EL7.AI
StocksMedium•28 July 2026•
1 min read

Nasdaq 100 Enters Correction as SanDisk Sinks 50% From Peak

Key Facts

1The Nasdaq 100 index entered correction territory, dragged down by a deepening rout in semiconductor stocks.
2SanDisk (SNDK) shares have plunged over 50% from their peak amid intensifying fears of Chinese NAND competition.
3Coca-Cola (KO) and Sherwin-Williams (SHW) reported earnings beats, providing some support to the Dow Jones.
4Oil prices dived 5% on Iran diplomacy news as markets await the Federal Reserve meeting results.

In a move reflecting growing pressure on the global technology sector, the Nasdaq 100 index has officially entered technical correction territory. The decline was primarily driven by a deepening rout in semiconductor stocks, with SanDisk (SNDK) shares plunging more than 50% from their historical peak amid fears of intensifying Chinese competition. Simultaneously, oil prices dived 5% on news regarding Iran diplomacy as markets await the conclusion of the Federal Reserve meeting.

Despite the sell-off in the chip sector, consumer and industrial segments showed notable resilience as earnings from Coca-Cola (KO) and Sherwin-Williams (SHW) beat market expectations. These positive results provided essential support to the Dow Jones index. Per market data, the performance of these firms highlights a divergence between traditional value sectors and the volatile growth stocks currently leading the market lower.

At the close of July 27, 2026, SNDK stood at $1,278.23, while KO was priced at $84.07 and SHW at $327.27. Investors are now focused on the Federal Reserve's policy signals and their potential impact on market sentiment. Monitoring whether the Nasdaq can find support after its recent correction remains a key priority for retail traders in the coming sessions.