Nasdaq Leads Losses Among Major U.S. Stock Indices in February The Nasdaq Composite fell 4.0% in February, outpacing declines in the S&P 500 and Dow Jones Industrial Average, which dropped 1.4% and 1.6%, respectively. When adjusted for inflation, the Nasdaq's decline deepened to 4.6%. The tech-heavy index's losses reflect ongoing volatility in the technology sector.1