(Reuters) – Wall Street’s main indexes fell more than 1 percent in early afternoon trading on Friday, deepening losses in the past week that have put all three main U.S. markets in correction territory.

The technology-heavy Nasdaq index was the latest to rack up cumulative falls of more than 10 percent from its peak – the technical definition of when a market is correcting.

By 12:54 p.m. ET it was down 1.7 percent on the day and 11.1 percent since highs hit on Jan. 26.

More than $2.5 trillion in

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