NEW YORK, Oct 24 (Reuters) - Short interest on the Nasdaq dipped 0.4% in early October, the exchange said on Thursday.
As of Oct. 15, short interest eased to 9.209 billion shares, compared with 9.247 billion shares as of Sept. 30.
Short sellers borrow shares to sell on expectations that prices will fall later, allowing them to buy them for less to repay the lender and pocket the difference. Shorting can also be part of a hedging strategy.
Reporting by Caroline Valetkevitch; Editing by Richard Chang