Replay · 2000–2002
The Dot-Com Crash
When a valuation bubble met a mild recession.
−49%
S&P drawdown
929 days
Peak to bottom
1,040
HY spread peak (bps)
8 months
NBER recession
ReconstructedThe Fear & Greed values shown are reconstructed using the same five-component model as the live FearGreedChart index, applied to historical market data — not contemporaneous readings.
Replay it month by month
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Fear & Greed proxyreconstructed
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Drag the slider to replay how sentiment moved.
sentiment proxy & market move together
Sentiment proxy vs S&P 500
What happened
The Nasdaq doubled in the year to March 2000 on companies with no earnings. CAPE hit ~44 — the richest in US history. When it broke, the unwind took two and a half years, dragging the broad market into a mild recession even as credit stayed relatively orderly. The lesson sits in valuation, not credit: the most expensive market on record needed no external shock to fall.
The phases
How today compares
This crash's peak vs right now
"Then" = readings at this crash's market peak. "Now" = live from the Recession Conditions Index.