Nasdaq 100 Slides Into First Bear Market Since 2020
- Tech-heavy index has shed 21% since Nov. 19 closing record
- Russia attacks targets across Ukraine; Biden vows sanctions
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The Nasdaq 100 Index fell into a bear market for the first time since the pandemic as investors exit risk assets following Russia’s invasion of Ukraine.
The technology-heavy index shed as much as 3.3% by 9:31 a.m. in New York, pushing it into bear-market territory, which is measured as a decline of 20% or more for a stock index from a recent high. Russian forces attacked targets across Ukraine after President Vladimir Putin ordered an operation to demilitarize the country, prompting a threat of further “severe sanctions” on Moscow and sending markets tumbling around the world. The S&P 500 index dropped 2.4%, pushing the benchmark index deeper into a correction.