Nasdaq Composite
What's a bubble?
When prices race far ahead of the businesses behind them, like the dot-com boom of the late 1990s. Bubbles are only obvious once they burst, so this page doesn't predict one. It measures the fallout: how far the Nasdaq Composite is below its peak, next to every past crash.
The labels: Pullback 5–10% below the high, Correction 10–20%, Bear market 20% or more.
This drop
- Since the high
- 31 days (6 Oct 2026)
- Back to the high needs
- +12.29%
- 200-day average
- 2.1% below, rising
- Lowest so far
- −11.90% (5 Nov 2026)
Since 1971, the index has been this far or further below its high on 52% of trading days, and 25 earlier drops got this deep. They hit bottom a median of 3 months after their high, and were back at the high a median of 6 months after reaching −10.94% (fastest 19 days, slowest 15 years).
Below all-time high
| Period | Change | Deepest drop |
|---|---|---|
| 1 day since 5 Nov | +1.09% | — |
| 1 week since 30 Oct | −3.37% | −11.90% 5 Nov |
| 1 month since 6 Oct | −10.94% | −11.90% 5 Nov |
| 3 months since 6 Aug | −6.71% | −11.90% 5 Nov |
| YTD since 31 Dec 2025 | +5.75% | −13.21% 30 Mar |
| 1 year since 6 Nov 2025 | +6.62% | −13.21% 30 Mar |
Deepest drop is the furthest below the all-time high during the period. Tap a row to show it on the chart.
Past crashes
Every fall of 20% or more since 1971. Tap one to see why it happened.
Now−11.9%31 daysnot yet
The AI trade cracks
After a record on 6 October, tech slid on worries about the cost and payoff of the AI build-out, weak chip stocks and disappointing Big Tech earnings. On 5 November, after Democratic midterm gains raised fears that new governments would slow data-center construction, the Nasdaq fell 5.5%, its worst day since April 2025, and chip stocks dropped about 12%. (Written 6 November 2026.)
From the record on 6 Oct 2026, −11.90% at the lowest so far (5 Nov 2026).
2024–25−24.3%4 months3 months
DeepSeek and the tariff shock
China’s low-cost DeepSeek AI model shook AI chip stocks in January 2025. Then the sweeping “Liberation Day” tariffs announced on 2 April 2025 set off a global sell-off; stocks rebounded after most of the tariffs were paused on 9 April.
From the record on 16 Dec 2024 to the low on 8 Apr 2025; back above that high on 27 Jun 2025.
2021–22−36.4%13 months14 months
Inflation and the fastest rate hikes in decades
Inflation hit a 40-year high and the Fed raised rates at the fastest pace since the 1980s. Higher rates hit richly valued tech and growth stocks hardest, and the crypto crash added to the pain. The AI boom that began with ChatGPT led the recovery.
From the record on 19 Nov 2021 to the low on 28 Dec 2022; back above that high on 29 Feb 2024.
2020−30.1%33 days3 months
COVID-19
As the pandemic spread and economies locked down, stocks fell by about a third in a month, one of the fastest crashes on record. Huge Fed and government support sparked an equally fast recovery, led by tech.
From the record on 19 Feb 2020 to the low on 23 Mar 2020; back above that high on 8 Jun 2020.
2018−23.6%4 months4 months
Rate hikes and the trade war
The Fed kept raising interest rates while the US–China trade war escalated and fears of a slowdown grew. December 2018 was the worst December since 1931, bottoming on Christmas Eve, and the Fed paused its hikes soon after.
From the record on 29 Aug 2018 to the low on 24 Dec 2018; back above that high on 23 Apr 2019.
2007–09−55.6%16 months2.1 years
The global financial crisis
Losses on US subprime mortgages spread through the banking system, and the collapse of Lehman Brothers in September 2008 froze credit worldwide. The Great Recession followed; stocks bottomed in March 2009 after huge government and Fed rescues.
From a high on 31 Oct 2007 to the low on 9 Mar 2009; back above that high on 27 Apr 2011. Measured from its own high: the index was still below an older record.
2000–02−77.9%2.6 years13 years
The dot-com bust
Internet companies with little or no profit had driven the Nasdaq up fivefold in five years. As rates rose and the money ran out, the bubble burst; the 2001 recession, the 9/11 attacks and the Enron and WorldCom scandals deepened the fall. The Nasdaq didn’t regain its 2000 high until 2015.
From the record on 10 Mar 2000 to the low on 9 Oct 2002; back above that high on 23 Apr 2015.
1998−29.6%3 months2 months
Russia defaults, LTCM nearly fails
Russia’s debt default in August 1998 set off a global flight from risk and pushed the giant hedge fund Long-Term Capital Management to the brink. The Fed organised a rescue and cut rates three times, and stocks recovered within weeks.
From the record on 20 Jul 1998 to the low on 8 Oct 1998; back above that high on 27 Nov 1998.
1989–90−33.0%12 months6 months
Junk bonds, the savings-and-loan crisis and the Gulf War
A failed buyout of United Airlines set off a mini-crash on 13 October 1989 as the junk-bond market unravelled, and hundreds of failing savings-and-loan banks squeezed credit. When Iraq invaded Kuwait in August 1990 oil prices more than doubled and the US slipped into recession.
From the record on 9 Oct 1989 to the low on 16 Oct 1990; back above that high on 2 Apr 1991.
1987−36.0%2 months21 months
Black Monday
After a big run-up, worries about rising interest rates, a weak dollar and the trade deficit turned into panic. On 19 October 1987 US stocks had their worst day ever, made worse by automated “portfolio insurance” selling. The Fed’s promise of liquidity stopped the slide.
From the record on 27 Aug 1987 to the low on 28 Oct 1987; back above that high on 3 Aug 1989.
1983–84−31.5%13 months17 months
The first tech bust
Personal-computer, video-game and biotech stocks soared in early 1983 on a wave of new listings, then collapsed as competition and IBM’s price cuts crushed profits. Tech shares stayed in the doldrums until 1985.
From the record on 24 Jun 1983 to the low on 25 Jul 1984; back above that high on 7 Jan 1986.
1981–82−28.8%14 months3 months
Volcker’s war on inflation
The Fed held interest rates near 20% to break inflation, tipping the economy into a deep recession with unemployment near 11%. Stocks bottomed in August 1982 as the Fed began to ease, starting a long bull market.
From the record on 29 May 1981 to the low on 13 Aug 1982; back above that high on 4 Nov 1982.
1980−24.9%2 months4 months
Inflation, credit controls and the silver crash
With inflation near 15%, interest rates headed toward 20% and in March 1980 the government imposed credit controls. On 27 March, “Silver Thursday”, the Hunt brothers’ attempt to corner silver collapsed and rattled brokers. Stocks recovered once the controls were lifted that summer.
From the record on 8 Feb 1980 to the low on 27 Mar 1980; back above that high on 14 Jul 1980.
1978−20.4%2 months8 months
The October massacre
A sliding dollar, rising inflation and sharply higher interest rates set off a two-week rout in late October 1978. It ended when Washington announced a rescue plan for the dollar on 1 November.
From the record on 13 Sep 1978 to the low on 14 Nov 1978; back above that high on 26 Jul 1979.
1973–74−59.9%21 months3.9 years
Oil shock and stagflation
The post-war boom ended in rising inflation, the breakdown of the Bretton Woods currency system and Watergate. The Arab oil embargo of October 1973 quadrupled oil prices and pushed the US into a deep recession, and the high-flying “Nifty Fifty” growth stocks were cut down.
From the record on 11 Jan 1973 to the low on 3 Oct 1974; back above that high on 7 Sep 1978.