Nasdaq · November 2, 2022

The day pausing was called premature

-3.36%

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 2 November 2022 the Nasdaq fell 3.36%
The Fed raised by three steps for the fourth meeting running
The statement added new language about accounting for the cumulative effect of past hikes. The market read that as slowing down and rose
Then at the press conference the chair said it was very premature to be thinking about pausing
The direction reversed completely during the session and it closed lower
The statement and the press conference pointed opposite ways. The market believed the second one
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.