Nasdaq 100 and S&P 500 Head for Biggest Daily Losses in Five Months

U.S. stocks sold off sharply Thursday, with the Nasdaq 100 down 5.1% and the S&P 500 lower by 2.8%, putting both indexes on course for their largest one-day losses in five months.

The Nasdaq 100's decline was 2.3 percentage points steeper than the S&P 500's. The S&P 500 also fell to its lowest level since late July. Each was on pace for its worst daily drop in five months.

For crypto markets, the selloff matters as a signal of retreating risk appetite. A broad pullback in stocks may make investors less willing to hold volatile assets, creating a potential path for weaker sentiment to spill into digital assets. The scale of Thursday's declines across two major U.S. indexes puts that risk-appetite shift in focus.