The Prime Daily: 06 November 2026

Authored By Prime Research | Published at: Nov 6, 2026 09:10 AM IST

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Wall Street suffers deep plunge

U.S. equity markets closed sharply lower on Thursday, with weakness in technology stocks weighing on the broader market. The S&P 500 was down 4.4%, while the technology-heavy Nasdaq Composite declined over 5%.

Major U.S. stock indexes plunged on Thursday, reversing the massive post-election relief rally seen the day before.

The massive downturn was fueled by intense investor panic over high valuations and fears of potential policy changes slowing down artificial intelligence infrastructure.

The move lower in technology followed disappointing guidance from chipmaker Qualcomm after the market close last night, as well as a report that memory-chip maker Micron has suspended a planned $4.5 billion project in Taiwan because of labour disputes.

Chipmakers led the broader market decline, with the PHLX Semiconductor index losing 10% in a single session.

Heavyweight tech names like Nvidia, Micron, and AMD suffered deep individual percentage losses amid the widespread rotation away from the AI trade.

Investors grew increasingly anxious that Democratic wins in the recent U.S. midterm elections could result in regulatory data center moratoriums or stricter oversight.

U.S. government bond yields fell as investors fled equities to find refuge in safer fixed-income assets.

The benchmark 10-year Treasury note yield slipped over 5 basis points to roughly 4.84%, while the policy-sensitive 2-year yield dipped 11 basis points to around 4.47%.

The Indian rupee strengthened for a fifth consecutive session, appreciating 17 paise to 94.47 per dollar—its highest level since June 30, 2026. A softer US dollar, lower Treasury yields, foreign fund inflows and easing crude prices supported the currency.

Nifty extended its winning run to a sixth straight session, surging 576 points, or 2.4%, to settle at 24,536—its sharpest single-day percentage gain since April 8, 2026, and its highest close in nearly three months yesterday. The index has now gained over 8% in six sessions, its strongest such advance since February 8, 2021.

Going ahead, immediate resistance for Nifty is seen around 24,773, followed by 24990. On the downside, support has shifted higher to 24,300.

Indian equities are poised for a lower open, on the back of weak global cues.

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