Tech-heavy Nasdaq in correction as equity selloff deepens | 2 Aug 2024 | Worries over tech earnings and a slowing U.S. economy slammed the Nasdaq Composite index on Friday as it extended recent declines to fall 10% below its record high, confirming it was in correction territory. The tech-heavy index fell 2.4% on Friday after a softer than expected jobs report spurred worries over whether the Federal Reserve will need to deliver hefty interest rate cuts at its next meeting to prevent the U.S. economy from falling into recession... The Nasdaq has dropped 10% 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% or more below its previous record closing high.