196,000 and indicating labor market resilience despite the equity volatility.
Market participants are awaiting the release of US Nonfarm Payrolls and the unemployment rate scheduled for later today, November 6, 2026. Additionally, several Federal Reserve officials, including Williams and Bowman, are set to deliver speeches that may provide further clarity on the future path of monetary policy.
Latest Updates · 2
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Update: The sell-off extended across broader market indices, with the Dow Jones Industrial Average falling over 1,500 points or 2.41%, while the S&P 500 dropped 3.43%. These declines are driven by mounting fears regarding the potential for tighter regulatory frameworks surrounding artificial intelligence technologies.
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Update: The selloff intensified across global markets, with the Nikkei 225 dropping 5.92%. The S&P 500 declined 4.36% and the Dow Jones fell 3.44%, indicating a broad-based market retreat extending beyond the technology sector.