Nasdaq · August 5, 2019
Tech took the currency answer hardest
-3.47%
single-day change vs previous close
What happened that day?
- On 5 August 2019 the Nasdaq fell 3.47%, more than the S&P 500 did that day
- The yuan had weakened past seven to the dollar, read as an answer to the new US tariffs
- The Nasdaq fell harder because of what is in it. Chip and phone companies have both sales and factories in China
- Tariffs raise their costs while a weaker yuan shrinks their revenue. They were squeezed from both sides at once
- That evening the US Treasury labelled China a currency manipulator
- From the peak the index was down 7.25%
- The dispute ran on until a first-phase deal the following January
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.