The S&P 500 recently fell nearly 6% from its record, enduring a sharp 4.4% single-day drop on November 5, 2026. In contrast, the tech-heavy Nasdaq shed roughly 11%, and the PHLX Semiconductor index suffered a dramatic 36% collapse from its peak. While broad market pullbacks of this size historically lead to deeper 15% drops in only 16 out of 56 instances, semiconductor recoveries have previously taken anywhere from a few months to almost 18 years.
Key points
Historical data shows that only 16 of 56 market drops reaching 6% since 1928 went on to e…: Historical data shows that only 16 of 56 market drops reaching 6% since 1928 went on to exceed a 15% fall.
Semiconductor shares have experienced a retreat severe enough to rival the sector's losse…: Semiconductor shares have experienced a retreat severe enough to rival the sector's losses during the Covid-19 pandemic.
Recovery times following crashes have varied dramatically, requiring over seven years for…: Recovery times following crashes have varied dramatically, requiring over seven years for broad indexes and nearly 18 years for chip stocks after the dot-com bust.
Sources checked by our analysis pipeline: 1
6 Nov 2026
The AI sell-off compared to well-known stock market crashes
The S&P 500 is 6% below its record, a small fall next to past crashes: since 1928, only 16 of 56 drops that reached 6% went past 15%. Tech took more of the hit. The Nasdaq is 11% down and US chip stocks 36%, as deep as their Covid fall. How long a recovery takes varies just as much: after dot-com, the S&P 500 was back at its record in 7 years, chip stocks in 18.
The S&P 500 at the close on 6 Nov 2026
- Below record
- −6%
- From its record close
- Thursday 5 Nov
- −4.4%
- Worst day since 4 Apr 2025
- Trading days since record
- 23
- Since 6 Oct 2026
- Slides that went past 15%
- 16 of 56
- Slides since 1928 that reached 6%
How far the S&P 500 fell below a record close
Each line runs from a record high to the low that followed. Eight of the 16 falls past 15% since…
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