The Nasdaq Just Hit Correction Territory: You Won't Believe What Stock Is At a 52-Week Low
Already in a slump before Monday's tumble, the Nasdaq's recent plunge has turned the software giant's stock into an outright bargain.
It's official. Thanks to Monday's plunge, the Nasdaq Composite has suffered an official correction -- a pullback of at least 10% from its previous peak. As of Monday's close, the index is down a little more than 13% from February's peak and down just a hair more from December's all-time high.
And the sweeping move is dragging a lot of stocks lower with it.
Already underperforming, Microsoft (NASDAQ: MSFT) stock is one of its victims. It's not only down nearly 19% from last July's peak but now trading at a new 52-week low. It's a shockingly poor performance from one of the so-called "Magnificent Seven" stocks that led the marketwide bullish charge of 2023 and the first half of 2024.
