Nasdaq Enters Correction

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The Nasdaq 100 fell into a technical correction, dropping 11% from its record peak following a sharp selloff in semiconductor and artificial intelligence-related stocks. The downturn coincided with the U.S. Federal Reserve's decision to keep benchmark interest rates unchanged at the 3.50% to 3.75% range. Three of the Federal Reserve's 12 voting officials dissented in favor of an immediate rate increase. Following the policy announcement, the 30-year Treasury yield jumped more than 10 basis points to reach its highest level since 2007. Federal Reserve Chair Kevin Warsh stated that the decision to hold rates steady was not a sign of central bank inertia and that markets must navigate economic signals independently. In extended trading, Meta Platforms fell over 7% following a disappointing annual revenue forecast, while Microsoft shares climbed nearly 9% after reporting accelerated cloud-computing growth. American crude traded near $84.60 per barrel amid ongoing military conflict in the Middle East.