The Nasdaq Composite has slipped into correction territory, defined as a decline of 10% or more from a recent peak. While it can be unsettling to watch the value of our investing accounts slump, savvy investors will recognize the opportunity that the current downturn represents.

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All this explains why the Nasdaq Composite index has entered correction territory. As of Monday's market close, the index was down 13% from its most recent high achieved on Dec. 16 last year. A drop of 10% to 20% in a major index qualifies as a stock market correction, and it remains to be seen how long the ongoing one may last.