Nasdaq loses more than 1% on Thursday, sliding deeper into correction territory

The Nasdaq Composite dropped deeper into correction territory on Thursday as Meta became the latest tech company to offer a forecast that didn’t quite live up to investors’ expectations.

The tech-heavy index lost 1.6%, dropping below its 200-day moving average for the first time since March. The S&P 500 dipped 1% while the Dow Jones Industrial Average slipped 195 points, or 0.5%. With Thursday’s loss, the S&P 500 is now off by more than 10% from its July intraday high.

Following a 2.4% decline on Wednesday, the Nasdaq Composite is now officially in correction territory, down more than 10% from its high close for the year in July.

Facebook-parent Meta beat on top and bottom lines in the third quarter, but the company noted that it was seeing some advertising softness so far this quarter. Investors also worried about cost control with the company’s Reality Labs division, which shed $3.7 billion throughout the quarter. Meta shares slid nearly 5%.