Tech-heavy Nasdaq in correction as equity selloff deepens
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The Nasdaq Composite index falls 2.4% on Friday, entering correction territory as it drops 10% below its record high; Worries over tech earnings and a slowing US economy contribute to the decline; Disappointing earnings from Amazon and Intel also spook investors; The Nasdaq has slipped into correction territory 24 times in the past 44 years, with the index trading higher a month after in two-thirds of these cases; The last correction occurred in January 2022, with the index falling 36% from its high before bottoming out in December of that year; The Nasdaq is still up 11.8% year-to-date; September and October tend to be volatile months for US shares; The Cboe Volatility index averages 21.8 in October, the highest for any month; Investors are becoming more wary of highly valued tech stocks; James St. Aubin, chief investment officer at Ocean Park Asset Management, sees the current decline as the correction many were expecting; The market is nervous due to various factors piling on top of each other;
#NasdaqCompositeIndex #EquitySelloff #TechEarnings #UsEconomy #InterestRateCuts #CorrectionTerritory #Volatility
https://bangladeshpost.net/posts/tech-heavy-nasdaq-in-correction-as-equity-selloff-deepens-142693
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