Has the tech bubble burst? Why Nasdaq's slide looks like 2000
Columnist Mark Hulbert compares the recent Nasdaq rout with the dot-com bubble top and notes that Nasdaq-focused timers have rapidly moved to cash.
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what happened
According to MarketWatch, which is operated by Dow Jones, the Nasdaq Composite lost 748 points, or 2.9%, on Friday. Columnist Mark Hulbert notes that large one-day drops tend to happen in bear markets: 42 of the 50 biggest Nasdaq daily plunges since 1971 occurred during such periods.
His calculations show the index now sits just 5.1% below its all-time high from three weeks ago. In 2000 the Nasdaq stayed roughly flat for three weeks after its peak before falling sharply, so the current pattern looks different. One positive sign is that Nasdaq-focused market timers have cut exposure quickly: the HNNSI fell 76 percentage points over three weeks to 6.2%.
why it matters
The author reads this as a contrarian signal. In 2000, bullish sentiment stayed high at the top, while today investors are almost fully out of stocks. The coming weeks will show whether that mood can halt the current decline.
market impact
US tech stocks: sharp Nasdaq sell-off and traders moving to cash pressure growth shares
- Nasdaq Composite pressure down — large one-day plunges and rapid moves to cash by timers weigh on the index
instruments
sources
- Has the tech bubble burst? Why the Nasdaq's rough ride looks eerily like 2000. — Dow Jones Newswires, 30 October 2026 at 23:14 UTC
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