The Nasdaq 100 Index dropped almost 1 percent to 5,676.48 as of 11:30 a.m.
Down 3.5 percent since, the decline put the index on the edge of breaking its 50-day moving average, currently 5,631.
It’s stayed above the threshold for 131 consecutive days, the longest stretch since 1995.
for the fourth time in five days also represented the biggest failure for buy-the-dip since February 2016, going by one-week returns after a 2 percent drop in the Nasdaq 100.
Reasons for the downdraft, which took hold on a Friday afternoon and re-accelerated after Wednesday’s Federal Reserve press conference, remained elusive, ranging to everything from systematic selling by quantitative traders to equity divestitures by central banks.