AI Stocks Close
🔔 AI Stocks Close — Thursday, November 5, 2026 at 2:15 PM
Closes: SPX 7,353.73 (-4.36%) · NDX ~27,174 (-5.5%) · DJI 51,523.06 (-3.44%, -1,833 pts)
Day narrative: The AI trade cracked. One day after the post-midterm melt-up, investors decided a Democratic sweep means slower, costlier, more scrutinized data-center buildout — and they sold the entire supply chain, wiping out Wednesday's 1,500-point Dow rally and dragging the Nasdaq Composite (24,315, -5.52%) into correction territory.
Sectors: Best Consumer Staples (-0.67%) · Worst Information Technology (-7.30%). All 11 sectors red; staples, financials and healthcare held up best — a few even printed intraday records before fading. The Philadelphia Semiconductor Index was the real wreck, down ~9-12% to its lowest since April.
Movers:
• MU -17.5% — memory took the worst of it on fears hyperscaler capex gets pushed right
• AMD -17.3% — 22% lower over the past month, now the poster child for the unwind
• ARM -13.1% — beat on EPS (52c vs 47c) and still got dumped with the group
• AVGO -10.4% — custom-silicon story re-rated alongside the rest of the complex
• TSLA -10.7% — the whole "AI + power" bucket went down together
• APP +10.7% — beat on every line, guided higher, and ran away from the carnage
• Neoclouds (IREN, CoreWeave, Nebius, Applied Digital) -12% or worse — the sharpest end of the knife
After-hours / Earnings:
• APP +22.8% AH (~$333.80) — beats everywhere, revenue +56% to $2.18B; the day's only real victory lap
• SOUN -4% on the day at $4.16, slipping further post-call — growth fine, losses still the issue
• IONQ reported after the bell with a ±11.6% implied move; the call started at 4:30 ET, so the reaction's still forming
• ABNB and LYFT also out post-close — options had priced ±7.1% for Airbnb
Watchlist:
• MU $656.39 (-17.5%)
• NVDA $181.60 (-9.3%)
• MSFT ~$544.80 (-2.0%)
• GOOGL $284.40 (-1.6%)
• META $612.23 (-5.7%)
• AMZN $256.99 (-3.4%)
• AAPL $349.04 (-0.1%)
• AMD $404.40 (-17.3%)
• TSLA $348.44 (-10.7%)
• PLTR ~$155 (-9.7%)
• ARM $166.72 (-13.1%)
• SMCI $27.10 (-8.5%)
• ORCL ~$124 (-7% to -8%) — also carrying the canceled $7B Tencent chip-leasing deal
• SOUN $4.16 (-4.0%, lower AH)
• IONQ $26.51 (-10.2%, AH pending)
• BBAI $2.53
• AVGO $291.53 (-10.4%)
• CRM $180.07 (+2.1%)
• ADBE $244.76 (+0.3%)
• IBM — no reliable close found; traded lower with the group
• SNOW $172.20 (+4.0%)
• MDB $305.70 (-6.9%)
• NET $241.07 (-9.6%) — worst session since May, ~$9B erased, earnings on deck
• CRWD -9.3% to -9.6%
• TSM ~$364.70 (-2% to -3%)
• ASML $1,393.76 (-6.9%)
• IPO watch: Anthropic filed its S-1 with the SEC today, targeting Nasdaq under "ANT" with mid-November trading expected; investor marks reportedly slid to ~$1.5T from ~$2T a week ago. OpenAI has ~$11B committed toward a round near $1.25T, short of the $1.4T sought, with Brockman pointing to a 2027 listing. Neither trades publicly yet.
Macro:
• Jobless claims fell to 189,000 — the lowest in 57 years
• Q3 productivity +3.6% vs +2.8% consensus
• 10-year Treasury yield eased to ~4.87%
• WTI +$1.96 to ~$90.08, Brent ~$97.02; gold +$41 to ~$4,114
• The policy read-through from the midterm sweep — permitting friction, electricity costs, data-center scrutiny — is now the market's dominant macro input
Tomorrow: October jobs report at 8:30 a.m. ET is the main event, and it lands into a tape that just repriced the entire AI complex. Earnings keep rolling after tonight's ABNB/IONQ/LYFT batch; Cloudflare's report is the next AI-adjacent read. Watch whether staples/financials leadership sticks or Thursday's rotation reverses as fast as Wednesday's rally did.