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Nasdaq falls 10pc from high, driven by correction on tech earnings

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NEW YORK, Aug 3 — Worries over tech earnings and a slowing US economy slammed the Nasdaq Composite index yesterday as it extended recent declines to fall 10 per cent below its...

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The Nasdaq has dropped 10 per cent from its record close of 18,647.45 points on July 10. An index or stock is widely considered to be in a correction when it closes 10 per cent or more below its previous record closing high. The last time the index marked a correction after scaling a new high was on January 19, 2022. The index then extended losses to fall 36 per cent from its high before bottoming out in December of that year.

“This isn’t an unusual seasonality pattern. We had a similar selloff in August 2023, although perhaps this is more forceful,” said James St. Aubin, chief investment officer at Ocean Park Asset Management.

 

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