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Nasdaq 100 Enters Correction as Tech Stocks Resume Slide

  • Benchmark posts swift reversal Thursday to close down 1.3%
  • The index has fallen more than 10% from its Nov. 19 record
Updated on

The technology-focused Nasdaq 100 fell into a correction on Thursday, a swift reversal after touching an all-time high in November as a surge in U.S. Treasury yields has dented the allure for high-flying growth shares.

The Nasdaq 100 dropped 1.3% to close at 14,846.46, pulling it down more than 10% from its Nov. 19 closing record. Big swings in growth stocks continued Thursday, with the tech-heavy index turning sharply lower in the final hour of trading after earlier rising as much as 2%. On Wednesday, the broader Nasdaq Composite Index fell over the threshold into correction territory.