S&P 500 index enters a correction. Here's what it means for future performance.

The S&P 500 index is on pace to close in correction territory on Friday, its 103th time in history if confirmed.

The gauge of large-cap U.S. equities SPX fell 21 points, or 0.5% to around 4,116 Friday afternoon, according to FactSet data, meaning it is down 10.3% from a previous cyclical high of 4,588.96 reached on July 31, 2023. A correction will be confirmed if the S&P 500 finishes below 4,130.06, according to Dow Jones market data. The Nasdaq Composite entered a correction on Wednesday.

In the past 15 corrections for the S&P 500, it took an average of three months for its performance to recover, while the index gained an average of 10.1% a year later.The S&P 500 was still up 7.2% so far this year though, and the Nasdaq Composite COMP has gained 20.6%, while the Dow Jones Industrial Average DJIA is down 2.1% year-to-date, according to FactSet data.

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S&P 500 index on pace to enter a correction. Here's what it means for future performance.Frances Yue covers the cryptocurrency market for MarketWatch.
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