Wall Street suffered its worst day in 19 months on Thursday, 5 November 2026, as a brutal sell-off in artificial intelligence and chip stocks wiped out trillions of dollars in market value and erased the entire rally that followed the US midterm elections just a day earlier.
The technology-heavy Nasdaq Composite plunged 5.52 percent to close at 24,315.00, down 1,421.52 points. It took the Nasdaq just six minutes of trading to wipe out all of its post-election gains. The index has now fallen more than 10 percent below its record high from last month, putting it officially in correction territory.
The Dow Jones Industrial Average fell 1,833 points, or 3.44 percent, to 51,523.06, giving up the whole 1,570-point jump it had made on Wednesday. All 30 stocks in the index ended the day lower. The S&P 500 dropped 4.36 percent to 7,353.73, with all 11 of its sectors closing in the red. All three major indexes recorded their worst single day since April 2025.
Chip stocks took the heaviest beating. The Philadelphia Semiconductor Index crashed 12.25 percent, its worst one-day fall since March 2020, and it is now down 38 percent from its June peak — deep in bear market territory. The Nasdaq 100, which is dominated by chip and technology giants, fell 6.4 percent, its steepest one-day drop since the Covid-19 crash of March 2020, wiping out a record $2.3 trillion in market value in a single session.
Among the individual losers, Nvidia fell about 9 percent, AMD plunged more than 17 percent, Micron dropped over 17 percent, SanDisk fell 14 percent and Tesla slid nearly 10 percent. The seven biggest technology stocks, known as the Magnificent Seven, together lost more than $1 trillion in market value in one day.
The trigger was a sudden wave of doubt about the huge spending on artificial intelligence. Investors began questioning whether the massive investments in AI chips and data centres will ever pay off, and there were fresh fears that the Democrats' victories in the US midterm elections could slow down the data-centre boom. The warning about an AI bubble by investor Michael Burry, famous for predicting the 2008 financial crisis, also resurfaced and spread quickly among traders.
The panic did not stay in America. Asian markets followed Wall Street down on Friday, with South Korea's KOSPI plunging 5.28 percent and Japan's Nikkei sliding into a bear market.
Investors are now watching the US October jobs report, due on Friday, for the next clue about where the world's biggest stock market goes from here. For now, one thing is clear: the AI rally that powered markets for months has hit its roughest patch yet, and the fear is that the worst may not be over.
Sources: CNBC TV18, The Economic Times, Yahoo Finance, Associated Press.
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Urdu Version (Roman Urdu)
Wall Street par Thursday, 5 November 2026 ko pichle 19 mahino ka sab se bura din raha, jab artificial intelligence aur chip wali companies ke shares mein zabardast girawat ne trillions dollar ki market value khatam kar di aur US midterm elections ke baad wali rally ko ek hi din mein mita diya.
Technology shares wala Nasdaq Composite 5.52% gir kar 24,315.00 par band hua — sirf 1,421.52 points neeche. Nasdaq ko election ke baad ke saare faide mitane mein sirf 6 minute lage. Index ab apne record high se 10% se zyada neeche aa chuka hai, yani officially correction mein hai.
Dow Jones 1,833 points, yaani 3.44%, gir kar 51,523.06 par band hua aur Wednesday wali 1,570 points ki chhalang poori tarah wapas le li. Index ke tamaam 30 shares neeche band hue. S&P 500 mein 4.36% ki girawat aayi aur wo 7,353.73 par band hua, uske tamaam 11 sectors neeche band hue. Teenon bade indexes ka April 2025 ke baad se ye sab se bura din tha.
Chip wali companies ko sab se zyada nuqsan hua. Philadelphia Semiconductor Index 12.25% gira — March 2020 ke baad se uski sab se bari ek din ki girawat — aur wo June ki peak se 38% neeche aa chuka hai, yani bear market mein hai. Nasdaq 100 mein 6.4% ki girawat aayi, March 2020 ke baad se sab se zyada, aur ek hi din mein record $2.3 trillion ki market value khatam ho gayi.
Nvidia taqreeban 9%, AMD 17% se zyada, Micron 17% se zyada, SanDisk 14% aur Tesla taqreeban 10% gira. Saat sab se bari technology companies, jinhe Magnificent Seven kaha jata hai, ne ek hi din mein $1 trillion se zyada ki value kho di.
Girawat ki wajah AI par hone wale bare kharch par shak tha. Investors sawal karne lage ke AI chips aur data centres par itna bara paisa kabhi wapas aayega ya nahi, aur ye dar bhi tha ke Democrats ki midterm jeet se data-centre boom slow ho sakta hai. 2008 ke financial crisis ki peshgoi karne wale investor Michael Burry ki AI bubble wali warning bhi dobara phail gayi.
Ghabrahat America tak mehdood nahi rahi. Friday ko Asian markets bhi gir gayin — South Korea ka KOSPI 5.28% gira aur Japan ka Nikkei bear market mein chala gaya.
Investors ab Friday ko aane wali US October jobs report ka intezar kar rahe hain. Filhal ye wazeh hai ke AI rally, jisne mahino tak markets ko chalaya, apne sab se mushkil daur mein hai — aur dar ye hai ke bura waqt abhi khatam nahi hua.
Sources: CNBC TV18, The Economic Times, Yahoo Finance, Associated Press.
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