Nasdaq closes in correction territory after 5% one-day slide

The Nasdaq Composite fell more than 5% on Thursday and closed more than 11% below its record set last month — a decline greater than 10%, which Wall Street calls a correction. CNBC reported that across 10 prior corrections in the past decade, the index gained an average of 9.41% from its bottom over the following three months, while the 2022 episode instead brought a further 18.3% six-month loss.