Aug 2 (Reuters) - Worries over tech earnings and a

slowing U.S. economy slammed the Nasdaq Composite Index

on Friday, putting it on track for a 10% decline from its early

July record high, commonly termed a "correction" by market

participants.

The tech-heavy index was down around 3% on Friday, after a

softer-than-expected jobs report spurred worries over whether

the Federal Reserve will need to deliver hefty rate cuts at its

next meeting to prevent the economy from spiraling into

recession. Disappointing earnings from Amazon ( AMZN ) and Intel ( INTC )

have also spooked investors.

The Nasdaq has dropped 10.4% from its record close of

18,647.45 points on July 10. An index or stock is widely

considered to be in a correction when it closes 10% or more

below its previous record closing high.

"This is an old-fashioned correction going on," said Tom

Plumb, chief executive and portfolio manager at Plumb Funds. "We

passed the economic torch from the perception of growth to the

perception of needing government intervention with lower

interest rates to stabilize the economy."

Over the last 44 years, the index has slipped into

correction territory after hitting a new high 24 times, or about

once every two years, according to a Reuters analysis of LSEG

data.

The Nasdaq is still up 12% year-to-date. The S&P 500,

which has lost about 6% from its high, is also up 12% this year.

The Nasdaq's tumble comes as investors turn more wary of the

highly valued tech stocks that have led the charge higher for

most of the year, driven by excitement over the potential of

artificial intelligence.

Lackluster results from Tesla and Alphabet

last month compounded worries about stretched

valuations. At the same time, there may be concern that

weaker-than-expected results reflect a broader softness in the

economy.

"The focus of the market is no longer simply about earnings,

but instead, what earnings are saying about the economy

overall," JJ Kinahan, CEO IG North America & President of

tastytrade, said in a note.

"Surging bond prices and falling yields are signs investors

are seeking safe havens. All of that is an indication that the

economy is slowing globally and it's giving investors cause for

concern," he said.