Nasdaq: Notably, Tesla and Lucid Group were among the most severely affected, while Align Technology witnessed a surprising 25% plunge on Thursday.
Amidst a market correction, the company Composite Index has shown signs of instability. Specifically, within its Nasdaq-100 subset, it’s been observed that 20 of the listed stocks saw declines of 10% or more over the course of one week, leading up to the close on Wednesday.
The Nasdaq Composite Index entered a correction on Wednesday, falling more than 10% from its previous peak in July. The index fell another 1.8% on Thursday. It is still up 20.3% for 2023, after falling 33.1% in 2022. This is still down 18% since the end of 2021. (Dividends are not included in the price changes discussed in this article.)
The Nasdaq-100 Index is comprised of the top 100 nonfinancial companies on the Nasdaq, as measured by market capitalization. The Invesco QQQ Trust ETF tracks it. This index fell 1.9% on Thursday, led by Align Technology Inc. ALGN, which provides orthodontists and dentists with devices and systems.
Apple shares are up 28% this year through Thursday, while Microsoft is up 37%.
The Nasdaq-100’s partial recovery this year follows a 33% drop in 2022; it is down 11.9% from the end of 2021.
