Tech-Heavy Nasdaq Composite Is This Week's Biggest Loser

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The Nasdaq Composite is badly underperforming its peers and on track for its worst selloff since the financial crisis.

It fell 3.2% yesterday while the S&P 500 slipped 1.6%, with the tech-heavy index underperforming the broad stock-market gauge by 1.5 percentage points, the largest margin of the year, according to Dow Jones Market Data.

The recent declines have brought the Nasdaq down around 30% from its closing high, on pace for its worst bear market since the 54% loss it suffered from October 2007 to November 2008.

The rift between the two indexes highlights how highflying tech stocks have weighed on markets this year, numbering among the hardest hit by the monthslong selloff. And by some measures, the recent turmoil is even worse than what markets endured during the March 2020 crash.

The divergence is continuing in early trading Thursday. The Nasdaq is down 1.6%, while the S&P 500 fell 1.2% shortly after the opening bell.