Nasdaq-100 enters correction territory as chip selloff deepens

The Nasdaq 100 opened Wednesday down 10% from its June peak of 30,660, confirming a technical correction. The sell-off is being driven by a broader rout in semiconductors and memory-related technology shares, signaling growing pressure on the tech sector and potentially weighing on broader U.S. equity sentiment. Related instruments such as QQQ and leveraged Nasdaq products are under pressure, while inverse exposure has gained. The move highlights deteriorating risk appetite in high-growth tech, with market participants likely watching semiconductor weakness as a key indicator for whether the correction deepens or stabilizes.