NEW YORK: The Nasdaq's retreat from its all-time highs last month is now officially considered a correction in a bull market.

The tech-heavy index on Monday closed down 2.22% nofficially at 12,633.61, roughly 10.6% below the Feb. 12 record close at 14,095.47 and exceeding the 10% closing-basis threshold considered by market professionals as confirmation of a correction.

The Nasdaq entered the latest bull market last March and rose more than 105% from the pandemic low a year ago.