Nasdaq · May 23, 2000
Where the Rebound Ended
-5.93%
single-day change vs previous close
Part of a longer stretch
The summer that still believed
early in it · 2000-05-23 → 2000-07-17, +35.08% over the whole period
What happened that day?
- 23 May 2000 — Nasdaq Composite fell 5.93%, several weeks into a rebound from April's collapse
- Defining feature of this period: rebounds kept failing
- Bargain hunters would lift prices for a few days, then an earnings warning or funding story sent them back down
- The Fed's large rate increase that May added pressure
- Higher rates reduce the present value of profits expected far out — hitting hardest the companies with no profits yet, only growth expectations
- Fell 37.32% from peak
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.