The enthusiasm lasted one day. After celebrating the Democratic win in the US midterm elections on Wednesday, Wall Street had its worst session since April 2025 on Thursday, November 5, when Donald Trump announced his tariffs: the S&P 500 fell 4.36%, the Dow Jones 3.44% (about 1,830 points) and the Nasdaq 5.52%, according to Diario Financiero. The Nasdaq entered correction territory, more than 10% below its all-time high.
The Chilean stock market was not spared. The IPSA fell 1.52% to 10,465.25 points, erasing part of Wednesday's 2.52% gain, and the dollar returned to the CLP 980 area after dropping to CLP 965.9 the day before. On Friday it opened at CLP 981.7, up CLP 2.1, according to DF.
View the data as a table
| Nasdaq | -5.52% |
| IPSA | 10,465.25 |
| Dollar in Chile | $981.7 |
| VIX, fear index | 28.18 |
Why Wall Street fell after the midterms
Democrats took control of both the Senate and the House of Representatives in the Tuesday, November 3 elections. On day one, the market read it as a brake on Trump's tariff agenda: oil fell, the dollar weakened globally and stocks rose, as we reported in what the oil slump means for Chile.
On Thursday another reading took over: uncertainty about investment in artificial intelligence infrastructure. The most cited case was Texas, where governor-elect Gina Hinojosa promised to push for a moratorium on data center construction, according to DF. Chipmakers were hit hardest: Nvidia fell 9% and AMD more than 17%. Tesla dropped 10.7%.
| Index | Close on Thursday, November 5 | Change |
|---|---|---|
| Nasdaq Composite | correction territory | -5.52% |
| S&P 500 | — | -4.36% |
| Dow Jones | about -1,830 points | -3.44% |
| IPSA (Chile) | 10,465.25 | -1.52% |
Source: Diario Financiero and The Rio Times, November 5, 2026.
IPSA today: the Chilean stocks that fell the most
In Santiago, the largest declines were in Cencosud (-4.3%), Copec (-2.8%) and Latam (-1.76%), according to DF. All three had been among Wednesday's winners, when the IPSA posted its best session since June 11, driven by Latam (+7.7%) and SQM-B (+5.5%), according to El Mostrador. Copec also released its third-quarter results that same Thursday, which we review in Empresas Copec's profit.
The IPSA, in any case, remains above 10,400 points. Which companies make it up and how it is calculated is in our guide to the IPSA in 2026.
Does your brokerage or asset manager want to reach readers who follow the IPSA and the dollar every day? Advertise on Pauta Financiera.
See advertising optionsDollar today: back to CLP 980 after Wednesday's drop
On Wednesday the 4th, the dollar fell CLP 16.2 and closed at CLP 965.9, its lowest level since September 25, according to DF. On Thursday, amid risk aversion, the peso weakened along with the Brazilian real and the Mexican peso, and the currency returned to the CLP 980 area. On Friday it opened at CLP 981.7. October's CPI, released at 8:00 a.m., gave it only a slight push: it rose 0.5%, as we detail in the October CPI.
View the data as a table
| Observed dollar | |
|---|---|
| Oct 1 | $972.60 |
| Oct 2 | $983.84 |
| Oct 5 | $984.82 |
| Oct 6 | $977.25 |
| Oct 7 | $967.79 |
| Oct 8 | $979.85 |
| Oct 9 | $981.61 |
| Oct 13 | $978.61 |
| Oct 14 | $980.79 |
| Oct 15 | $987.03 |
| Oct 16 | $984.09 |
| Oct 19 | $981.65 |
| Oct 20 | $981.86 |
| Oct 21 | $978.56 |
| Oct 22 | $976.82 |
| Oct 23 | $986.58 |
| Oct 26 | $990.35 |
| Oct 27 | $994.29 |
| Oct 28 | $985.14 |
| Oct 29 | $981.08 |
| Oct 30 | $993.22 |
| Nov 2 | $992.66 |
| Nov 3 | $981.82 |
| Nov 4 | $980.59 |
| Nov 5 | $970.95 |
The Central Bank's observed dollar for November 5 was CLP 970.95, reflecting Wednesday's trades. The full series for the year and how much it has risen is in the dollar today in Chile.
What to watch today: US jobs, copper and oil
- US jobs: October payrolls are released at 10:30 a.m. Chile time; the market expects about 70,000 jobs, versus 29,000 in September, and unemployment of 4.2%, according to DF.
- Copper: down 0.9% in London in early Friday trading, according to DF.
- Oil: Brent rebounded 4.7% on Thursday to about US$99 a barrel after falling more than 8% on Wednesday, according to DF.
- Tue Nov 3Midterm electionsDemocrats win both chambers
- Wed Nov 4Rally: IPSA +2.52%Dollar falls CLP 16.2 to CLP 965.9
- Thu Nov 5Wall Street plungesNasdaq -5.52%, IPSA -1.52%
- Fri Nov 6October CPI and US jobsDollar opens at CLP 981.7
What Wall Street's drop means for your investments
If you hold international equity mutual funds, ETFs tracking the S&P 500 or the Nasdaq, or pension savings in the riskiest AFP funds (A and B), Thursday's session will show up in their unit values in the coming days. One-day drops are common in equities: the S&P 500 itself fell sharply in April 2025 because of the tariffs and later recovered, but there is no guarantee that will happen again. What is worth checking is whether your investment's risk level matches your time horizon, not reacting to a single day.
How the US index is built, how much it has returned over different periods and the ways to invest in it from Chile are in our guide to the S&P 500. This article is informative and does not constitute investment advice.
Frequently asked questions
How much did Wall Street fall on November 5, 2026?
The S&P 500 fell 4.36%, the Dow Jones 3.44% and the Nasdaq 5.52%, their worst session since April 2025.
Where did the IPSA close?
At 10,465.25 points, down 1.52%.
What is the dollar today in Chile?
It opened on Friday, November 6, at CLP 981.7. The Central Bank's observed dollar for November 5 was CLP 970.95.
Why did tech stocks fall?
Because of uncertainty about investment in AI infrastructure after the Democratic win, including the promise of a moratorium on data centers in Texas.
