Key Highlights

● The Nasdaq Composite surged 673.71 points to 25,253.14.

● It was the index's best day since July 30.

● It tumbled into correction territory on November 5.

● 164 Nasdaq stocks hit new 52-week lows versus 103 new highs.

Wall Street's tech-heavy benchmark has had a whiplash week. On Monday, November 9, 2026, the Nasdaq Composite surged 673.71 points to 25,253.14, its best day since July 30, according to news reports. The narrower Nasdaq-100, home to the largest non-financial companies on the exchange, climbed to 27,907.62, its strongest session since March 31.

That rebound came on the heels of Thursday, November 5, when the Nasdaq Composite tumbled into correction territory, in what was dubbed an "AI tech wreck." A correction is commonly defined as a decline of a tenth or more from a recent peak.

How bad Thursday was

The numbers tell the story. According to FRED data, the Nasdaq-100 plunged to 26,629.81 on November 5 from 28,437.17 a day earlier, a punishing single-day drop, before edging back to 26,989.99 on Friday. Market data said the tech sell-off had wiped out $2.5 trillion in value. The PHLX Semiconductor index plunged, reports said.

The trigger was political. Democrats swept the November 3 midterms, and investors worried about curbs on data centers, which some voters blame for higher power bills. The Nasdaq Composite went on to post a fourth straight weekly decline, closing Friday at 24,579.43.

What powered the comeback

Chips led. The PHLX Semiconductor Index rocketed to 10,033.93. Advanced Micro Devices (NASDAQ:AMD) soared after an Oppenheimer upgrade, Applied Materials (NASDAQ:AMAT) and Lam Research (NASDAQ:LRCX) jumped, and Micron Technology (NASDAQ:MU) closed up $43.15 at $733.15, according to market coverage. Meta Platforms (NASDAQ:META) and Amazon (NASDAQ:AMZN) climbed after JPMorgan added both to its focus list.

Lower oil helped too. Brent Crude sank $5.75 to $92.57 on hopes of a US-Iran peace deal, easing Inflation worries. "Oil prices for sure, if they're down, that's certainly adding fuel to the fire," A SlateStone Wealth strategist said.

Software and internet names joined in: Cloudflare (NYSE:NET) closed up $25.00 at $293.75, according to market reports. Breadth on the Nasdaq was solid, with advancers beating decliners 3.34 to 1, reports said. Nvidia (NASDAQ:NVDA) was the notable exception, sliding amid an independent review by its board involving CEO Jensen Huang.

Not out of the woods

The recovery is partial. The Nasdaq-100 remains well below its October 26 level of 29,273.40, according to market data, and the Nasdaq Composite is still slightly below its Election Day close, reports said. Even on Monday, 164 Nasdaq stocks hit new 52-week lows, outnumbering 103 new highs.

A Cboe strategist noted that "the pain has been largely concentrated in the Tech sector," which helps explain why tech's bounce was so powerful. A Capital.com analyst cautioned that "the rebound looks more like a tentative recovery in risk appetite than a convincing Reversal of the recent downtrend." A Citi strategist said positioning on indices such as the Nasdaq could "reset lower into net-short territory."

Not Out of the Woods

The Nasdaq's next tests come quickly. October consumer prices land Tuesday, the last reading before the Federal Reserve's December 8-9 meeting, where futures heavily favor a rate hike. The 10-year Treasury Yield held near 4.87 on Monday, far below its October peak above 5.30. Earnings from Applied Materials, Cisco, Nebius and CoreWeave this week, and Nvidia on November 17, will show whether the fundamentals justify the bounce. Holding Monday's gains through those events would go a long way toward confirming that Thursday marked a low.