S&P 500 Falls 3% as Semiconductor Index Drops More Than 10%

U.S. stocks extended their decline on Nov. 5, with the S&P 500 down 3% and the Philadelphia Semiconductor Index more than 10% lower. The chip index’s drop was more than three times the S&P 500’s decline, concentrating the session’s sharpest losses in semiconductors.

Nvidia fell more than 8%, while Advanced Micro Devices (AMD) dropped 15.6% and Sandisk lost 19.4%. AMD and Sandisk fell more sharply than Nvidia. The Dow Jones Industrial Average was down 2%, and the Nasdaq Composite fell more than 4.8%, showing the selloff extended beyond chip stocks.

Qualcomm also sank 14% early in trading, its steepest one-day decline since 2020. Losses continued to widen after the U.S. market opened, extending the selloff beyond the initial move.

The decline puts broader risk appetite in focus for crypto traders tracking U.S. markets. Semiconductor and storage shares were among the weakest areas, while all three major U.S. indexes also fell.