Down over 13% from its all-time high (achieved in December), the Nasdaq Composite is officially in a correction, which is defined as a drawdown of at least 10%. After falling by 4% on Monday, the Nasdaq Composite ticked down again on Tuesday as the broader market sell-off intensified across the major indexes.

Major stock indexes tanked Monday, continuing a sell-off that gathered steam last week as rattled investors began zeroing in on the prospect of a significant falloff in U.S. growth amid persistent inflation and a wobbling job market.