Nasdaq heads for biggest drop since June as Wall Street selloff accelerates


The Nasdaq Composite COMP, -3.94% is on track for its biggest daily decline in two months as Wall Street’s selloff accelerates, sending the CBOE Volatility Index back above 23. The VIX VIX, +17.36%, better known as Wall Street’s “fear gauge”, was recently up 7.3% to 23.36. The gauge, which is based on moves in near-term S&P 500 options, briefly topped 24 as stocks sold off earlier this week. As the tech-heavy Nasdaq led stocks lower, the Treasury yield curve became even more inverted with short-term yields increasing by more than long-term yields. The Dow Jones Industrial Average DJIA, -3.03% fell 550 points, or 1.7%, to 32,734. The S&P 500 SPX, -3.37% was down 87 points, or 2.1%, to 4,111. The Nasdaq retreated 338 points, or 2.7%, to 12,300. If the Nasdaq finishes the day at these levels, it would mark its biggest daily drop since June 28.

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