Updated 6 November 2026, 07:30 GMT. Nvidia (NVDA) closed Thursday 5 November at $181.60, down $18.53 or 9.26 percent (Investing.com, FXMAG). It lost more than $440 billion in market value in one session and is now down 2.6 percent for 2026 (CNBC). The fall was the heaviest weight on an S&P 500 that lost about 4.4 percent and a Nasdaq Composite that fell 5.52 percent into a correction. Early Friday, Nasdaq-100 futures were up about 1 percent (CNBC). Verdict: the sell-off was about policy and positioning, not Nvidia’s own numbers, and those arrive on 17 November. Reference levels: $165 below, $200 above.
Key facts
- Close: $181.60 on Thursday, down 9.26 percent from about $200.13 on Wednesday (Investing.com market data; FXMAG).
- Market value: more than $440 billion lost on Thursday (CNBC); FXMAG put it at nearly $447 billion. The Magnificent Seven lost more than $1 trillion together (CNBC).
- From the peak: the decline from Nvidia’s October peak is about 24 percent (FXMAG).
- Indexes: Nasdaq Composite -5.52 percent to 24,315, more than 10 percent below its recent high; Nasdaq-100 -6.3 percent; S&P 500 about -4.4 percent; Dow -3.4 percent; Philadelphia semiconductor index -12 percent (Investing.com, Yahoo Finance, CNBC).
- Overnight: Nasdaq-100 futures were up about 1 percent early Friday, while Dow futures were down 0.9 percent (CNBC, 12:06 a.m. ET). Japan’s Nikkei 225 entered a bear market and South Korea’s Kospi fell more than 8 percent (CNBC).
- Next catalysts: the October jobs report at 8:30 a.m. ET Friday (consensus about 59,000, CNBC) and Nvidia’s quarterly results on 17 November (FXMAG, BigGo Finance).
Why Nvidia fell 9 percent
The trigger was the midterm result. Democrats won both chambers of Congress on Tuesday, and on Thursday investors worried that the party could push for more regulation of AI and slow the build-out of large data centers, Reuters reported via Investing.com. “Investors are reassessing the policy environment for data centers and AI development,” Keith Lerner, chief investment officer at Truist, said. Texas governor-elect Gina Hinojosa told CNN that the state needs to stop what it is doing with data centers until it has measures to protect residents (via CNBC).
Nvidia sells the chips those data centers are built around, so it took the biggest hit in dollar terms. Arm fell 13 percent on its own guidance, and Qualcomm fell nearly 10 percent (Investing.com). Data-center operators fell harder still: CoreWeave, Nebius and IREN lost between 10 and 17 percent after Bloomberg reported that Microsoft has tightened oversight of some neocloud data center projects. Our report on Sandisk’s 17.8 percent fall covers the memory side of the rout.
Not everyone reads it as a change in fundamentals. Charlie McElligott, cross-asset strategist at Nomura, said the main driver was hedge funds locking in profits before year-end rather than a sudden deterioration in the business (Yahoo Finance). Vanda Research’s Viraj Patel described retail selling of a net $358 million of US stocks by mid-afternoon as capitulation.
What changed since Thursday morning
Our Thursday Nvidia page was written with the stock near $200 after the first post-election dip, and set $180 as its bear level. Nvidia reached it within a session. Before Thursday, the stock had already lost about 15 percent in a month (Yahoo Finance).
Wall Street’s targets have not moved as fast. The average analyst price target is about $327 (Yahoo Finance), roughly 80 percent above Thursday’s close, although some trackers show low-end targets near $180, around where the stock trades now (Investing.com). Those targets were set before the midterms and may be cut ahead of 17 November.
What the chart shows
TradingKey’s technical view puts support at $175-$180 and says a decisive break below $175 risks a further 10-12 percent decline towards $160-$165. On the upside, the first obvious line is Wednesday’s close near $200, the level the stock held before Thursday’s selling.
Nvidia stock: bull, base and bear
| Scenario | NVDA | What has to happen | Anchor |
|---|---|---|---|
| Bear | $165 | The policy selling continues into next week, the $175 support breaks and investors de-risk before results. | TradingKey’s $160-$165 target zone after a break below $175; about 9 percent below $181.60. |
| Base | $175-$195 | The market stabilises around the jobs report but buyers wait for 17 November. | Between TradingKey’s $175 support and the gap down from Wednesday’s close. |
| Bull | $200 | Thursday proves to be year-end profit-taking, as Nomura’s McElligott argued, and buyers return before results. | Wednesday’s close near $200.13; about 10 percent above Thursday’s close. |
The bear case sits below Thursday’s close. These are reference levels measured from the verified closing price, not forecasts.
What to watch
- The open on Friday: whether the overnight bounce in Nasdaq-100 futures holds through the jobs report.
- $175: the support level a break of which TradingKey links to a deeper fall.
- Policy headlines: any statements from incoming Democratic leaders or state officials on data centers and AI.
- Hyperscaler spending: Microsoft’s reported tightening of neocloud projects is the first sign of a customer pulling back; any similar report on Nvidia’s direct customers would matter more.
- 17 November: Nvidia’s results and guidance. See our AMD results page for how the last big chip report was received before the rout.
Quick take: Nvidia closed at $181.60 on Thursday after a 9.26 percent drop that pushed the Nasdaq into a correction, on fears that a Democratic Congress will slow data-center building. Nothing changed in Nvidia’s own numbers, which arrive on 17 November. Expect $175-$195 until then; $165 needs the $175 support to break, $200 needs buyers to treat Thursday as profit-taking.
FAQ
What is the Nvidia stock price today?
Nvidia closed at $181.60 on Thursday 5 November, down 9.26 percent (Investing.com, FXMAG). US markets open at 9:30 a.m. ET on Friday; Nasdaq-100 futures were up about 1 percent early in the day (CNBC).
Why did Nvidia stock drop today?
After Democrats won both chambers of Congress, investors worried about tighter AI regulation and slower data-center construction, Reuters reported. AI and chip stocks led the market lower, and Nvidia lost more than $440 billion in value (CNBC).
Is the Nasdaq in a correction?
Yes. The Nasdaq Composite fell 5.52 percent on Thursday to 24,315, more than 10 percent below its recent high, which is the usual definition of a correction (CNBC, Investing.com).
When does Nvidia report earnings?
Nvidia is scheduled to report quarterly results on 17 November 2026 (FXMAG, BigGo Finance).
What is the Nvidia stock price target?
The average analyst target is about $327 (Yahoo Finance), set mostly before the midterms. Targets can be cut quickly after a move like Thursday’s.
What are the key levels for NVDA?
Support at $175-$180 and $160-$165 below that (TradingKey); resistance at Wednesday’s close near $200.
Sources: Investing.com (Reuters), 5 November (Nvidia close, index closes, sell-off drivers, Truist comment, Arm and Qualcomm moves, data-center stocks, analyst target range); FXMAG, 6 November (Nvidia close, market value, decline from peak, results date); CNBC, 5-6 November (market value, year-to-date change, futures, Asian markets, payrolls consensus, Hinojosa comment); Yahoo Finance, 5 November (Nasdaq-100, semiconductor index, Nomura and Vanda Research comments, one-month decline, average target); MarketScreener (Bloomberg), 5 November (Microsoft neocloud oversight); TradingKey (technical levels); BigGo Finance (results date).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
