Wall Street suffers steep losses as AI stocks plunge

Wall Street suffered severe losses on Thursday, November 5, 2026, with the Nasdaq plunging 5.52% and the Dow Jones dropping over 1,800 points amid massive sell-offs of AI-related stocks. Investors questioned the pace of returns on large AI spending and anticipated stricter oversight of data centers following the Democratic midterm victory. The Dow closed at 51,523.06, the S&P 500 fell 4.36%, and the Nasdaq entered correction territory, 11.9% below its October high. Semiconductor stocks led declines, with the Philadelphia index losing 12%, Nvidia falling 9.3%, and Dell dropping 15%. Treasury yields fell, while oil prices rebounded over 3% on renewed supply concerns from tanker attacks in the Persian Gulf.