Nasdaq 100 Enters Technical Correction, Down 10% From October Peak
As of November 2 close, the Nasdaq 100 has fallen 10% from its recent peak, officially entering a technical correction.
As of the close on November 2, 2026, the tech-heavy Nasdaq 100 Index has fallen 10% from its peak in October, officially entering a technical correction. The S&P 500 Index declined approximately 4% over the same period.
The Philadelphia Stock Exchange Semiconductor Index (SOX) dropped 3.4% on Monday, adding to Friday's 7.2% plunge. The chip-stock gauge failed to rise above its 200-day moving average on Monday after closing below that level for the first time since June 2025.
"Lower oil should be a tailwind for tech, but the fact that stocks could not hold the open even with crude plunging tells shows how little conviction is left even after last week’s carnage," said Dave Mazza, chief executive officer at Roundhill Financial.