The Nasdaq 100 Index has plunged into correction territory, wiping out more than $2 trillion in value in just over three weeks.
Ryan Vlastelica for Bloomberg News:
The index was down 1.7% in early trading on Friday, taking its loss since a July 10 record past 10%, with Apple Inc. leading declines. If that holds through end of trading, it will meet the definition of correction.
Several megacaps have seen concentrated selling, with both Nvidia Corp. and Tesla Inc. down more than 20% from recent highs, putting them in bear-market territory. Meanwhile Microsoft Corp., Apple and Amazon.com Inc. have each lost at least 6%. However, all remain higher for the year.
“This is an amazing about-face, like we’ve crashed into a brick wall,” said Bill Stone, chief investment officer at Glenview Trust Co.
The Cboe NDX Volatility Index, which measures the 30-day implied swings in the Nasdaq 100 Index, briefly crossed 25, the level last seen in October 2023. Volatility indexes for Apple and Amazon have also spiked of late. And the Cboe Volatility Index, or VIX, rose past the 20 threshold for the first time since October.
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MacDailyNews Take: It’s always darkest before the dawn.
As Warren Buffet so smartly said, “Be fearful when others are greedy and greedy when others are fearful.”
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