Nasdaq 100 and S&P 500 Suffer Severe Single-Day Crash

The Nasdaq 100 and S&P 500 experienced severe declines on Friday, November 13, 2026. The Nasdaq 100 fell 6.4%, marking its worst single-day performance since March 2020, while the S&P 500 dropped 4.4%, its steepest decline since Liberation Day.

This market crash triggered an unprecedented surge in hedging activity. Traders purchased more put options on a single day than ever before in the history of the Cboe Global Markets.

The volatility occurred after a period of perceived stability. Brian Garrett, a derivatives expert at Goldman Sachs Private Wealth Management, had previously observed signs of recovery in AI-related trades and noted lower options pricing leading up to the midterms and Apple earnings.