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Archived story · published November 5, 2026. Coverage reflects reporting at the time. See today's brief

Business & Finance · November 5, 2026

Wall Street's fear gauge surges the most since April. Why traders think it should be even higher

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Stock markets experienced a significant downturn on Thursday, following a substantial post-election rally on Wednesday. The Nasdaq composite entered correction territory, driven by a sharp selloff in technology and semiconductor stocks. This decline occurred two days after U.S. midterm elections resulted in a Democratic sweep of Congress. Market analysts pointed to concerns over artificial intelligence (AI) development, including potential regulatory shifts and local ballot measures impacting data center construction. Major indices, including the Dow Jones Industrial Average and the S&P 500, recorded their worst single-day performances in months, with several trillion dollars in market value erased across the major exchanges.

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Reported by multiple outlets

  • The stock market experienced a sharp decline on Thursday, following a rally on Wednesday.
  • The selloff was led by the technology and semiconductor sectors.
  • The Nasdaq composite entered correction territory.
  • The market movements occurred shortly after a Democratic sweep in the midterm elections.

Reported by only some outlets

  • The Dow Jones Industrial Average fell 1,833 points (3.44%) to close at 51,523.06.
  • The Nasdaq dropped 5.52% to close at 24,315.00.
  • The S&P 500 fell 4.36% to close at 7,353.73.
  • The Magnificent 7 stocks lost a combined $1.04 trillion in value.
  • Nvidia shares fell by approximately 9%.
  • Ballot measures in Ohio and other states regarding data center buildouts mostly passed.
  • The VIX volatility index jumped to its highest level since March 31.
  • The Philadelphia Semiconductor Index saw its steepest daily loss since March 2020.

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