The Nasdaq 100 Index plunged into correction territory on Friday as shares of technology giants continued their steep decline. The index dropped more than 10% from its recent peak, marking a technical correction that rattled investors who had grown accustomed to the sector's dominance. The selloff reflects mounting pressure on the megacap tech stocks that have driven market gains for most of the past three years.

Technology shares have been under intense pressure as investors reassess valuations and growth prospects in an environment of rising interest rates and inflation concerns. The Big Tech stocks that powered the bull market's advance are now leading the downturn, with companies like Apple, Microsoft, and Alphabet seeing significant losses. This reversal has erased billions in market value and raised questions about whether the sector's leadership can continue.

The correction signals a potential shift in market dynamics as investors rotate away from high-flying tech names toward more defensive sectors. With the Nasdaq 100 now in correction territory, traders are watching for signs of capitulation or stabilization. The depth and duration of this downturn could determine whether it remains a healthy consolidation or evolves into a more serious bear market for technology stocks.