S&P 500 falls 3.8% a day after Trump hails record highs

Key points

• The S&P 500 fell as much as 3.8% on 5 November, and a drop to 7,150.41 points would trigger a 15-minute halt.
• The Nasdaq Composite was down nearly 5% by about 11 a.m. ET, Nvidia lost more than 6% and the semiconductor index fell nearly 11%.
• Bitcoin dropped below $76,000 as about $428m in leveraged crypto longs were liquidated within an hour.

The S&P 500 fell as much as 3.8% on 5 November, a day after President Donald Trump celebrated Wall Street's record highs, Decrypt reports. The decline put the market's circuit-breaker thresholds in view, though the index had not reached the first one at the time of the report.

The first circuit breaker sits at a 7% fall, or 7,150.41 points for Thursday's session. Reaching it before 3:25 p.m. ET would halt US equity trading for 15 minutes. A 13% fall, at 6,689.09 points, brings another 15-minute pause, and a 20% drop, at 6,150.89 points, closes trading for the day. The rules cover the whole US equity market, including Nasdaq listings.

Technology stocks led the selloff as investors weighed the consequences of the Democratic Party's midterm election victories. At about 11 a.m. ET the Nasdaq Composite was down nearly 5% and the S&P 500 3.2%. Nvidia lost more than 6% and the semiconductor index fell nearly 11%, with AI infrastructure names under pressure over possible scrutiny of data-centre construction.

The losses erased Wednesday's rally, when the S&P 500 gained 1.6% and the Dow Jones Industrial Average rose more than 1,500 points. Trump had written on Truth Social that retirement accounts were "through the roof". Investors were awaiting Friday's October employment report.

What to watch: Investors await Friday's October employment report, which the article says could offer clues on the direction of monetary policy.

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