Nasdaq 100 fell 10.36%... compared to the closing high on October 6

The Nasdaq-100 index fell 1.39% on November 2 to close at 27,989.82, while the Invesco QQQ ETF dropped 1.36% to $681.09, putting both into technical correction territory at 10.36% and 10.34% below their October 6 closing highs of 31,224.47 and the corresponding QQQ peak, respectively. The decline marks a cumulative drawdown from the October 6 peak rather than a single-day move, crossing the widely watched 10% threshold that defines a correction. The move matters because it signals broadening weakness in mega-cap technology stocks that have driven index gains. What to watch next is whether the selloff deepens toward bear-market levels or stabilizes, with upcoming inflation data and Federal Reserve guidance likely to shape direction.