The index fell 9.5% from its June peak as semiconductor shares extended losses, nearing correction territory.
The Nasdaq 100 Index declined 9.5% from its June 30,660 high, approaching a technical correction as semiconductor stocks led the retreat. The sell-off reflects broader concerns over valuations and rising interest rates impacting growth sectors.
Prior to this pullback, the index had rallied over 20% year-to-date, outpacing broader markets. Semiconductor stocks, a key driver of the Nasdaq 100, have faced pressure amid slowing demand and supply chain adjustments.
No immediate market reaction details were provided, but the decline signals caution among investors in high-growth tech equities.