US Stocks Face Widespread Selling, Nasdaq Falls Nearly 4%

According to TechFlow, on November 6, citing Jinshi Data, the US stock market faced widespread selling, with the Nasdaq Composite and Nasdaq 100 indices, which are concentrated in tech stocks, leading the declines. The S&P 500 fell 2.7%, the Nasdaq dropped approximately 4%, and the Nasdaq 100 index fell 4.52%. The S&P 500 broke below its 100-day moving average and September lows, while both the Nasdaq Composite and Nasdaq 100 indices fell below their 200-day moving averages.

The AI supply chain was hit by a comprehensive sell-off, with the decline spreading from chips and storage to data center networking equipment, optical communications, AI cloud computing, and power suppliers. Shares of SanDisk, Western Digital, Micron Technology, SK Hynix, AMD, Qualcomm, Arm, Lam Research, Applied Materials, Nebius, CoreWeave, and Bloom Energy among others fell more than 10%, with Bloom Energy and SanDisk seeing declines nearing 18%.

Market breadth deteriorated simultaneously, with the number of declining stocks on the Nasdaq nearing four times the number of advancing ones, the NYSE at roughly 2.5 times, and the S&P 500 at approximately 1.6 times, as the sell-off spread from large-cap tech stocks to the broader market.