Nasdaq Falls Over 1% as Philadelphia Semiconductor Index Drops 3.37%

U.S. equities reversed from earlier gains on November 3, led by a selloff in semiconductor stocks. The Nasdaq closed down 1.07%, while the Philadelphia Semiconductor Index fell 3.37%. The S&P 500 declined 0.5%, but the Dow Jones Industrial Average gained 0.41%. Chip stocks saw broad losses: Cerebras dropped 11.7%, Intel fell nearly 9%, Western Digital, AMD and Seagate Technology each declined more than 7%, and SanDisk fell more than 6%. Among the “Magnificent Seven,” Amazon rose 2.23% and Tesla gained 1.02%. Alphabet fell 0.05%, Nvidia declined 1.23%, Meta Platforms lost 1.35%, Apple fell 1.72%, and Microsoft dropped 2.86%. The reported weakness was concentrated in semiconductors rather than a broad-market decline, with attention on whether the pressure extends across the wider AI trade or remains sector-specific.