Sell-Off Becomes Roughest Since 2011 on Third Leg of Nasdaq Drop
- Daily swings averaging 1.7 percent in megacap tech index
- Prices for protection via tech options exceed rest of market
Pedestrians are reflected in the window of the Nasdaq MarketSite in New York.
Photographer: Victor J. Blue/Bloomberg
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Another beating in tech shares has thrust the correction that began last month into a league of its own versus past selloffs.
The data is getting ugly. A gauge of 30-day turbulence in the Nasdaq 100 has tripled in five weeks, pushing it to the highest since 2011. Day-to-day swings are averaging 1.7 percent, half a percentage point more than in February. Prices for options protection in tech exceed the rest of the market by the most in seven years, using implied volatility on the Nasdaq and the S&P 500.