Nasdaq in correction as equity selloff deepens

Under pressure: Traders on the floor of the New York Stock Exchange. Stocks closed low after the July jobs report last Friday showed a slowdown in the labour market. — AFP

New York: Worries over tech earnings and a slowing US economy slammed the Nasdaq Composite index as it extends recent declines to fall 10% below its record high, confirming it is in correction territory.

The tech-heavy index fell 2.4% last Friday after a softer-than-expected jobs report spurred worries over whether the US Federal Reserve (Fed) will need to deliver hefty interest rate cuts at its next meeting to prevent the US economy from falling into recession.