Nasdaq 100 Sheds $1.1 Trillion in Value as Tech Meltdown Spreads

Technology shares suffered their biggest one-day plunge since 2022, as investors ditched longtime market leaders on rising worries the economy is headed for a recession.

The Nasdaq 100 Index plunged 3.8% with Monday’s selling wiping out more than $1 trillion in value. Meanwhile, the Bloomberg Magnificent 7 Index — an equal-weighted gauge of the biggest US tech stocks — tumbled 5.4% to bring its rout from a December record to more than 20%. Tesla Inc. tumbled 15%, widening its loss this year to 45%, while Nvidia Corp. lost 5.1% and has erased more than $1 trillion in market value in two months.