- The Nasdaq 100 fell 3.8% on Monday, its biggest decline since October 2022.
- The sell-off hit tech especially hard, with the Magnificent 7 cohort seeing deep losses.
- The Nasdaq wipeout alone accounted for more than $1 trillion of lost market value at lows.
US stocks had a terrible day on Monday. And no sector suffered more than tech.
The tech-heavy Nasdaq 100 saw among the deepest losses on the day, falling 3.8%, its largest single-day drawdown since October 2022. At intraday lows, with the index 4.7% lower, the amount of market value wiped out exceeded $1 trillion.
A flurry of headwinds has pulled the Nasdaq down into correction territory from a mid-February high: tariff-related uncertainty, eroding confidence in AI spending, and a slate of disappointing inflation and labor data.
Anxiety is rising that that the US is rolling into a recession, especially after President Donald Trump refused…
