Nasdaq · April 29, 2022
The day the growth stopped showing
-4.17%
single-day change vs previous close
Part of a longer stretch
The 2021–22 tech bear market
midway through · 2021-11-19 → 2022-12-28, -36.40% over the whole period
What happened that day?
- The Nasdaq fell 4.17% on the day, in what was its worst month since 2008
- A large online retailer posted a quarterly loss, and growth rates fell sharply at other technology firms
- This is when the pandemic surge in revenue was revealed as temporary. As people went out again, online demand returned to normal
- The trouble was that companies had treated the surge as permanent and expanded headcount and capacity. Revenue normalised while the costs stayed
- The Fed was raising rates fast at the same time. Growth stopping and the discount rate rising cuts the value twice
- The decline ran to December that year, taking more than a third off the Nasdaq
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.