Markets today, November 5, 2026: chip selloff drags stocks and bitcoin down

Stocks. U.S. stocks closed sharply lower on Thursday. The S&P 500 fell about 4.4% to 7,353.73, the Dow lost 3.4% (more than 1,800 points) and the Nasdaq Composite dropped 5.5% to 24,315, closing in correction territory, which means more than 10% below a recent high. The Philadelphia semiconductor index fell about 12%. Nvidia lost 9.3% and closed at $181.60, nearly 25% below its October 6 record close. Yahoo Finance links the selloff to worries that a Democratic Congress could slow the AI data center buildout, and to funds locking in 2026 gains. Our story: https://freekonomist.com/en/news/nvidia-stock-below-200-chip-selloff-nasdaq-2026-11-05/

Crypto. Bitcoin traded near $80,500 in the Asian morning after the post-election rally (CoinDesk, 05:13 UTC). It turned lower when U.S. stocks opened and touched $75,463, its lowest since September 16 (Cointelegraph). In our data bitcoin was near $76,190 at 21:00 UTC, down 4.8% in 24 hours, and ether was near $2,247, down about 7%. Around $1.09 billion of leveraged positions were liquidated in 24 hours, about 88% of them longs. CoinDesk calls it the biggest wipeout since at least October 28 and 29. FalconX said Wednesday's rally leaned heavily on short-covering. Our story about bitcoin above $80,000 describes the morning level: https://freekonomist.com/en/news/bitcoin-price-today-rebounds-above-80000-after-us-midterms-2026-11-05/ . Also today Greece approved a 10% tax on crypto gains, with the first 500 euros a year exempt: https://freekonomist.com/en/news/greece-crypto-capital-gains-tax-10-percent-parliament-2026-11-05/

Commodities and currencies. Brent settled up $3.67, or 3.9%, at $98.29 and WTI up $2.40, or 2.7%, at $90.52 after new attacks on tankers. UKMTO counts at least five vessels with incidents since Sunday. It reversed Wednesday, when both fell more than 8% to their lowest settlements since August 31. Gold rose 0.5% to 1% to about $4,100 an ounce, depending on whether you read futures or spot, as the dollar steadied and Treasury yields dipped. Mexico's central bank surprised markets with a cut to 6.25%, when a Reuters poll expected a hold at 6.50%: https://freekonomist.com/en/news/banxico-cuts-rate-to-6-25-percent-surprise-2026-11-05/

Tomorrow. Friday, November 6, brings the U.S. jobs report (non-farm payrolls) at 13:30 UTC. Forex Factory shows a forecast of +65,000 jobs against +29,000 before, unemployment at 4.2% and average hourly earnings up 0.3% against 0.1%. Canada's jobs report is also at 13:30 UTC (forecast +14,600). Bank of Japan Governor Ueda speaks at 16:00 UTC, and New Zealand's parliamentary election is at 21:45 UTC.

Where to look. Bitcoin price and liquidations: https://freekonomist.com/en/crypto/btc/ . Gold: https://freekonomist.com/en/commodities/gold/ . U.S. macro data: https://freekonomist.com/en/macro/ . What well-known traders think: https://freekonomist.com/en/crowd/ . Token unlocks: https://freekonomist.com/en/unlocks/ . Our crypto Fear & Greed reading is 50, neutral. This is an overview, not advice.

Confirmed facts

• On November 5, 2026 the S&P 500 closed down about 4.4% at 7,353.73, the Dow down 3.4% (more than 1,800 points) and the Nasdaq Composite down 5.5% at 24,315.^[1]
• The PHLX Semiconductor index fell about 12% on November 5.^[1]
• Nvidia fell 9.3% to $181.60, nearly 25% below its October 6 record close.^[2]
• Yahoo Finance linked the selloff to worries that a Democratic Congress could slow the AI data center buildout, and to hedge funds locking in 2026 gains.^[1][2]
• Bitcoin traded around $80,484 in Asian morning hours on November 5, up 5.7% over 24 hours.^[5]
• Bitcoin fell to $75,463 at the Wall Street open, its lowest since September 16.^[3]
• At 20:57 UTC bitcoin was about $76,190 (down 4.8% in 24 hours) and ether about $2,247 (down about 7%).^[11]
• About $1.09 billion of crypto derivatives positions were liquidated in 24 hours, about 88% of them longs; CoinDesk calls it the largest wipeout since at least October 28 and 29.^[4][11]
• FalconX's Joshua Lim said Wednesday's relief rally was driven by a lot of short-covering.^[4]
• Greece's parliament approved a 10% capital gains tax on crypto, with gains of up to 500 euros a year exempt.^[8]
• Brent settled up $3.67, or 3.88%, at $98.29 and WTI up $2.40, or 2.72%, at $90.52 after new tanker attacks.^[6]
• At least five vessels reported incidents since Sunday, according to UKMTO; on Wednesday both benchmarks fell more than 8% to their lowest settlements since August 31.^[6]
• Spot gold was up 1.1% at $4,107.66 at 14:54 GMT as the dollar steadied and Treasury yields dipped; Yahoo Finance showed gold at $4,094.70, up 0.5%, after the U.S. close.^[1][7]
• Banxico cut its rate by 25 basis points to 6.25%, when a Reuters poll expected a hold at 6.50%.^[9]
• On Friday, November 6, U.S. non-farm payrolls are due at 13:30 UTC (forecast +65K, previous +29K; unemployment 4.2%; average hourly earnings +0.3% m/m), Canada's jobs report at 13:30 UTC, BoJ Governor Ueda at 16:00 UTC and the New Zealand election at 21:45 UTC.^[10]
• Freekonomist's crypto Fear & Greed reading was 50 (neutral).^[11]

Implications

• ConfirmedU.S. stocks, bitcoin and oil all reversed Wednesday's post-election moves on Thursday.
• Our readingCrypto traded with tech stocks today rather than on its own news. This is our view.
• Our readingFriday's jobs report can move all three markets again. This is our view, not a forecast.

Still unknown

• Whether the chip selloff continues
• Whether oil holds its gains as tanker attacks go on
• What the U.S. jobs report shows on Friday

Who it affects

United States, World. People who follow stocks, crypto and oil and want one clear picture of the day

Sources

1. Yahoo Finance: Stock market today: Dow plunges 1,800 points, Nasdaq enters correction in AI trade meltdown November 5, 2026 · media
2. Yahoo Finance: Nvidia has lost nearly $1.4 trillion since its October record November 5, 2026 · media
3. Cointelegraph: Bitcoin crashes 6% to 7-week low as US stocks erase election gains November 5, 2026 · media
4. CoinDesk: Bitcoin, crypto stocks caught in AI trade meltdown, but Wintermute trader sees 'glass half full' November 5, 2026 · media
5. CoinDesk: Bitcoin holds above $80,000 as Zcash jumps 12% in post-election crypto rebound November 5, 2026 · media
6. Investing.com (Reuters): Brent crude jumps, settles up over $3 after tanker attacks November 5, 2026 · media
7. Investing.com: Gold extends rally above $4,100 as dollar, Treasury yields fall after US vote November 5, 2026 · media
8. Reuters: Greek parliament approves 10% tax on cryptocurrency gains November 5, 2026 · media
9. Infobae (Reuters): Banxico sorprende al mercado y baja tasa de interés a un 6.25% November 5, 2026 · media
10. Forex Factory: Economic calendar, week of November 1, 2026 (High impact events) · media
11. Freekonomist: Freekonomist market data, November 5, 2026 20:57 UTC November 5, 2026 · official