It was a rough day yesterday for the broader market, but maybe the most significant declines happened on the tech-heavy Nasdaq index. The Nasdaq Composite Index was down 2.7 percent on the day, erasing all its gains for the year. It is now down 0.5 percent for 2018.
All 100 components in the Nasdaq-100 Index, which contains 100 of the largest stocks in the broader index, declined on the day. That index is also now in negative territory for the year. Amazon.com was the most notable loser of the day, dropping more than 5 percent.
The Nasdaq is nearing correction territory, defined as a drop of at least 10 percent from a peak. The Nasdaq hasn’t had a correction in more than two years, since February 2016.