The Market Wrap, Thursday, November 5, 2026

U.S. stocks plunged Thursday as investors dumped AI chip and data-center shares, wiping out Wednesday's post-election rally, according to Yahoo Finance closes about 1:35 p.m. Pacific and CNBC.  The Nasdaq Composite fell 5.52% to 24,315.00, down 1,421.52 points and more than 10% below its October record, a "correction."  The S&P 500 closed at 7,353.73, down 334.89 points, or 4.36%.  The Dow Jones Industrial Average finished at 51,523.06, off 1,833.06 points, or 3.44%.

Chipmakers led the drop after Qualcomm's Wednesday report showed handset revenue down 26% from a year earlier, per its investor release, and after Democratic midterm wins raised fears of slower data-center building, CNBC and NBC News reported.  Santa Clara's Nvidia fell 9.26% to $181.60; Advanced Micro Devices dropped 17.26% to $404.40; Palo Alto's Broadcom slid 10.43% to $291.53; Qualcomm closed at $156.75, down 9.49%.

For savers, the slide can cut 401(k) and IRA balances that hold stock funds.  CME FedWatch odds of a December Fed rate hike, cited by CNBC, fell from about 83% Wednesday to about 70% Thursday, easing pressure for higher borrowing costs if rates stay in the 3.75% to 4% range.

Source:  Yahoo Finance closes, Nov. 5, 2026, CNBC market wrap, Qualcomm Q4/fiscal 2026 results and NBC News.