- The Nasdaq Composite fell 5.5% to 24,315 on Nov. 5, 2026, 11.9% below its Oct. 6 high, entering a correction.
- The PHLX Semiconductor Sector Index fell 12.2%, iShares Semiconductor ETF SOXX fell 12.1% and VanEck Semiconductor ETF SMH fell 11.2%.
- Micron Technology fell 17.5%, Advanced Micro Devices fell 17.3% and Arm Holdings fell 13.1%, the weakest large chip names.
- Qualcomm fell 9.5% after adjusted EPS of $2.17 and revenue of $10.44 billion topped estimates, but its $2.15 to $2.35 EPS forecast was below the $2.27 analysts expected.
- Investors cited fears that a Democratic sweep of Congress and governors' race wins could slow data-center construction.
- The Invesco S&P 500 Equal Weight ETF fell 2.9% versus a 4.3% drop in the S&P 500, showing the average stock also declined.
- AppLovin rose 31% to $356.10 after third-quarter revenue rose 55% to $2.185 billion, separate from the chip selloff.
Quotes
“The slide was driven by an aggressive sell-off in chip stocks.”