The S&P 500 is 6% below its record, a small fall next to past crashes: since 1928, only 16 of 56 drops that reached 6% went past 15%. Tech took more of the hit. The Nasdaq is 11% down and US chip stocks 36%, as deep as their Covid fall. How long a recovery takes varies just as much: after dot-com, the S&P 500 was back at its record in 7 years, chip stocks in 18.
Each line runs from a record high to the low that followed. Eight of the 16 falls past 15% since 1928 are shown.
How far each index is below its record now, against the lows of its own best-known past falls. US chip stocks (the PHLX Semiconductor index) are 36% down from their 22 Jun record, as deep as their Covid fall.
Years from each index's record close to its first close back at or above it. Prices only: with dividends reinvested, most recoveries were shorter. These are worst cases, for someone who bought at the record.
