Nasdaq · July 28, 2000

The day the forecasts started coming down

-4.66%

single-day change vs previous close

Part of a longer stretch

Nine months down without a rest

early in it · 2000-07-17 → 2001-04-04, -61.66% over the whole period

What happened that day?

The Nasdaq fell 4.66% on the day
It was some ten days after the mid-July high. The nine-month slide begins here
From this point companies started lowering their revenue forecasts. The problem was not the quarter just reported but the one ahead
Firms selling advertising or equipment to internet companies gave the first signals
The cause was funding drying up. Once companies that had raised money by listing could no longer do so, the orders they had been placing vanished
That chain worked its way backwards, one step at a time, over the following nine months

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.