Nasdaq 100 falls into correction territory

An update here on the opening for Nasdaq 100 yesterday afternoon noted how the index was leading the opening losses for the US stock markets. Well, it remained that way until the close last night. In fact, the Nasdaq 100 eventually plummeted to below 20k, hitting a session low at 19,968. You may remember the record high seen in the index was set on February 19, at 22,222.61. That means the low point yesterday delivered a more than 10% fall from that high. That also means the index has fallen into what is known as Correction Territory, as defined when any instrument falls by 10% or more from its peak in any given year. The fall yesterday defined that when it fell below 20k. The index was led lower by Marvel Technology (-19.81%), Palantir (-10.73%), Netflix (-8.53%), Broadcom (-6.53%) and NVIDIA (-5.74%). The Nasdaq 100 closed 575 points lower, at 20,052. That close was also below its 200 day moving average (at 20,239) for the first time Since March 2023. That could be highly significant. Overnight the Nasdaq 100 futures have rebounded somewhat and right now the index is priced to open higher, currently at around 20,125, but that is subject to significant change between now and then