Indexes tumble as chips lead a broad selloff and fear spikes

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T H E D E G E N E R AT E S J O U R N A L · F I N A L H O U R · B A S I C · T H U R S DAY, N O V E M B E R 5 , 2 0 2 6

01 The Index Move

SPY -4.38% · S&P 500 7,353.73 · QQQ -6.38% · DIA -3.50% · IWM -4.57% · VIX +69.66% to 28.18 at the 16:15 ET settle. Percentage changes are versus the prior close; S&P 500 and VIX values are closing/settlement levels.

02 The Daily Question, Answered

THIS MORNING WE ASKED Does the S&P 500 close higher today than it did on Wednesday? HERE'S WHAT HAPPENED No. The S&P 500 fell 4.36% from Wednesday's 7,688.62. WHERE IT STANDS The closing result is final for the daily question. WHAT IT MEANS Early weakness persisted.

03 What Changed since the Morning

MARKET

THE TURN

S&P 500 (SPY)

Soft open turned into a sharp drop

Nasdaq-100 (QQQ)

Soft open turned into a sharp drop

Dow (DIA)

Small overnight gain flipped lower

VIX

Fear spiked into the close

The Dow's early gain reversed; technology led the cash-session retreat.

04 Today's Standout

FIG. 1 — ENB daily close and 50-day average, Mar 5, 2026 to Nov 5, 2026, 171 sessions. Data through the Thu Nov 5, 2026 close.

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T H E D E G E N E R AT E S J O U R N A L · F I N A L H O U R · B A S I C · T H U R S DAY, N O V E M B E R 5 , 2 0 2 6

Degen Lens Alpha

Degen Meter

Swing

58

LEAPS

33

Position

41

Scores out of 100, as of 11:30 ET; the chart and the Meter run through the close.

Score -43.4 of ±100 Label Bearish Regime Below its 200-day average Stretch flag None Daily bars through the Thu Nov 5, 2026 close.

What happened Enbridge (ENB) was the best performer on the Engine List today on a heavy down day, trading about 1.3 times its 20-day average volume while the broader tape was much weaker. The bigger picture The shares are down about 2.4% over five sessions and up about 3.3% over twenty sessions, and they closed just under their 50-day average. Its trend label moved one band lower at the close. The business Over the twelve months in the filed numbers, sales reached about $59.80 billion, up 29.5% from a year earlier, led by its midstream and utility businesses. Operating margin was about 13.3%, and free cash flow came to about $1.19 billion (SEC derived TTM through June 30, 2026, CAD converted at 0.7163). How to read it A large Canadian midstream and utility company with largely contracted cash flows and high leverage — about $78.88 billion of net debt against a smaller cash balance. Pipeline and utility cash flow is the main swing factor; it reports before Friday's open.

05 The Engine List

SYMBOL

COMPANY

TODAY

AAPL

Apple

-1.48%

AMZN

Amazon

-2.07%

MSFT

Microsoft

-3.62%

SHOP

Shopify

-6.02%

UBER

Uber Technologies

-1.54%

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T H E D E G E N E R AT E S J O U R N A L · F I N A L H O U R · B A S I C · T H U R S DAY, N O V E M B E R 5 , 2 0 2 6

SYMBOL

COMPANY

TODAY

CSCO

Cisco

-7.57%

APH

Amphenol

-9.35%

ENB

Enbridge

-1.41%

CRM

Salesforce

-2.09%

None of the nine finished higher. Amphenol and Cisco led the declines.

The names we keep an eye on stay off this page today; they are in the Pro edition.

06 Engine List Scorecard

How this morning's Engine List names traded against their levels of record:

AAPL: 50.0% broke, 50.0% held.

AMZN: 25.0% broke, 25.0% held, 50.0% not reached.

MSFT: 50.0% broke, 50.0% not reached.

SHOP: 33.3% broke, 66.7% not reached.

UBER: 60.0% broke, 20.0% held, 20.0% not reached.

CSCO: 25.0% broke, 75.0% not reached.

APH: 50.0% broke, 50.0% not reached.

ENB: 40.0% broke, 60.0% held.

CRM: 25.0% broke, 25.0% held, 50.0% not reached.

07 Where the Day's Moves Came From

GROUP IN OUR RESEARCH UNIVERSE

NAMES

MEDIAN MOVE

CLOSED HIGHER

Software and security

11

-5.94%

0 of 11

Chips and chip equipment

18

-11.09%

0 of 18

Energy and pipelines

10

-3.10%

0 of 10

The other 20 names sit outside these three groups. The industry split helps explain why the Nasdaq-100 lagged the Dow.

Across the board, 27 of 59 trend labels changed band from Wednesday's close; 47 scores fell and 0 rose.

08 Levels Scoreboard

Across 53 names and 282 graded morning levels: 39.0% broke, 11.0% held, 1.1% were tested and 48.9% were not reached.

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T H E D E G E N E R AT E S J O U R N A L · F I N A L H O U R · B A S I C · T H U R S DAY, N O V E M B E R 5 , 2 0 2 6

09 Breadth and Volume

In our research universe, 2 of 59 names closed higher and 57 closed lower, and 14% closed above their 50-day average.

Regular-session index volume: SPY traded 3.01 times, QQQ 2.97 times, DIA 3.28 times and IWM 2.08 times their prior 20-session average.

10 After-Hours Earnings

Cloudflare (NET) reported after the close: EPS 0.38 vs estimate 0.34 (beat); sales $782.5 million vs estimate $737.16 million (beat).

Its after-hours quote was up 16.04% versus today's close as of 16:45 ET.

No Engine List name reported after today's close.

11 Setup for Tomorrow

Friday: The October jobs report is due at 08:30 ET.

12 LEAPS

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Join via the link in bio. Set in Noto Sans and Noto Serif The Degenerates Journal — Basic · The Final Hour · Thursday, November 5, 2026

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Position disclosure — checked November 8, 2026: of the names covered in this edition, the desk currently holds none. The desk’s current position book (QCOM · AVGO · TSLA · GOOGL · SNDK · MU) prints in the open in the current editions; see Methodology & Disclosures.

For research and education purposes only. Not financial advice.