Source published November 6, 2026, at 02:05:21 UTC+08:00, covering the November 5 U.S. trading session.
The S&P 500 fell as much as 3.8% on Thursday, November 5, reversing the previous session’s rally and drawing attention to market-wide trading-halt thresholds. Bitcoin also fell below $76,000 as leveraged crypto positions came under pressure.
At the time of Decrypt’s report, the S&P 500 had not triggered a circuit breaker. Its largest reported decline remained 3.2 percentage points short of the first threshold, a 7% drop from the previous close.
Technology led the equity decline
Around 11 a.m. ET, the Nasdaq Composite was down nearly 5%, while the S&P 500 was down 3.2%. Nvidia had lost more than 6%, and the broader semiconductor index had fallen nearly 11%. These readings represent a specific intraday snapshot, rather than closing results.
The losses followed a strong Wednesday session after the Democratic Party’s sweeping midterm election victories. The S&P 500 had gained 1.6%—its strongest daily performance in three months—while the Dow Jones Industrial Average had risen more than 1,500 points.
President Donald Trump had celebrated market records on Wednesday, writing on Truth Social that Americans’ retirement accounts were “through the roof.” Thursday’s decline erased the S&P 500’s previous-session rally.
Where the circuit breakers stood
Market-wide circuit breakers measure the S&P 500’s decline from its previous closing price. Decrypt reported these thresholds for Thursday’s session:
| Decline | S&P 500 level | Trading restriction |
|---|---|---|
| 7% | 7,150.41 | A 15-minute halt if reached before 3:25 p.m. ET |
| 13% | 6,689.09 | Another 15-minute halt if reached before 3:25 p.m. ET |
| 20% | 6,150.89 | Trading ends for the remainder of the session |
Under New York Stock Exchange rules, the first two thresholds stop applying at 3:25 p.m. ET. The 20% threshold remains active throughout the session. These halts cover the broader U.S. equity market, including Nasdaq-listed companies, not only S&P 500 constituents.
Bitcoin losses and policy uncertainty
Bitcoin’s move below $76,000 erased its post-election recovery. Decrypt cited its earlier reporting that approximately $428 million in leveraged crypto long positions were liquidated within an hour. That liquidation figure describes forced closures of leveraged positions, not total capital leaving the crypto market.
The report described investor concerns that Democratic election victories could bring greater oversight of data-center construction. “We suspect there is going to be some scrutiny on this aggressive AI buildout,” Swissquote Bank senior analyst Ipek Ozkardeskaya told Reuters.
Persistent inflation concerns and uncertainty over the Federal Reserve’s next interest-rate decision also formed part of the reported backdrop. Investors were awaiting Friday’s October employment report for further monetary-policy clues.
The snapshot showed simultaneous pressure on technology shares and Bitcoin, alongside substantial leveraged-long liquidations. It did not establish that a market-wide trading halt would follow.