Nasdaq · August 26, 2022
Eight minutes ended the summer
-3.94%
single-day change vs previous close
Part of a longer stretch
The 2021–22 tech bear market
near the end of it · 2021-11-19 → 2022-12-28, -36.40% over the whole period
What happened that day?
- On 26 August 2022 the Nasdaq fell 3.94%
- It was the day the Fed chair stated flatly that the pressure would continue until inflation was beaten
- The index had risen hard for two months off the mid-June low. The whole basis of that rally was denied at once
- The Nasdaq fell further for the usual reason: when the rate outlook shifts, companies whose profits sit furthest out move most
- Those were also the names that had risen most in the summer rally. The further they had run, the more they gave back
- The index kept falling into October, and set its low for the year in December
- In this stretch it was 21.38% below its 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.