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Equities desk · Evening edition · Thursday, November 5, 2026

Qualcomm's earnings day was swallowed by the post-midterm chip sell-off, so its 9.49% drop moved in step with Nvidia's 9.26% rather than on its own news.

Equities desk · auto-generated · written Nov 5, 2026, 4:20 PM EST
S&P 500 and its averagesindex points7,0006,800S&P 500 7,35450-day avg 7,687200-day avg 7,323Fed hike 25 bpFed holdBelow the high of 330 sessions% below high0-2MayJunJulAugSepOctNovS&P 500 -5.9%Nasdaq -11.9%Russell -11.0%Dow -5.2%Sector funds above their averages%80%40%20%MayJulSepNovAbove 50-day 63.64%Top holdingsTop ten 37.3%WeightNVDA7.66AAPL7.42MSFT5.93AMZN3.77GOOGL2.52AVGO2.42META2.10GOOG2.03LLY1.73TSLA1.72Corticorp Finance, daily closes and SPDR holdings files to Nov 5, 2026

Dow fell 3.44% on November 5. The S&P 500 closed at 7,354, below its 50-day average of 7,687 and above its 200-day average of 7,323.

Drawn from the numbers stored with this edition; the same picture is on its share card.

49,00050,00051,00052,000Dow Jones53,356 +7.58% since May 753,356MayJunJulAugSepOctNovCorticorp Finance, daily closes. As of Nov 4, 2026High 54,349, Aug 5Low 49,364, May 1950-session average

Dow Jones turned: +3.03% on the day after -1.13% over the five sessions before, 6.0 times its typical daily move. Dow Jones rose 7.58% over the 126 sessions to November 4, closing at 53,356.12; the high in that window was 54,349.12 on August 5 and the low 49,363.88 on May 19. In the latest session it crossed above the average of the 126 closes shown, 51,997.23.

The picture on the morning edition's share card, drawn from the numbers stored with that edition, written Nov 5, 2026, 9:34 AM EST. The evening edition above replaced it as this day's latest edition.

The open's narrow tech drag did not hold. It spread into everything. At the morning edition the was down 0.44%, and it closed down 4.36%. None of the 18 tracked names finished higher. The jumped 66.53% on the day, and CNBC said it was the biggest one-day move since April 9. Breadth thinned too: the share of tracked indices above their 50-day average fell from half to a quarter. Nothing held says why the selling accelerated after the open.

Chips took the worst of it. Lumentum, Micron and AMD each lost around a sixth or more, and fell 9.26%. Our cause lines tie these to the Technology sector and to peers falling together, not to company headlines. CNBC reported Qualcomm fell after its earnings report as chip stocks faced pressure following the midterms, so its drop mixes company news with the group. CNBC also reported top Democrats calling for a national data center moratorium. Nothing given links that call to today's prices.

Be careful reading this as a verdict. It is one session. The cause lines show a group move and nothing company-specific. Lumentum is now down more than half over a month, which says the slide did not start today. No tracked company is due to report within two weeks, so no result will reset the group soon. The view softens if Technology stops falling while the holds near the S&P. It hardens if the stays near today's level.

Movers
  • Lumentum fell 18.68%, the deepest drop here, moving with Technology's 8.00% slide.
  • Micron fell 17.46%, with twelve peers sliding the same way, and Qualcomm included.
Concentration
  • None of 18 tracked names rose, and the median fell 9.59% against the 's 4.36%.
  • The equal-weight fell 2.89%, so large names did extra damage but few escaped.
  • The fell 4.45%, close to the S&P, while the Nasdaq lagged at 5.52% down.
Earnings
  • No tracked company is estimated to report inside the next two weeks, so no result resets chips soon.
  • Qualcomm slid 9.49% after its earnings report, CNBC reported, amid a wider chip sell-off.
  • AMD and Palantir filed results 8-Ks this week, content not given. They fell 17.26% and 9.73%.
Positioning
  • Berkshire raised to 78,791,167 shares by June 30, its August 13F showed. fell 2.20%.
  • Renaissance raised to 7,091,256 shares by June 30, per an August filing. fell 9.26%.
  • Four Aspen insiders cluster-bought $68.0M on November 2, per our insider data.
Stance
  • Chip selling looks like one group trade, since cause lines show only sector and peer moves.
  • Dell and Lumentum slid from roughly 5% down at the open to double-digit losses.
  • Qualcomm's drop followed an earnings report, so that one may mix company news with sector selling.
Lumentum Holdings Inc. (LITE)-18.7%
Oct 9about 4 weeksNov 5

Lumentum's one-day drop was its largest in this window, and it extends a slide that started in mid-October.

MICRON TECHNOLOGY INC (MU)-17.5%
Oct 9about 4 weeksNov 5

Micron fell hardest in this window today, ending a month in which it held above 780 until this week.

ADVANCED MICRO DEVICES INC (AMD)-17.3%
Oct 9about 4 weeksNov 5

AMD had held near 485 for three sessions before today's break, which came with the wider chip sell-off.

The numbers behind it

Market participation

25%

2 of 8 tracked indices above their 50-day average

Counted over ^GSPC, ^IXIC, ^DJI, ^RUT, ^FTSE, ^N225, ^GDAXI, 000001.SS. This is a reading across whole market indices, not a count of the companies inside any one of them.

-18.68%
LITE 509.7
Moved with XLK -8.00%

Moved 18.7%, at or above the 3% floor for this strip

-17.46%
MU 656.39
Moved with 12 peers

Moved 17.5%, at or above the 3% floor for this strip

-17.26%
AMD 404.4
Moved with 12 peers

Moved 17.3%, at or above the 3% floor for this strip

-16.95%
IREN 18.03
14.1 pts behind XLF

Read for this move: 1 stored story naming Iren, its filings and corporate actions, over the 7 days to 2026-11-05.

Moved 17.0%, at or above the 3% floor for this strip

-16.43%
MRVL 133.55
Moved with XLK -8.00%

Moved 16.4%, at or above the 3% floor for this strip

-15.41%
TWST 120.61
12.9 pts behind XLV

Read for this move: the stored stories naming Twist Bioscience, its filings and corporate actions, over the 7 days to 2026-11-05.

Moved 15.4%, at or above the 3% floor for this strip

-15.07%
VICR 135.1
10.9 pts behind XLI

Read for this move: the stored stories naming Vicor, its filings and corporate actions, over the 7 days to 2026-11-05.

Moved 15.1%, at or above the 3% floor for this strip

Every move here is measured between two stored daily closes, so the reading belongs to a session rather than to a time of day. This block is cut at the 2026-11-05 session. Anything named as a driver comes from a stored series and never from a headline.

  • Nasdaq Composite24,315.00-5.52%
  • Dow Jones51,523.06-3.44%
  • Russell 20002,729.89-4.45%
  • Sentiment composite23-39.22%
  • VIX28.18+69.66%
  • Above their 50-day2 of 825%
  • Advanced Micro Devices404.40-17.26%Moved with 12 peers
  • Iren18.03-16.95%14.1 pts behind XLF
  • Marvell Technology133.55-16.43%Moved with XLK -8.00%
  • Twist Bioscience120.61-15.41%12.9 pts behind XLV
  • Vicor135.10-15.07%10.9 pts behind XLI
  • Iren-16.95%Read for this move: 1 stored story naming Iren, its filings and corporate actions, over the 7 days to 2026-11-05.

Across the session

  1. The average constituent held up better than the index, so the weakness was concentrated in larger names.
  2. Only 2 of 8 tracked indices sit above their 50-day average, down from 4 last time, while the VIX rose 67.25% to 27.78. Breadth and the volatility reading both point to a broad risk-off session.
  3. Technology fell 8.00% against 0.59% for Communication Services, a gap of 7.41 points. Industrials and Consumer Discretionary also fell more than the market, so the weakness was not even across sectors.
  4. Lumentum, Micron, AMD, Marvell and Dell each fell further than XLK, by 6.89 to 10.68 points. Their coded cause is the same Technology move, so the chip selloff was larger than the sector fund itself.

Go deeper

The Equities desk's own dashboard: what was underneath the day's equity move. Open it

The desk voices are written by AI, not by human reporters. Every figure is taken from the listed market, sensor and headline data, and an automated check flags any figure or quoted source that is not.