Breaking
More than a third of Nasdaq-100 components are in bear-market territory
The recent weakness in the Nasdaq-100 index of large-capitalization stocks traded on the exchange has wreaked havoc on its components, with about three-fourths of the stocks in the index seeing double-digit percentage declines from their most recent peaks. According to FactSet data, 35 components of the Nasdaq-100 are in bear-market territory, defined as a drop of at least 20% from a recent peak. Among the notable names that have seen drawdowns of this magnitude, Facebook Inc. has shed 20.4% while Micron Technology Inc. is off 21.1%. Biogen Inc. has shed about 28% from its most recent peak. In a sign of how much the index has struggled of late, just 23 of the Nasdaq-100’s components are not in correction territory, meaning they remain within 10% of their most recent peaks. Some of the index’s largest and most influential names have held their ground, preventing deeper declines in the overall index. Among the stocks not in correction territory are Apple Inc. , Microsoft Corp. , and Intel Corp. , although all three saw steep declines on Monday and are within a few percentage points of dropping into correction territory. The Nasdaq-100 itself is 11.1% below its own 52-week high, while the Nasdaq Composite Index is down about 10% from its own. The Nasdaq fell 2.7% on Monday while the Dow Jones Industrial Average lost 1.9% and the S&P 500 was off 2.2%.