Nasdaq Correction & Broad Market Selloff
The Nasdaq 100 entered a technical correction, falling -10% from its October 6 high and erasing $1.7–$1.8 trillion in market cap in a single session. Intel crashed -31%, Reddit -30%, and leveraged ETFs faced a $35B forced dump into the close.
What we know
An account on X broke news of the Nasdaq 100 entering correction territory, down -10% from its Oct 6 record. Intel ($INTC) fell -31% on the day, its biggest drop since its 1971 IPO. Reddit ($RDDT) crashed 30%+ in a record intraday decline. Another account on X warned that levered ETFs faced a $35B forced sell into the close. MegaCap tech options buyers from earlier in the week — AAPL 70K Jan 380 calls and GOOGL 50K Jan 360 calls — are now deeply underwater. Another account on X highlighted a striking correlation: Democrat 'sweep' odds on prediction markets jumped from 65%→72% on the same day markets cratered. Another account on X noted de-risk flows from tech spreading into crypto majors. Another account on X noted shorts working well. Another account on X flagged his mom texting about losses as a contrarian bottom signal.
How the story developed
The Nasdaq 100 entered a technical correction, falling -10% from its October 6 high and erasing $1.7–$1.8 trillion in market cap in a single session. Intel crashed -31%, Reddit -30%, and leveraged ETFs faced a $35B forced dump into the close.
Global equity markets suffered a brutal session with Intel posting its biggest single-day drop since 1974 (-30%), Reddit falling 29% intraday, and the Nasdaq 100 extending declines by 3.4%. Sentiment is at extremes despite the majority of S&P 500 names still holding gains.
A confluence of Intel's crash, Binance hack fallout, and macro pressures sent the Nasdaq -2.4%, gold below $3,950, silver below $50/oz for the first time since November 2025, and crypto stocks sharply lower.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.