Nasdaq 100 posts largest single-day drop in months amid tech selloff

The sharp tech-led selloff included a 2.9% fall in the Nasdaq 100 on October 22, its biggest daily drop since June 5, erasing nearly $1.2 trillion in market cap, The Kobeissi Letter reported. Bull Theory said information technology and communication services fell 2.99% and 3.00%, respectively, while consumer staples and utilities gained. A separate commentator speculated that traders were bracing for an unwind of the leveraged AI trade.