US Stocks Slump Broadly as Nasdaq Falls Nearly 4%

According to TechFlow, citing Jin10 Data on November 6, US stocks faced a broad sell-off, with the tech-heavy Nasdaq Composite and Nasdaq 100 leading the declines. The S&P 500 fell 2.7%, the Nasdaq Composite dropped about 4%, and the Nasdaq 100 declined 4.52%. The S&P 500 broke below its 100-day moving average and its September low, while both the Nasdaq Composite and Nasdaq 100 fell below their 200-day moving averages.

The AI supply chain was hit by a broad sell-off, with declines spreading from chips and storage to data center networking equipment, optical communications, AI cloud computing, and power suppliers. SanDisk, Western Digital, Micron Technology, SK hynix, AMD, Qualcomm, Arm, Lam Research, Applied Materials, Nebius, CoreWeave, BloomEnergy and several other stocks fell more than 10%, with BloomEnergy and SanDisk dropping nearly 18%.

Market breadth deteriorated in tandem, with decliners outnumbering advancers by nearly 4 to 1 on the Nasdaq, about 2.5 to 1 on the NYSE, and about 1.6 to 1 on the S&P 500, indicating that selling has spread from mega-cap tech stocks to the broader market.

Source: TechFlow