US Stocks Trend (November 6): Nasdaq Falls 5.52% into Correction, Magnificent Seven Shed Over $1 Trillion

The Nasdaq Composite fell 5.52% to 24,315.00, closing more than 10% below its recent high and entering a technical correction, while the S&P 500 dropped 4.36% to 7,353.73 and the Dow Jones fell 3.44% (1,833.06 points) to 51,523.06, marking the sharpest single-day declines for all three since April 4, 2025. The "Magnificent Seven" lost more than $1 trillion in combined market value, led by Nvidia's 9% slide (over $440 billion erased), as investors priced in data-center regulatory risk from a Democratic sweep; the Philadelphia Semiconductor Index fell about 12%, its second-worst day on record, with AMD and Micron each down roughly 17%. The VIX jumped 11.57 points to 28.18, its highest since March 31, and all 11 S&P 500 sectors closed lower, with information technology down 7.30% in its worst session since March 2020. After the bell, Airbnb rose about 11% on third-quarter revenue of $4.87 billion and a raised outlook plus a new $12 billion buyback, and Cloudflare gained about 14% on strong guidance, while DraftKings fell about 22% on a wider loss and revenue miss and Atlassian dropped over 15%. Bitcoin fell about 6% to roughly $75,000, WTI crude rose 2.7% to $90.52 a barrel on renewed tanker-attack supply concerns, and weekly jobless claims came in at 189,000; investors now await Friday's October nonfarm payrolls report, with Dow Jones consensus at 59,000 jobs and the unemployment rate at 4.2%.