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A trader on the floor of the New York Stock Exchange earlier this month. Photo by Bloomberg.

Nasdaq’s Belated Correction

Photo: A trader on the floor of the New York Stock Exchange earlier this month. Photo by Bloomberg.

The big news this afternoon was that the Nasdaq’s sell-off put it in “correction territory,” Wall Street lingo for a drop of more than 10%, since the tech-heavy index hit a high in mid-November of 16,057. In reality, declaring a correction today is akin to a baby boomer discovering last week that TikTok is a big deal. Many tech stocks have dropped 40% or more in the past few months—it’s just that the big dogs like Alphabet, Apple and Microsoft had been holding up better than most.

Fear not, however. An optimist could find evidence that the tide is turning. A number of enterprise software stocks gained ground today, according to data from Koyfin. The group of gainers includes project management software firm Monday.com (up 2.9%), security company CrowdStrike (1.7%) and customer management software firm HubSpot (1.3%), along with older names like Workday (1.5%). Even Salesforce rose 0.09%. To be sure, plenty of other enterprise stocks were caught up in the continuing sell-off, including sector star Snowflake. Still, given that nearly all of the ones that rallied today are down by double-digit percentages so far this year—like much of tech—today’s move could be deemed progress.

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