Nasdaq · February 4, 2004
The year people started saying rates would have to rise
-2.52%
single-day change vs previous close
Part of a longer stretch
The advance that stopped when rates turned
early in it · 2004-01-26 → 2004-08-12, -18.63% over the whole period
What happened that day?
- The Nasdaq fell 2.52% on the day — the worst single session of this correction
- **No single cause for that day has been pinned down.** What is established is that it sat at the start of the first-half 2004 correction
- After the dot-com collapse US rates had come down to the lowest level anyone had then seen. 2004 was the year they began going back up
- Tech shares are especially sensitive to that turn: priced on profits far in the future, they are marked down first when rates rise
- The correction ran to August. The first actual hike came that June
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.