[FLASH] Nasdaq falls 5.5% into correction as chip and AI-infrastructure stocks sell off after midterms
On Nov 5 the Nasdaq Composite fell 5.52% to 24,315 and entered correction territory. The S&P 500 fell 4.36% and the Dow 1,833 points; CNBC and NBC both called it the worst session since April 2025. The Philadelphia semiconductor index fell about 12% and Nvidia 9.2%, while Micron, AMD and Western Digital each fell about 17%, SanDisk 22%, Arm 13% and Qualcomm about 9.5%. Both outlets put the move down to a Democratic midterm sweep that raised concern about curbs on data-center buildout, plus mixed chip earnings (Qualcomm guided weak). NBC reported Korea's Kospi down 8% early Friday. Still open: whether Friday's US session extends the drawdown, and how AI-infrastructure prints next week are received.