What Happened Today, Thursday November 05, 2026, 5:00 PM ET close
Nasdaq 100 Sinks 6.87% and S&P 500 Drops 4.76% in a Sharp Thursday Selloff
Tech led a broad slide as the Nasdaq entered correction territory, while Iran headlines kept oil and shipping in focus.
ES and NQ at the close
NQ, Nasdaq 100 futures
26,604.00
-6.87% on the day
Day range 26,570.00 to 28,668.50
ES, S&P 500 futures
7,353.00
-4.76% on the day
Day range 7,346.00 to 7,738.75
How did our Futures Trading Algo Do Today?
Discipline
No clean setup in a fast, one directional drop, so staying flat was the right call.
Our paper book stayed flat today. No strategies fired on the Nasdaq 100 or S&P 500 because the market dropped in one direction with very wide swings, and nothing met our entry rules. Net result was 0 trades, 0 wins, 0 losses, and $0 in profit or loss.
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SPY and QQQ
The story
Stocks had a rough Thursday. The Nasdaq 100 closed down 6.87% and the S&P 500 closed down 4.76%, with both finishing very near their lows of the day. The Nasdaq 100 traded as high as 28668.5 and ended at 26604.0, a big gap between the morning and the close. CNBC reported that the Nasdaq has now dropped into correction territory, which is a decline of at least 10% from a recent high. Headlines about Iran and shipping in the Strait of Hormuz added to the nervous mood.
The MAG7 and the megacaps
The biggest tech names carry a large share of the Nasdaq 100 and the S&P 500, so a drop of this size in the indexes usually means the large tech companies were under heavy pressure. We do not have individual stock prices for the Magnificent 7 in today's data, so we will not quote moves for Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, or Tesla. What the index numbers tell us is that tech weakness was a main driver of the day, since the Nasdaq 100 fell much more than the broader S&P 500.
After the bell
Nasdaq enters correction territory
CNBC reported that the Nasdaq has fallen into correction territory, meaning it is at least 10% below a recent high. A move like this can push investors to cut risk and sell more, which added to the pressure on tech today.
Iran sends a nuclear proposal via Qatar
Reuters reported that a senior Iranian official said Iran sent a nuclear proposal to the US through Qatar. Talks like this can raise hopes of a calmer outlook, but the details are unclear, so markets stayed cautious.
Tankers hit in the Strait of Hormuz
Reuters reported that tankers were hit in Hormuz as Iran kept up pressure after a US vote. The strait is a key route for the world's oil shipping, so any attack there tends to worry investors.
Asian fuel oil prices slump
Reuters reported that Asian fuel oil benchmarks fell as the market priced in a possible de-escalation of the Iran conflict. This shows traders are weighing hopes of calmer conditions against the risks on the water.
Crypto
Bitcoin fell with stocks. It closed at $75,885.46, down 5.62%, after trading between $75,616.78 and $80,794.23. The close was just above the day's low, which shows sellers stayed in control into the end of the session. Bitcoin has often moved in the same direction as tech stocks during sharp selloffs, and today followed that pattern.
Into the night
Overseas news stayed focused on Iran. Reuters reported that Iran sent a nuclear proposal to the US through Qatar, and that Iran's security chief spoke with Putin. Reuters also reported that tankers were hit in the Strait of Hormuz as Iran kept up pressure after a US vote. At the same time, Asian fuel oil prices slumped as traders priced in the chance that the conflict could calm down. Mixed signals like these can keep markets jumpy in both directions.
What is coming next
Nasdaq 100 low
26570.0
Today's low and the first level to watch for a bounce or a further drop.
S&P 500 low
7346.0
The index closed at 7353.0, only a few points above this level.
Nasdaq 100 high
28668.5
Today's high, which shows how much ground was lost during the session.
Bitcoin low
$75,616.78
Bitcoin closed close to this level after falling 5.62%.
After a day like this, markets often swing widely in both directions. Watch whether the Nasdaq 100 and S&P 500 hold above today's lows or break below them, and keep an eye on Iran headlines, which have been moving oil and sentiment. This recap is for education only and is not financial advice.
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Educational market recap, not financial advice. Futures and options trading carry substantial risk of loss. Prices reflect the 2026-11-05 session close; charts are live and interactive. Always verify before acting.