Nasdaq 100 Tumbles Into a Correction as Tech Selloff Intensifies
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The Nasdaq 100 Index sank into a correction on Friday, as investors continue to sour on the megacap technology stocks that led the stock market rally over the past two years.
The index was down 0.8% at 10:37 a.m. in New York and is now 10.2% below a peak hit just last month, putting it past the 10% threshold that represents a market correction. Among notable decliners, Nvidia Corp. slid 0.7%, Amazon.com Inc. fell 1.5%, and Microsoft Corp. 1.9%. The Bloomberg Magnificent 7 Total Return Index, which entered a correction of its own in late February, 1.1% on Friday.