Nasdaq · November 18, 1974

Relapse after the bottom (Nasdaq, November 1974)

-3.60%

single-day change vs previous close

Part of a longer stretch

The Nasdaq's climb back from the oil shock

early in it · 1974-10-03 → 1978-09-07, +149.85% over the whole period

What happened that day?

18 November 1974 — the Nasdaq fell 3.60% to close at 62.09. No single cause can be pinned to the day
The low of this episode was six weeks behind, on 3 October. Days like this keep coming for a while after a bottom
The broad index fell by a similar amount the same day. This was not one market on its own
1974 put fast inflation and a worsening economy in the same year — a combination that leaves a central bank nowhere to move
That autumn unemployment was climbing quickly and profit forecasts kept being cut. November sat inside that
An index full of small companies swings harder in such a stretch, because there are fewer buyers when everyone wants out
From the late-July high to the 3 October low the index fell 26.48%

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 put together from the public record; where a specific source was consulted it is listed above.