One Year From a Record High, the Nasdaq Has a Long Road to Recovery

A year after the Nasdaq 100 Index last closed at an all-time high, there’s no sign the index is heading back to those heights any time soon.

The 249 trading sessions since the close on Nov. 19, 2021, is the tech-heavy benchmark’s longest stretch since the dot-com era, and the third-longest ever: It took the gauge 3,925 trading days -- more than 15 years -- to recover from the dot-com crash and 416 sessions to rebound from the Crash of 1987.

This bear market in tech stocks is shaping up to be the longest that many young investors have ever seen, and may curb their appetite for risk for years to come. Even after a bounce this month, the Nasdaq 100 is still down 29% from its record close.

“Big tech still has secular growth drivers, but the growth will be lower, which means they’ll have valuations under the levels they had when times were good,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial. “That could mean, from a sentiment perspective, that there will be some reservation about jumping back in.”