Nasdaq · October 7, 2022
The year good news was bad news
-3.80%
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 7 October 2022 the Nasdaq fell 3.8%
- The September jobs report had come in stronger than expected
- A rally three days in the making was erased in a single session
- The market of 2022 read economic data upside down. Strong hiring meant higher rates, which meant lower share prices
- That is not the normal relationship. Usually a strong economy lifts shares. It inverts only when inflation is the binding problem
- The relationship returned to normal the following year, as inflation began coming down
- In this stretch the index was 22.2% 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.