Nasdaq 100 suffers worst one-day selloff since March 2020 as $QQQ plunges 6.5%

The Nasdaq 100 suffered its steepest one-day decline since the COVID-19 market crash in March 2020, falling approximately 6.4% on November 5.
The Invesco QQQ Trust $QQQ, which tracks the index, dropped roughly 6.5% as investors rushed to reduce exposure to major technology and semiconductor stocks.
The selloff was driven by renewed concerns over AI infrastructure spending, stretched technology valuations and potential regulatory changes following the US midterm elections.
Nvidia $NVDA fell 9.3%, while semiconductor stocks faced even heavier selling pressure. The Nasdaq Composite lost 5.5%, and the S&P 500 declined 4.4%.
The sharp reversal erased much of the previous session's post-election rally, with the VIX volatility index surging as investors sought protection against further losses.
The decline marked one of the most significant setbacks for the AI-driven market rally, putting renewed attention on whether technology valuations can withstand slower investment growth and tighter financial conditions.
Source: Reuters, AP, MarketWatch (November 5, 2026)