Nasdaq enters correction as AI/tech sells off
The Nasdaq 100 fell 10% from its October record, with Intel and the memory and optics names leading the declines. The selloff came on the eve of the midterms.
What we know
The Nasdaq closed down 1.12% and an account on X says the Nasdaq 100 is now in correction. Kobeissi tracked roughly $1T of market cap erased over five hours, and flagged Intel's slide of about 37% in three sessions. Sandisk fell after Kioxia warned NAND price gains are ending. Another account on X says tech momentum is deeper in the hole than in the dot-com bust, while another account on X frames it as seasonal volatility in an earnings bull market. The Dow and S&P held up better.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.