Nasdaq 100 is in correction territory with AI darlings sinking

The Nasdaq 100 Index has entered correction territory, losing over US$2 trillion in value in just over three weeks due to a sharp rotation away from Big Tech stocks.

The index fell 2.4% on Friday, bringing its total decline since a July 10 record to more than 10%. Despite this drop, the index is still up nearly 10% for the year.

Major tech stocks, including Nvidia Corp. and Tesla Inc., have seen significant declines, with both down more than 20% from recent highs, placing them in bear-market territory.

Microsoft Corp. and Amazon.com Inc. have also lost over 10%, although most major tech stocks, except Tesla, remain higher for the year, BNN Bloomberg has reported.

read more: https://www.bnnbloomberg.ca/business/technology/2024/08/02/nasdaq-100-is-in-correction-territory-with-ai-darlings-sinking/

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