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The Nasdaq closed down 2.06 percent on Friday in its fourth straight week of losses. The index pared most of its losses in midday trading and is now roughly 2 percent lower on week and trading in correction levels, more than 10 percent off its 52-week high.
The Nasdaq is on pace for its worst month since October 2008 during the financial crisis, having lost roughly 10 percent this month.
Amazon shed as much as 10 percent Friday after bracing investors for a weaker holiday season during its quarterly update. The stock closed down 7.82 percent for the day.
Other megacap tech stocks also took legs lower in morning trading but later recovered.
Netflix initially plunged 6 percent and is now essentially unchanged; Alphabet — which like Amazon also reported earnings Thursday — sank more than 5 percent before turning positive; Facebook skidded more than 4 percent by halved those losses in midday trading; and Apple and Microsoft each fell more than 2 percent before erasing nearly all of their losses.