Nasdaq threatens correction territory as stock selloff accelerates

The Nasdaq Composite Index tumbled in a volatile session on Thursday, at one point dropping below a level that would officially represent a correction, should it end there. The Nasdaq COMP, -1.46% shed 1.2% to 7,331. At its low of the session, it fell to 7,274.04. That low unofficially put the tech-heavy index on track to close in correction territory, defined as a 10% decline from its record closing high. According to Dow Jones market data, 7,298.72 is the level the Nasdaq would have to end under to officially enter correction territory. The day’s losses were widespread; the Dow Jones Industrial Average DJIA, -2.05% shed 2%, as did the S&P 500 SPX, -2.08% although both were a few percent away from falling into correction territory. Recent weakness in the market has come on rising bond yields, which has fueled fears that profit margins of U.S. corporations may be squeezed by higher labor costs and loftier borrowing expenses.

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