Only a day after the post-election reduction rally, Wall Avenue suffered considered one of its most violent periods in years, with S&P 500 firms wiping out roughly $3 trillion in market worth because the Nasdaq posted its steepest every day drop because the pandemic period.
The size of the destruction additionally produced a somewhat intriguing comparability: extra worth disappeared from US shares in a single session than your entire cryptocurrency market is presently value.
Wall Avenue Calamity
In keeping with the Kobeissi Letter, the S&P 500 alone misplaced about $3 trillion in market capitalization throughout Thursday’s session, roughly $750 billion per hour from the opening bell. Dow Jones Market Knowledge independently put the loss at round $2.9 trillion, the most important single-day wipeout on document for the index’s constituents. Nasdaq firms misplaced one other $2.5 trillion, whereas the Magnificent Seven shed simply over $1 trillion.
The size of the promoting was significantly relentless, as analysts from the KL identified that the S&P 500 and the Nasdaq staged no less than 5 intraday rebound makes an attempt, together with a single rally of 1.7%, however each one was bought. The main index didn’t print a single constructive one-hour candle throughout your entire session.
The Nasdaq 100 finally dumped by round 6.4%, whereas after-hours futures pushed the 12-hour decline to 7.1%. In the meantime, the S&P 500 was subsequently about $5 trillion under its October peak.
What’s attention-grabbing about right this moment’s value motion is how constant the promoting was.
As proven in our under evaluation, there have been no less than 5 intraday rallies within the S&P 500 and Nasdaq 100.
One in all these intraday rallies was as large as +1.7%!
All of those rallies had been bought with out a SINGLE inexperienced 1-hour candlestick within the S&P 500.
At present’s buying and selling session shall be referenced for years to return.
— The Kobeissi Letter (@KobeissiLetter) November 6, 2026
Kobeissi argued that the collapse appeared extra technical than elementary. Issues about AI profitability, capital expenditure, and doubtlessly tighter regulation had already spooked traders, whereas document leverage amplified the transfer as soon as sentiment turned. US leveraged ETFs attracted roughly $15 billion in October, which was the most important rolling-month influx in no less than two years.
Nonetheless Early
Right here’s the attention-grabbing perspective for the crypto market, which additionally tumbled laborious for its dimension. CoinGecko and CoinMarketCap put your entire crypto market cap at someplace between $2.55 trillion and $2.65 trillion. As anticipated, Bitcoin holds the lion’s share, round 60% of both quantity.
In different phrases, the $2.9-$3 trillion erased from the S&P 500 firms in a single session exceeded the market worth of each BTC, ETH, XRP, BNB, stablecoin, altcoin, meme coin, Trump coin, and all different cash mixed.
Clearly, this doesn’t imply each crypto asset is undervalued, nevertheless it reveals the digital asset market remains to be a fraction of its larger brothers, regardless of main adoption information over the previous few years.
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