A stock market correction is a drop in a major stock market index between 10% and 20% from recent highs. That's exactly what has happened with the Nasdaq Composite (NASDAQINDEX: ^IXIC) over the past three months.

Another day, another tariff-driven selloff on Wall Street. The large-cap S&P 500 index was falling 1% to trade at 5,542.16 as of 2:58 p.m. Eastern time on Thursday. A correction for the S&P 500, typically defined as a 10% decline from its recent peak,