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U.S. stocks reversed Wednesday’s post-election rally on Thursday as technology and semiconductor shares sold off. In the report’s latest update, the Dow was down 2.2%, the S&P 500 3.3% and the Nasdaq 5%; the semiconductor index had fallen 11%.
U.S. stocks plunged Thursday as investors sold AI and semiconductor shares, wiping out the previous day’s post-election rally. In the latest figures reported by Yahoo Finance, the Dow Jones Industrial Average fell 2.2%, the S&P 500 dropped 3.3% and the Nasdaq Composite slid 5%, leaving the technology-heavy index on track to close in correction territory.
The decline intensified after a mixed start to the session. Yahoo Finance reported that the Dow initially rose 0.6%, while the S&P 500 slipped 0.3% and the Nasdaq fell 1%. Later updates showed a broader sell-off: at one point the Nasdaq was down roughly 4%, the S&P 500 2.3% and the Dow more than 700 points, before losses deepened further in the report’s latest figures.
Chip shares led the retreat. The PHLX Semiconductor index fell 11%. In an earlier market update, Nvidia shares were down more than 6%, Micron more than 12% and AMD more than 13%. Those are intraday figures from that update, not necessarily the stocks’ final closing moves. The report said the technology and chip-stock sell-off erased about $2 trillion in market value; it did not specify a separate calculation window or comparison baseline for that estimate.
Oil moved higher as traders weighed the prospect of a deal with Iran to end the Middle East war. Brent crude traded around $97 a barrel and U.S. benchmark West Texas Intermediate around $90, according to the report. A separate labor-market update said planned layoffs in October fell to their lowest level since 2023, citing Challenger, Gray & Christmas, ahead of Friday’s employment report.
Chip Sell-Off Erases Rally Gains
The reversal shows how quickly the market’s response to the election shifted from broad relief to questions about which sectors could benefit or face pressure under the new political balance. The day’s losses were concentrated in AI, data-center and semiconductor stocks, making the technology-heavy Nasdaq particularly vulnerable.
For investors, the sharp moves matter beyond the headline index declines: semiconductor shares had been central to market optimism around AI-related spending, and their losses weighed on broader benchmarks. The report identified uncertainty about future infrastructure spending and regulation as issues investors were assessing, but it did not establish that either factor alone caused the sell-off. Oil’s rise also added a separate source of uncertainty, tied to the outlook for the Middle East conflict and possible negotiations with Iran.
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From Election Rally to Reversal
Wednesday’s rally followed the midterm election, in which Democrats won both chambers of Congress, according to the report. Investors had initially welcomed the removal of election uncertainty. Thursday’s trading suggested that markets were still evaluating the consequences of the result, including possible effects on sectors such as technology and cryptocurrency.
The session also included company-specific moves that diverged from the broad market. AppLovin shares surged 23% in premarket trading after the company reported quarterly revenue and earnings above analyst estimates and issued a stronger-than-expected revenue forecast. Wendy’s, meanwhile, said it rejected a $1.4 billion takeover offer from Trian Fund Management, saying the proposal undervalued the company. These individual developments did not prevent the wider sell-off.
Closing Levels and Market Drivers
The supplied report gives intraday updates and a latest update time, but does not provide the final closing levels for the indexes or individual stocks. Its description that the Nasdaq was on track to close in correction territory was a projection at that point in the session, not confirmation of where the index ultimately finished.
It is also unclear from the report how much of the sell-off reflected election-related policy concerns, valuation changes, trading flows or other factors. The article describes investors weighing the implications of the election and AI-related spending, but provides no evidence assigning a precise share of the decline to any one cause. The duration of the market move and the eventual direction of oil prices are also unresolved.
Friday’s Jobs Report in Focus
Investors were preparing for Friday’s employment report, which could add information about labor-market conditions after Challenger, Gray & Christmas reported fewer planned layoffs in October than in any month since 2023. The supplied material does not provide a forecast for the employment figures or say how markets will respond.
Traders will also continue to assess corporate earnings and guidance, the outlook for AI and semiconductor demand, and developments related to the Middle East conflict. The report does not identify a confirmed policy announcement or other specific event that would resolve those questions.
Key Questions
How much did the major U.S. indexes fall in the latest update?
Yahoo Finance’s latest figures showed the Dow down 2.2%, the S&P 500 down 3.3% and the Nasdaq Composite down 5%. The report was updated at 5:00 p.m. GMT+1 on November 5, 2026.
What drove the sell-off?
The report said AI and semiconductor shares sold off, with the PHLX Semiconductor index down 11% in the latest figures. It also said investors were weighing the election’s implications for technology spending and regulation. The report does not establish a single cause for the decline.
Did the Nasdaq close in correction territory?
The report said the Nasdaq was on track to close in correction territory, but it does not give the final closing level. That wording describes the market’s status during trading, not a confirmed close.
Why were oil prices rising?
Yahoo Finance linked the rise to uncertainty over whether President Trump would pursue a deal with Iran to end the Middle East war. Brent crude traded around $97 a barrel, while U.S. benchmark WTI was around $90 in the report.
What market event was investors watching next?
The report pointed to Friday’s employment report as the next major scheduled data release for investors. It did not include the report’s eventual results or a market forecast.
Source: finance.yahoo.com
