Nasdaq-100 Enters Third Correction of 2026 Over AI Concerns

The Nasdaq-100 index entered a market correction on Monday, November 2, 2026, closing at 27,989.82. The index fell 10.4% from its record high reached on October 6, marking the third time this year the index has dropped at least 10% from a recent peak, following similar declines in March and July.

Investor anxiety regarding artificial intelligence drove the slump, specifically concerning whether the massive borrowing required for data-center and infrastructure buildouts will be adequately repaid. While the S&P 500 and Nasdaq Composite also declined, the tech-heavy Nasdaq-100 experienced more pronounced losses. Intel shares contributed to the downward trend, dropping 8.8% on Monday after a negative reception to its recent earnings.

Market strategists suggest the index is increasingly susceptible to selling because investors are already heavily positioned in technology, leaving less available capital to buy dips. Some analysts characterize the current trend as a continuation of a tech wreck that began in October.