Nasdaq 100's worst day since 2020 as $3 trillion vanishes from S&P 500

Wall Street flipped from euphoria to panic in a single session. The Nasdaq 100 posted its largest daily drop since the 2020 pandemic crash, and the S&P 500 erased $3 trillion in value, according to the markets account @KobeissiLetter. That is a brutal turn for anyone who bought the previous day's rally. The whiplash is the story. Just 24 hours earlier, the Dow surged 1,600 points as Democrats "swept" the midterms, per the same account. Traders who chased that move are now staring at one of the sharpest reversals in years. The outlet told followers it would explain "what changed" in a thread, framing the drop as a sudden shift rather than a slow bleed. The numbers involved are enormous: $3 trillion gone from the S&P 500 in one day, and a Nasdaq 100 decline unmatched in more than five years. Markets rarely move this violently without a trigger, and the account's promise of an explanation suggests the cause is still being pieced together publicly. What is already clear is the speed — a record-since-2020 selloff arriving the day after a 1,600-point celebration. For now, the sequence is all traders have: midterm sweep, Dow surge, then the floor giving way. The next thread from @KobeissiLetter is where the crowd will look for the why.

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