Key takeaways
- The Nasdaq 100 closed at 27,989.82 on November 2, about 10.75% below its 52-week high of 31,361.37.
- It fell 1.39% that day, and Seeking Alpha reported on November 3 that it had entered a correction.
- Intel, Oracle, CoreWeave and AMD each fell 7.5% to 8.8% on November 2.
Is the Nasdaq 100 in a correction? By the usual definition, yes. The index closed at 27,989.82 on Monday, November 2, which is 10.75% below its 52-week high of 31,361.37, according to Yahoo Finance's quote page. A correction means a drop of 10% or more from a recent peak.
The figures here are our own arithmetic from Yahoo's closing price and 52-week high. They are not an official index announcement.
What counts as a correction
A correction is a fall of at least 10% from a recent high, without the 20% drop that is usually called a bear market. The Nasdaq 100 tracks the 100 largest non-financial companies on the Nasdaq exchange, so it is heavy in the AI names. The Nasdaq 100 fell 1.39% on November 2, or 395.03 points, from a prior close of 28,384.85.
Seeking Alpha reported on November 3 that the index had slipped into a correction, and that the Invesco QQQ Trust, a fund that tracks it, was testing its 200-day moving average for the first time since March. It cited Barchart for that. A moving average is the average closing price over the last 200 trading days, which traders use as a rough line between an uptrend and a downtrend.
Which tech stocks fell on November 2
Several large AI and chip names fell sharply in that session, based on Yahoo Finance prices read at about 21:04 UTC on November 2:
| Stock | Price | Day | Five sessions |
|---|---|---|---|
| Intel (INTC) | $59.97 | -8.8% | -36.0% |
| Oracle (ORCL) | $119.22 | -8.8% | -8.7% |
| CoreWeave (CRWV) | $50.15 | -8.6% | -15.8% |
| AMD | $466.84 | -7.5% | -16.7% |
| Micron (MU) | $833.59 | -5.8% | -10.2% |
| Palantir (PLTR) | $178.34 | -3.1% | -10.3% |
Oracle's drop followed its filing to sell stock and bonds. We covered that in why Oracle stock is down. Apple and Palantir reported earnings after the close on November 2. See Apple's results and Palantir's results.
What to watch next
AMD reports after the close on November 3, according to Nasdaq's earnings calendar, with Arista, Super Micro and Astera Labs. Arm and Qualcomm report on November 4. A correction is a label for a size of drop, not a forecast of what comes next. Prices above are from the times stated and have moved since.
Frequently asked questions
Is the Nasdaq in a correction?
The Nasdaq 100 closed on November 2 at 27,989.82, 10.75% below its 52-week high of 31,361.37 on Yahoo Finance's figures. That is past the usual 10% threshold.
What is a stock market correction?
A correction is a drop of 10% or more from a recent high. A fall of 20% or more is usually called a bear market.
What is the 200-day moving average?
It is the average closing price over the last 200 trading days. Traders use it as a rough line between an uptrend and a downtrend.
Sources
- NASDAQ-100 (^NDX) quoteYahoo Finance
- Nasdaq 100 slips into correction as QQQ tests 200-day moving averageSeeking Alpha