We Are Still Early: One Brutal Wall Street Session Erased More Than the Entire Crypto Market

Brief

By Dextape Desk · November 7, 2026

US stocks suffered a violent Thursday session, a day after a post-election rally. According to The Kobeissi Letter, S&P 500 companies lost about $3 trillion, roughly $750 billion per hour after the opening bell. Dow Jones Market Data estimated the loss near $2.9 trillion. Nasdaq companies lost another $2.5 trillion. Every intraday rebound, including one near 1.7%, was sold. The Nasdaq 100 finished about 6.4% lower, and the S&P 500 sat roughly $5 trillion under its October peak. Kobeissi described the slide as more technical than fundamental, citing AI profitability and spending worries, possible tighter rules and record leverage. The article then noted that the loss exceeded the value of the entire crypto market, which it said remains a small fraction of equities.

Why it matters: It shows how the crypto market remains small relative to traditional equities, according to the article's comparison, which the author framed as a sign digital assets are still early.

Mentioned: Nasdaq

Summary by Dextape, based on reporting by CryptoPotato. Machine-written from CryptoPotato’s report and checked against it · How Dextape writes