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Chip stocks rout Wall Street: Nasdaq falls about 5% into correction as semiconductor index sinks 11% intraday
US stocks tumbled on Thursday as chipmakers led the decline: the Nasdaq fell about 5%, dropping more than 10% from its October record high into correction territory; the Philadelphia Semiconductor Index plunged as much as 11% intraday, its worst intraday showing since March 2020; the S&P 500 posted its worst day since the April 2025 tariff sell-off.
US stocks tumbled on Thursday (November 5), led by chipmakers: the tech-heavy Nasdaq Composite fell about 5%, dropping more than 10% below its record closing high of 27,599.89 set on October 6 and entering correction territory. The Philadelphia Semiconductor Index plunged as much as 11% intraday, its worst intraday showing since the pandemic shock of March 2020. The S&P 500 fell about 3.4%, its worst single day since the April 2025 tariff sell-off, while the Dow Jones Industrial Average lost more than 2%. (Photo: file image of the New York Stock Exchange.)
Qualcomm's earnings set off the rout
The sell-off was set off by Qualcomm's earnings. The chipmaker's fiscal fourth-quarter handset chip revenue fell 26% year on year to $5.137 billion, below analysts' expectations of $5.25 billion, and its shares fell about 10% on Thursday. AMD slid more than 13%, Micron more than 12% and Nvidia about 7%, with Broadcom, Intel and Marvell also lower. Chip stocks shed roughly $2 trillion in market value in a single session, according to reports.
One day wipes out the post-midterm rally
The rout erased most of Wednesday's post-midterm rally in a single day. On Wednesday, the Dow had jumped 3.03% to close at 53,356.12, its best post-midterm showing since 1982, while the Nasdaq gained 1.44% and the S&P 500 rose 1.6%. Market watchers said investors worried that the Democrats' midterm sweep could bring tighter scrutiny of artificial-intelligence data-centre construction, weighing on chip and data-centre shares.
US economic data released the same day was actually firm: initial jobless claims fell to 189,000, a post-pandemic low; third-quarter productivity rose 3.6%, above the expected 2.9%; and unit labour costs fell 0.7%. The strong data failed to stem the slide. CME's FedWatch tool put the odds of a 0.25-percentage-point Federal Reserve rate cut in December at 69%.
(Sources: Reuters, Associated Press, Morningstar, TradingView, November 5, 2026. Percentages are intraday or same-day readings.)
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