Tech-Heavy Nasdaq in Correction as Equity Selloff Deepens

WALL STREET - Worries over tech earnings and a slowing U.S. economy slammed the Nasdaq Composite index on Friday as it extended recent declines to fall 10% below its record high, confirming it was in correction territory.

The tech-heavy index fell 2.4% on Friday after a softer-than-expected jobs report spurred worries over whether the Federal Reserve will need to deliver hefty interest rate cuts at its next meeting to prevent the U.S. economy from falling into recession. Disappointing earnings from Amazon and Intel also have spooked investors.