US Close 5 November 2026: S&P 500 -4.36%, Nasdaq -5.52% as Chip Stocks Post Worst Day Since 2020; Cloudflare +18% After Hours
S&P 500 close: 7,353.73 (-4.36%) Breadth: 243 advancers / 1,314 decliners Sentiment: bearish
The S&P 500 closed at 7,353.73 on 5 November 2026, down 334.89 points or 4.36%, as chip and data center stocks fell for a second day on concern that a Democratic Congress will slow the AI buildout. SOXX.US lost 12.15%, its worst day since March 2020 per CNBC, with AMD.US -17.26%, MU.US -17.46% and NVDA.US -9.26%. The Nasdaq Composite fell 5.52% to 24,315.00 and closed in correction territory.
What moved the index
The S&P 500 lost 436 bps on 5 November 2026, and technology alone subtracted about 306 bps.
- Technology: XLK.US -8.00% at about 38% of SPY.US, worth about -306 bps. CNBC tied the selling to fears of a slower data center buildout after Sen. Bernie Sanders called for a national data center moratorium.
- Financials: XLF.US -2.87% at about 12%, worth about -35 bps. JPM.US -4.19%.
- Consumer discretionary: XLY.US -3.83% at about 9%, worth about -35 bps. TSLA.US fell 10.77% on regulatory concerns tied to a possible SpaceX merger and the Democratic win in Texas, per Yahoo Finance.
- Industrials and health care: XLI.US -4.12% and XLV.US -2.50%, together worth about -57 bps. VRT.US -14.02% and GEV.US -7.48% fell with the data center trade.
Together, these drivers sum to about -433 bps of the -436 bps move. Energy, materials, communication services, staples, real estate and utilities subtract about 30 bps more; the overshoot of about 27 bps reflects SPY.US weights that use Morningstar sector classes, which do not map exactly to the SPDR sectors.
Four chip makers subtracted about 133 bps, or 31% of the index loss: NVDA.US (about -70 bps), AVGO.US -10.43% (about -25 bps), MU.US (about -20 bps) and AMD.US (about -18 bps). MSFT.US -3.58% cost about 21 bps. RSP.US, the equal-weight S&P 500 fund, fell 2.89%, 152 bps less than the index.
Session highlights
The S&P 500 opened at 7,678.72 on 5 November 2026, traded down to 7,350.35 and closed 3.38 points above that low.
- 51,523.06 was the Dow close, down 1,833.06 points or 3.44%. The Russell 2000 fell 4.45% to 2,729.89.
- VIX 28.18, up 69.78% from 16.61 on Wednesday.
- $358 million of net retail selling in single US stocks by 2:58pm ET, the largest since March 2020, per Vanda Research via Yahoo Finance. Nomura's Charlie McElligott attributed most of the selling to hedge funds locking in 2026 gains.
- QCOM.US -9.49% after Qualcomm guided quarterly EPS to a $2.25 midpoint against $2.32 expected. ARM.US -13.08%, INTC.US -10.33%, LRCX.US -16.36% and AMAT.US -13.58%.
- PLTR.US -9.73% and CRWD.US -9.88%; SPCX.US -9.05% alongside TSLA.US.
- 4.837% was the 10-year Treasury yield, down 5.7 bps. DXY was flat at 101.59.
- Brent traded near $98 and WTI near $90, per Yahoo Finance, on doubt over whether the US will pursue an Iran deal to end the war. Gold +0.63% to $4,098.70 and bitcoin -5.35%.
- 189,000 initial jobless claims in the week ended 31 October, down from a revised 195,000, per the Labor Department. Q3 productivity rose 3.6% and unit labor costs fell 0.7%, per the BLS, against 2.8% and 0.3% expected.
Sector scorecard
XLC.US held up best among the SPDR sector funds on 5 November 2026 at -0.59%, and XLK.US fell furthest at -8.00%.
- Best: Communication services, XLC.US (-0.59%)
- Worst: Technology, XLK.US (-8.00%)
- Dispersion (best minus worst): 7.41 pts
- Defensives: XLP.US -0.75% and XLU.US -0.71%, with KO.US -0.07% and PG.US -0.13%
- Also lower: XLI.US -4.12%, XLY.US -3.83%, XLE.US -2.98%, XLB.US -2.91%, XLF.US -2.87%, XLV.US -2.50%, XLRE.US -1.82%
- SMH.US -11.21%, against SPY.US -4.41%
Top movers
APP.US led the names above a $2 billion market value on 5 November 2026 at +31.04%, and FSLY.US fell furthest at -26.88%.
| Ticker | Move | Reason |
|---|---|---|
| APP.US | +31.04% | Q3 revenue $2.18 billion against $2.07 billion expected; Q4 guide above estimates |
| ADMA.US | +26.05% | Q3 beat and raised full-year guidance; ASCENIV demand +31%, per Benzinga |
| WRBY.US | +22.50% | Q3 revenue +10.4% to $244.7 million; adjusted EBITDA above guidance |
| MGNI.US | +20.75% | Contribution ex-TAC $200.6 million, above its $188 million to $192 million guide |
| EPAM.US | +20.63% | Q3 EPS $3.51 against $3.41 expected; $1.8 billion buyback |
| FSLY.US | -26.88% | Q3 beat; security product growth missed, per Seeking Alpha |
| AXTI.US | -22.76% | Optical chip suppliers fell; AAOI.US -20.89%, LITE.US -18.68% |
| SNDK.US | -22.26% | Memory makers fell for a second day; MU.US -17.46% |
| MXL.US | -22.06% | Chip sell-off; ALAB.US -19.62%, CRDO.US -17.71% |
| CAI.US | -21.64% | Q3 beat and raised guidance; BTIG called the drop an overreaction |
BROS.US also fell 21.41% after Dutch Bros trimmed its 2026 sales outlook, per Benzinga.
After-hours earnings
Cloudflare guided fourth-quarter revenue to $845 million to $846 million on 5 November 2026, and its post-market quote was $289.00, up 18.20%, after an 8.28% fall in the regular session. Post-market quotes are from 4:34pm ET and can still move.
- ABNB.US: Q3 revenue +19% to $4.87 billion against $4.75 billion expected; Q4 guide $3.22 billion to $3.28 billion. Post-market quote $189.08, +11.14%.
- FROG.US: Q3 revenue +30.9% to $179.2 million; Q4 guide midpoint $184 million, per StockStory. Post-market quote $91.70, +22.89%, after -13.57% in the regular session.
- NET.US: Non-GAAP EPS $0.38 against $0.27 a year earlier; full-year non-GAAP EPS guide $1.35.
- TEAM.US: Q1 results topped estimates, but the subscription growth outlook disappointed, per Investing.com. Post-market quote $151.66, -17.25%.
- NTRA.US: Revenue +34.1% to $794.0 million; EPS missed estimates, per StockStory. Post-market quote $277.75, -23.64%.
- DKNG.US: Q3 revenue +16%. Post-market quote $18.81, -20.01%; no confirmed cause at the data cut.
Notable announcements
Gildan Activewear cut its 2026 revenue outlook to $5.4 billion to $5.5 billion on 5 November 2026, from $6.0 billion to $6.2 billion, and GIL.US fell 19.07%.
- WEN.US +3.79% after Wendy's rejected a $1.4 billion buyout offer from Trian Fund Management, per Yahoo Finance.
- LITE.US -18.68% after Lumentum reported fiscal Q1 revenue of $1.26 billion and guided fiscal Q2 to $1.575 billion to $1.625 billion.
- RELY.US -20.44% after Remitly guided Q4 revenue growth to 20.3%, per StockStory.
- 43,994 job cuts announced in October, down 71% from a year earlier, per Challenger, Gray & Christmas.
- 4.00% is the Bank of England's bank rate after an 8 to 1 vote for a quarter-point hike, per Yahoo Finance.
Next session catalysts (ET)
The October employment report leads Friday 6 November 2026 at 8:30am ET, with 65,000 jobs and a 4.2% unemployment rate projected, per TradingKey; Barclays estimates 50,000.
- Thu 5 Nov, 7:00pm: Dallas Fed President Logan speaks.
- Fri 6 Nov, 8:30am: October nonfarm payrolls and unemployment rate.
- Mon 9 Nov, 1:00pm: $58 billion 3-year note auction.
- Tue 10 Nov, 1:00pm: $42 billion 10-year note auction.
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