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Nasdaq 100 index enters the correction range. SSE mega-cap index suffers from concentrated selling.
Investors heavily withdrew from large tech stocks, causing a severe rotation that sent the Nasdaq 100 index plunging into the correction zone, with a market cap evaporating more than 2 trillion dollars in just over three weeks. The index fell 2.4% on Friday, with a drop of over 10% since its record high on July 10, breaking the threshold that marks a market correction. The index closed at its lowest level since mid-May on Friday, but still up nearly 10% year-to-date. Several mega-cap stocks suffered concentrated selling, with Nvidia and Tesla both falling more than 20% from recent highs, entering bear market territory. Meanwhile, Microsoft and Amazon both experienced declines of more than 10% in recent weeks. However, except for Tesla
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