Nasdaq · July 24, 2024

The day the AI bill got questioned

-3.64%

single-day change vs previous close

What happened that day?

On 24 July 2024 the Nasdaq fell 3.64% — its largest one-day drop since October 2022
Two big technology companies had reported the evening before. The carmaker's profit fell sharply; the search company's revenue was fine but its spending was not
The issue was the money going into artificial intelligence. The capital spending is certain; when it turns into profit is not
A handful of very large tech names had carried the index up to that point. When they wobbled, the index wobbled with them
Money was also rotating toward smaller companies around the same time
The slide that began here ran into early August — 13.15% from the peak
The index was back at its old high before the year was out

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.