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Nasdaq 100 Narrowly Avoids Correction as Technology Stocks Sink

  • Tesla, Peloton, Zoom are down more than 20% since index peak
  • Investors selling pandemic winners to favor cyclical shares
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The rout in technology shares sent the Nasdaq 100 Index toward a correction before a late-day bounce left the gauge off its lows of the day.

The index, heavily weighted toward the biggest tech companies, slid as much as 2.9% on Thursday before closing 1.7% lower, leaving it 9.7% below a Feb. 12 record. Tesla Inc., Peloton Interactive Inc. and Zoom Video Communications Inc. are among members that have lost at least 20% in that span. The Nasdaq 100 is now 3.3% lower for the year after rising as much as 7.1%.