Nasdaq confirms correction while S&P 500 and Dow erase 2018 gains

The Nasdaq closed down 12.4 percent from its Aug. 29 record closing high, falling 4.4 percent for the day in its biggest one-day percentage decline since Aug. 18, 2011.Chipmakers Texas Instruments and STMicroelectronicswarned of slowing demand.The forecasts gave investors further reason to pause and helped fuel the selling momentum, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.