Editorial companion

What stands out

The standout moment is the Nasdaq 100 briefly crossing the conventional 10 percent drawdown threshold into a technical correction after a concentrated selloff in large-cap tech names, driven by disappointing earnings and a rapid unwind of the artificial-intelligence trade. The episode strings together on-the-ground voices, including the Intercontinental Exchange CEO and Bloomberg reporters, who parse whether this is profit-taking around richly valued AI winners or the start of a broader shift in market leadership. That instant where the index flipped into correction crystallizes the market’s nervousness about growth expectations priced into a handful of stocks.