Nasdaq 100 Enters Technical Correction Amid Growing Wall Street Fears Over AI Spending

The Nasdaq 100 Index fell 1.4% to 27,989.82 on Monday, dropping more than 10% from its October 6 peak and entering a technical correction.

The selloff was driven by investor pessimism and rising concerns on Wall Street regarding the high costs of artificial intelligence buildouts and delayed financial payoffs.

Major technology companies, including Alphabet, Meta Platforms, and Amazon, suffered slumps following weaker-than-expected earnings reports and disappointing forecasts.