Nasdaq · December 28, 2022
The 2021–22 tech bear market
-36.40%
peak-to-trough, the whole slide
277 trading days · 2021-11-19 → 2022-12-28
back to the old high on 2024-02-29
What happened that day?
- From the November 2021 peak to the December 2022 low the Nasdaq fell 36.4% — 277 trading days
- Pandemic-era winners in remote work and online services had soared, and it turned out that demand was temporary
- The Fed raised rates very fast to break inflation. The further out a company's profits sit, the more rates hurt
- Put simply: higher rates shrink the present value of money you will earn ten years from now, and that is exactly how growth stocks are priced
- Companies growing while losing money fell hardest, and large layoffs ran across the industry
- The old high returned on 29 February 2024
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.