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Nasdaq crash of 5.5%: what the media cite as the trigger
Nasdaq crash on 5 November 2026: the index fell 5.52% in one day. What the media cite as the trigger and how the following days went.
Key points at a glance
- The Nasdaq Composite closed at 24,315.00 points on 5 November 2026, 5.52% below the previous day. It was its largest one-day loss since 4 April 2025.
- The media cite fear of tighter regulation of artificial intelligence and data centres after the US midterm elections as the trigger. The cause cannot be derived from price data alone.
- According to media reports, no law on data centres has been passed so far (as of 11 November 2026). There are campaign promises and announcements.
- By 10 November, the Composite had recovered part of the loss but was still 2.61% below the close of 4 November.
In the Nasdaq crash of 5 November 2026, the Nasdaq Composite closed at 24,315.00 points, 5.52% below the previous day. It was its largest one-day loss since 4 April 2025. The media cite fear of tighter regulation of artificial intelligence (AI) and data centres after the US midterm elections as the trigger. According to media reports, no law has been passed so far.
Data as of: closing levels 10 November 2026, legislative status 11 November 2026.
In brief
Nasdaq Composite
Nasdaq-100
Closing level
Midterm elections
Data centres
Nasdaq crash in figures: 5 November 2026
The percentage compares two closing levels: 24,315.00 divided by 25,736.51, minus 1, gives −5.52%. The Composite therefore lost 1,421.51 points. The Nasdaq-100 fell even more. Past performance is not a reliable indicator of future results.
| Index | Close 4 Nov 2026 | Close 5 Nov 2026 | Change |
|---|---|---|---|
| Nasdaq Composite | 25,736.51 | 24,315.00 | −5.52% |
| Nasdaq-100 | 28,437.17 | 26,629.81 | −6.36% |
Closing levels according to the Federal Reserve Bank of St. Louis (FRED), change is our own calculation. Each index weights its shares by its own rules. The article on concentration risk in indices explains how this works.
What the media cite as the trigger
The news agency APA reports on 6 November fear of tighter regulation of AI. Two days before the price slump, the Democrats had won the Senate and the House of Representatives in the midterm elections. The Börsen-Zeitung sees data centres as a weak point of the AI boom. According to cash.ch, US semiconductor stocks, that is, shares of chip companies, suffered from fears of regulation after the elections.
This is the media's interpretation. The price data only show that the index fell. They do not show why.
Campaign promises are not yet laws
According to the Börsen-Zeitung, newly elected governors in Ohio, Georgia, Michigan, New Mexico and Texas promised during the campaign to stop or pause further data centres. The incoming governor of Texas, Gina Hinojosa, announces laws and a halt until protective rules are in place, according to Reuters. APA writes that she called for a moratorium, meaning a temporary halt.
| As of 11 Nov 2026 | According to media reports |
|---|---|
| Law or moratorium on data centres | none passed so far |
| Governors in five states | campaign promises |
| Texas | announcement, takes office in January |
| Stricter federal laws | mentioned only as a possibility |
Governors, legislatures and municipalities decide at different levels, writes the Börsen-Zeitung.
The Swiss market on 5 November
According to cash.ch, the Swiss Market Index (SMI), the index of large Swiss shares, closed above 15,000 points for the first time on 4 November, at 15,022.85 (+1.90%). On 5 November it closed at 14,967.73 points, down 0.37%. Swiss chip stocks fell more: AMS Osram 13.0%, Inficon 7.5% and Comet 6.3%. According to cash.ch, they followed US semiconductor stocks.
How rare is a one-day loss like this?
On 3 April 2025, the Composite lost 5.97%, and on 4 April 2025 it lost 5.82%. After that, the largest one-day loss up to 4 November 2026 was 4.31% (10 April 2025). 5 November was therefore the largest since 4 April 2025. How an earlier trading day with extreme losses unfolded is described in the article on Black Monday 1987.
The days after
How much of the loss did the Composite recover in the following trading days?
Daten
The Composite fell 5.52% on 5 November and then recovered only part of it
Closing levels in points, 4 to 10 November 2026. Marker 1 shows 5 November. The axis does not start at zero.
| Zeitpunkt | Nasdaq Composite |
|---|---|
| 4 Nov | 25736.51 |
| 5 Nov | 24315 |
| 6 Nov | 24579.42 |
| 9 Nov | 25253.14 |
| 10 Nov | 25065.87 |
FRED (data: Nasdaq, Inc.), as of: 10 Nov 2026
| Date | Composite, close | Change from previous day |
|---|---|---|
| 4 Nov 2026 | 25,736.51 | +1.43% |
| 5 Nov 2026 | 24,315.00 | −5.52% |
| 6 Nov 2026 | 24,579.42 | +1.09% |
| 9 Nov 2026 | 25,253.14 | +2.74% |
| 10 Nov 2026 | 25,065.87 | −0.74% |
On 10 November, the Composite was 2.61% below the close of 4 November, and the Nasdaq-100, at 27,740.80 points, was 2.45% below. Own calculation from FRED closing levels.
Risks and limitations
- Losses: Equity indices can fall, and investments in them can lose value. Daily levels fluctuate strongly.
- Interpretation: The cause comes from media reports and is not established. Simultaneous events do not prove a connection.
- Legislative status: It applies as of 11 November 2026 and may change.
- Figures: Levels during the trading day differ from the closing level. Closing levels are the reference here.
- Fluctuation: Volatility describes how strongly prices fluctuate. The article on volatility in options explains its effect on prices.
How losses can be spread across several investments is shown in the article on diversification.
What can be observed
The incoming governor of Texas takes office in January. Whether laws or moratoria are passed will be reported by the media and legislatures. This is a date, not an expectation about the outcome.
Conclusion
In the Nasdaq crash of 5 November 2026, the Composite lost 5.52% and the Nasdaq-100 lost 6.36%. The media attribute this to fear of stricter regulation of AI and data centres. According to media reports, no law has been passed so far. According to cash.ch, the SMI gave up only 0.37%. By 10 November, the Composite had recovered part of the loss.
Questions & Answers
Common questions around this topic, briefly answered.
How large was the one-day loss compared with earlier ones?
The Nasdaq Composite lost 5.52% on 5 November 2026. It was its largest one-day loss since 4 April 2025, when it was 5.82%. Between 7 April 2025 and 4 November 2026, the largest one-day loss was 4.31%.
Are the Nasdaq Composite and the Nasdaq-100 the same?
No. They are two indices of the same exchange, each with its own closing levels. On 5 November 2026, the Composite lost 5.52% and the Nasdaq-100 lost 6.36%.
What do the media cite as the trigger of the crash?
According to APA, it was fear of tighter regulation of artificial intelligence after the Democrats won the Senate and the House of Representatives in the US midterm elections. This is the media's interpretation, not an established cause.
Has a law against new data centres already been passed?
According to media reports, no (as of 11 November 2026). Reports mention campaign promises by newly elected governors and announcements, for example from Texas, where the incoming governor takes office in January.
How did the Swiss stock market react?
According to cash.ch, the SMI closed at 14,967.73 points on 5 November 2026, down 0.37%. Swiss chip stocks fell more, for example AMS Osram by 13.0%.
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