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John Authers

Whatever a Correction Really Is, This Isn’t Yet

It feels more like miserable sentiment across the broader market, with a reminder to keep a close eye on the final hour.

Highs, and now lows: Peloton CEO John Foley when the company had its IPO in 2019, before the pandemic. — Highs, and now lows: Peloton CEO John Foley when the company had its IPO in 2019, before the pandemic.
Photographer: Michael Nagle/Bloomberg

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January 21, 2022, 5:51 AM UTC

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The big news from Thursday, emblazoned across the top of Bloomberg.com and headlined by many of our competitors, is that the Nasdaq-100 is “in correction.” This is in line with the standard definition that a “correction” in an index is any fall from peak to trough of 10% or more. I have no idea where this definition comes from, and I don’t think it’s of any use.