Market Summary

U.S. equities suffered a sharp, broad-based selloff on Thursday, November 5, 2026, driven by intense selling in semiconductor and AI infrastructure names for a second consecutive session. As of the last update (15:25 ET), the S&P 500 stood at 7382.72 (-305.97, -3.98%), the Nasdaq Composite at 24441.51 (-1315.39, -5.11%), and the Dow at 51653.69 (-1702.64, -3.19%). The S&P 500 and Nasdaq were on track for their worst finishes since April 2025, and the Nasdaq entered correction territory. The S&P 500 Equal Weighted Index (-2.8%) fared better than the cap-weighted index, underscoring the outsized impact of mega-cap losses.

The weakness followed a Wednesday rally after the midterm elections, in which Democrats won both chambers of Congress. That rally (S&P 500 +1.6%, Nasdaq +1.4%, DJIA +3.0%) favored consumer-oriented and rate-sensitive areas, while semiconductors and AI infrastructure lagged on concerns that Democratic control could bring tighter regulation and slow data center buildout. On Thursday those concerns spread. Technology fell about 6.6-6.7%, and the heavy selling prompted de-risking across the board. All eleven S&P 500 sectors finished lower in late-session commentary, with consumer staples the relative standout after setting a fresh record high earlier in the day.

Defensive positioning was pronounced. The VIX spiked 58% to 26.39, Treasuries rallied, and gold rose. The S&P 500’s session low came about 40 points above its 200-day moving average (7323), a level not breached since mid-March. The Nasdaq moved past its 200-day moving average (25094). Crude oil rebounded to settle at $90.55 but did not help the energy sector.

Market Snapshot

Index	Level	Change	%
Dow	51653.69	-1702.64	-3.19%
Nasdaq	24441.51	-1315.39	-5.11%
S&P 500	7382.72	-305.97	-3.98%

NYSE: Advancers 370, Decliners 2316, Volume 772.89 mln
Nasdaq: Advancers 704, Decliners 3908, Volume 10.33 bln
Week to date (13:30 ET): DJIA -0.1%, S&P 500 -2.6%, Nasdaq -4.1%
VIX: 26.39 (+58%), after closing Wednesday at 16.78
PHLX Semiconductor Index: -10.5% (14:00 ET)

WaveFinder breadth (2026-11-05):

Primary sentiment: Bearish (Bulls 734, Bears 1545)
4% sentiment: Extreme Bearish (Bulls 124, Bears 1027)
40 SMA sentiment: Bearish
Above 20 SMA: 63%; above 40 SMA: 47.73%
9M Bulls 17 vs. Bears 100; 9M Bull Follow-Through: 13.18%

Sector Performance

Briefing.com Industry Watch listed no strong sectors. Weak: Information Technology, Consumer Discretionary, Industrials, Communication Services, Materials, Financials, Health Care, Real Estate. Staples and utilities were also lower. Full-day percentage changes for each sector were not provided, so the ranking below is based on intraday figures.

Ranked, strongest to weakest (approximate):
1. Consumer Staples: -0.3% to -0.4% intraday, after a fresh record high earlier
2. Utilities: -0.8% (15:00 ET)
3. Energy: -1.1% (15:00 ET), -9.9% week to date, the week’s worst sector
4-10. Consumer Discretionary, Industrials, Communication Services, Materials, Financials, Health Care, Real Estate: all lower, with six sectors down 2.0% or more at 14:30 ET (specific figures not provided)
11. Information Technology: about -6.6% to -6.7% (-7.4% week to date)

WaveFinder ATR readings (volatility):

Technology: -3.04% (falling, P0)
Energy: -1.90% (falling, P0)
Industrials: -1.09% (flat, P37)
Communication Services: -0.44% (rising, P95)
Financials: -0.22% (rising, P95)
Materials: 1.38% (rising, P58)
Real Estate: 1.46% (rising, P95)
Consumer Discretionary: 1.50% (rising, P79)
Health Care: 1.82% (flat, P21)
Consumer Staples: 2.97% (rising, P89)
Utilities: 3.28% (rising, P79)

Key Earnings & Movers

Thursday:

Tesla (TSLA): 342.36, -42.83 (-11.12%). Down about 14% since Tuesday night’s election.
SpaceX (SPCX): 125.63, -10.29 (-7.57%), on concerns about scrutiny of a potential Tesla-SpaceX merger.
Qualcomm (QCOM): down 11.6% pre-market after a disappointing outlook.
Earnings losers: Expedia (EXPE), Arm Holdings (ARM), Zillow (ZG), Dutch Bros. (BROS), Snap (SNAP), Cava (CAVA).
Earnings winners (pre-market): Applovin (APP), Unity Software (U), Warby Parker (WRBY), Sunrun (RUN), Tapestry (TPR).
Apple (AAPL): sold about $7 bln of investment grade debt in seven tranches, drawing $31 bln in orders.

Wednesday, for context:

Dollar Tree (DLTR) 147.00, +9.64%
Dollar General (DG) 141.64, +8.52%
McDonald’s (MCD) 280.22, +6.53%
Microsoft (MSFT) 555.80, +6.68%
Amazon (AMZN) 266.03, +6.12%
3M (MMM) 193.95, +9.55%, on a PFAS settlement and a $6 bln buyback
AMD 488.78, +1.01%, on a Q3 beat and raised 2027 outlook
CVS 79.96, -12.53%, on a plan to split into two companies by 1H 2028
GE Vernova (GEV) 832.85, -9.30%
Comfort Systems (FIX) 1089.89, -15.19%
Roundhill Neocloud ETF (NCLD) 13.99, -9.10%, a record low

Stock Spotlight

Tesla (TSLA) was the session’s marquee mega-cap casualty, falling 11.12% to 342.36. That brings its decline since Tuesday night’s election to roughly 14%. Democratic wins in Congress and Texas have raised concerns about greater political scrutiny of Elon Musk’s businesses, particularly a potential Tesla-SpaceX merger. SpaceX (SPCX) fell 7.57% to 125.63.

Regulatory risk compounds pressure from the broader AI infrastructure selloff, as investors reassess valuations and the heavy investment needs behind Tesla’s autonomous driving, robotics, and other emerging businesses. The company’s recent earnings offered limited support, with essentially flat revenue and a 56% drop in operating income, highlighting the challenges in its core automotive business.

Qualcomm also merits mention. Q4 EPS was $2.17 (-28% y/y, a penny beat) on revenue of $10.32 bln (-8.4%). Handset revenue fell 26% to $5.14 bln, while automotive jumped 89% to $1.99 bln. Q1 EPS guidance of $2.15-2.35 was slightly below expectations, while revenue guidance of $10.4-11.2 bln was above. QCT margin guidance of 20-22% reflects data center investment.

Bond Market & Treasuries

Treasuries rallied, with yields on all tenors at fresh November lows and the lowest since the second week of September. The 10-year note was up 14/32 at 4.837%, more than 50 basis points below the October 7 high of 5.364%.

Yield check:

2-yr: -10 bps to 4.49%
3-yr: -10 bps to 4.54%
5-yr: -8 bps to 4.61%
10-yr: -6 bps to 4.84%
30-yr: -3 bps to 5.25%

Drivers: The flight to safety from AI-related equity volatility, led by shorter tenors, outweighed early pressure from strong economic data. Fed funds futures implied a 66% probability of a December rate hike, down from 83% the prior day. Richmond Fed President Barkin expects gradual rate hikes. The Bank of England raised rates 25 bps to 4.00% (8-1 vote) and projects CPI near 5% by mid-2027. Bank of Japan minutes showed agreement that more hikes are needed. The U.S. Dollar Index was at 101.55.

Commodities

WTI crude: +2.6% (+$2.32) to $90.55/bbl, bouncing off its 200-day moving average (87.07). It remains down about 13% for the week.
Gold: +1.0% to $4112.90/ozt, extending the week’s rally to more than $200 (5.5%) after a brief dip below $4000, a 13-month low.
Copper: -2.5% to $6.27/lb.
Silver: not provided in the data.

Overseas Markets

Index performance for Asian and European equity markets was not provided. Reported drivers and data:

UK: Bank of England hiked 25 bps to 4.00%. October Construction PMI was 43.6 (expected 46.4).
Japan: BOJ minutes support more hikes. October Services PMI was 51.7 (expected 52.0), Composite 52.1.
Eurozone: September PPI +2.5% m/m, +11.1% y/y. October Construction PMI was 42.5. Germany’s September Factory Orders were +4.4% m/m, and France’s September Industrial Production was -0.5% m/m.
Other: Australia’s September trade balance was AUD 2.826 bln, well above the AUD 0.940 bln expected. South Korea’s September current account surplus was $61.46 bln.
FX: USD/JPY 157.81 (-0.4%), EUR/USD 1.1225 (unchanged), GBP/USD 1.3457 (-0.1%), USD/CNH 6.6647 (-0.1%).

Economic Data

Initial jobless claims (week ending Oct 31): 189,000, down 6,000 and below the 197,000 consensus, the lowest since July. Continuing claims rose 23,000 to 1.718 mln. The takeaway: little layoff activity and solid labor demand.
Q3 nonfarm productivity: +3.6% (consensus 3.1%), after an upwardly revised +2.1% in Q2. Unit labor costs fell 0.7% (consensus +1.4%), a favorable mix for corporate earnings.
Natural gas inventories: +77 bcf, after +80 bcf a week earlier.

The data was constructive but was overwhelmed by the equity selloff and flight to safety.

Looking Ahead

8:30 ET, Friday: October Nonfarm Payrolls (consensus 65,000; prior 29,000), Nonfarm Private Payrolls (consensus 50,000; prior 46,000), and Unemployment Rate (consensus 4.2%; prior 4.2%). Average Hourly Earnings figures were cut off in the source.
Technical levels: The S&P 500’s 200-day moving average at 7323 is the key support, with the Nasdaq already through its 200-day at 25094. Crude’s 200-day sits at 87.07.
Watch items: Follow-through in semiconductors and AI infrastructure, the VIX after its 58% jump, December rate-hike odds (66%), and a Bloomberg report that Secretary of State Rubio may resign.
Earnings: No specific earnings schedule for the next session was provided in the data.