{"_license": "Reuse with attribution is welcome; copying the work is not. Data (/api/**.json): CC BY 4.0. Charts, share images, embeds and quotes: free to reuse when credited \"History of Market (historyofmarket.com)\" with a link. No derivative or look-alike sites, no use of the brand names, no citation without the source. Terms: https://historyofmarket.com/license/", "_attribution": "History of Market (historyofmarket.com)", "_canonical": "https://historyofmarket.com/api/ndx/drawdowns.json", "_terms": "https://historyofmarket.com/license/", "updated": "2026-09-29", "ticker": "^NDX", "drawdowns": [{"period": "1986: 7月3日 - 9月15日", "days": 74, "high": 164.51, "low": 134.94, "decline": -0.18, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 200, "recovery_date": "1987-01-19"}, {"period": "1987: 10月5日 - 10月26日", "days": 21, "high": 213.81, "low": 128.43, "decline": -0.399, "category": "bear_market", "cause": "黑色星期一", "causeEn": "Black Monday", "active": false, "recovery_days": 599, "recovery_date": "1989-05-26"}, {"period": "1987: 4月3日 - 4月27日", "days": 24, "high": 191.36, "low": 179.55, "decline": -0.062, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 76, "recovery_date": "1987-06-18"}, {"period": "1987: 8月26日 - 9月21日", "days": 26, "high": 211.16, "low": 197.26, "decline": -0.066, "category": "mechanical_scare", "cause": "黑色星期一", "causeEn": "Black Monday", "active": false, "recovery_days": 37, "recovery_date": "1987-10-02"}, {"period": "1989: 10月9日 - 1990年1月30日", "days": 113, "high": 236.79, "low": 197.65, "decline": -0.165, "category": "correction", "cause": "储贷危机", "causeEn": "S&L crisis", "active": false, "recovery_days": 227, "recovery_date": "1990-05-24"}, {"period": "1989: 6月7日 - 6月30日", "days": 23, "high": 219.88, "low": 204.59, "decline": -0.07, "category": "mechanical_scare", "cause": "储贷危机", "causeEn": "S&L crisis", "active": false, "recovery_days": 78, "recovery_date": "1989-08-24"}, {"period": "1990: 7月16日 - 10月11日", "days": 87, "high": 246.18, "low": 165.2, "decline": -0.329, "category": "bear_market", "cause": "海湾战争", "causeEn": "Gulf War", "active": false, "recovery_days": 205, "recovery_date": "1991-02-06"}, {"period": "1991: 11月13日 - 11月25日", "days": 12, "high": 302.83, "low": 283.02, "decline": -0.065, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 33, "recovery_date": "1991-12-16"}, {"period": "1991: 3月7日 - 3月12日", "days": 5, "high": 264.57, "low": 250.67, "decline": -0.052, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 19, "recovery_date": "1991-03-26"}, {"period": "1991: 4月17日 - 6月24日", "days": 68, "high": 283.39, "low": 250.88, "decline": -0.115, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 119, "recovery_date": "1991-08-14"}, {"period": "1992: 1月15日 - 1月21日", "days": 6, "high": 355.6, "low": 328.04, "decline": -0.077, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 28, "recovery_date": "1992-02-12"}, {"period": "1992: 2月12日 - 6月26日", "days": 135, "high": 355.98, "low": 290.03, "decline": -0.185, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 296, "recovery_date": "1992-12-04"}, {"period": "1993: 11月2日 - 11月22日", "days": 20, "high": 395.32, "low": 373.37, "decline": -0.056, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 30, "recovery_date": "1993-12-02"}, {"period": "1993: 1月14日 - 4月26日", "days": 102, "high": 381.34, "low": 327.28, "decline": -0.142, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 256, "recovery_date": "1993-09-27"}, {"period": "1994: 3月17日 - 6月24日", "days": 99, "high": 418.45, "low": 351.76, "decline": -0.159, "category": "correction", "cause": "债市大屠杀", "causeEn": "Bond-market massacre", "active": false, "recovery_days": 307, "recovery_date": "1995-01-18"}, {"period": "1995: 11月3日 - 1996年1月9日", "days": 67, "high": 621.71, "low": 534.42, "decline": -0.14, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 97, "recovery_date": "1996-02-08"}, {"period": "1995: 7月17日 - 7月19日", "days": 2, "high": 596.91, "low": 547.12, "decline": -0.083, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 52, "recovery_date": "1995-09-07"}, {"period": "1995: 9月11日 - 10月9日", "days": 28, "high": 609.75, "low": 546.93, "decline": -0.103, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 52, "recovery_date": "1995-11-02"}, {"period": "1996: 10月15日 - 10月29日", "days": 14, "high": 775.08, "low": 731.21, "decline": -0.057, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 22, "recovery_date": "1996-11-06"}, {"period": "1996: 12月9日 - 12月16日", "days": 7, "high": 856.64, "low": 804.78, "decline": -0.06, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 29, "recovery_date": "1997-01-07"}, {"period": "1996: 2月22日 - 3月8日", "days": 15, "high": 643.41, "low": 591.71, "decline": -0.08, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 60, "recovery_date": "1996-04-22"}, {"period": "1996: 6月5日 - 7月23日", "days": 48, "high": 699.35, "low": 598.34, "decline": -0.144, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 100, "recovery_date": "1996-09-13"}, {"period": "1997: 10月9日 - 12月24日", "days": 76, "high": 1148.21, "low": 938.99, "decline": -0.182, "category": "correction", "cause": "亚洲金融危机", "causeEn": "Asian financial crisis", "active": false, "recovery_days": 133, "recovery_date": "1998-02-19"}, {"period": "1997: 1月22日 - 4月2日", "days": 70, "high": 925.52, "low": 783.92, "decline": -0.153, "category": "correction", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 103, "recovery_date": "1997-05-05"}, {"period": "1997: 5月27日 - 6月4日", "days": 8, "high": 984.61, "low": 921.96, "decline": -0.064, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 21, "recovery_date": "1997-06-17"}, {"period": "1997: 8月20日 - 8月28日", "days": 8, "high": 1145.07, "low": 1070.57, "decline": -0.065, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 49, "recovery_date": "1997-10-08"}, {"period": "1997: 8月6日 - 8月15日", "days": 9, "high": 1141.82, "low": 1076.67, "decline": -0.057, "category": "mechanical_scare", "cause": "未标注", "causeEn": "Unlabeled", "active": false, "recovery_days": 14, "recovery_date": "1997-08-20"}, {"period": "1998: 2月26日 - 3月5日", "days": 7, "high": 1206.97, "low": 1126.83, "decline": -0.066, "category": "mechanical_scare", "cause": "俄罗斯/LTCM", "causeEn": "Russia / LTCM", "active": false, "recovery_days": 27, "recovery_date": "1998-03-25"}, {"period": "1998: 4月22日 - 6月3日", "days": 42, "high": 1290.9, "low": 1163.98, "decline": -0.098, "category": "mechanical_scare", "cause": "俄罗斯/LTCM", "causeEn": "Russia / LTCM", "active": false, "recovery_days": 62, "recovery_date": "1998-06-23"}, {"period": "1998: 7月20日 - 10月8日", "days": 80, "high": 1465.89, "low": 1128.88, "decline": -0.23, "category": "bear_market", "cause": "俄罗斯/LTCM", "causeEn": "Russia / LTCM", "active": false, "recovery_days": 112, "recovery_date": "1998-11-09"}, {"period": "1999: 10月11日 - 10月18日", "days": 7, "high": 2578.88, "low": 2362.11, "decline": -0.084, "category": "mechanical_scare", "cause": "泡沫前震荡", "causeEn": "Pre-bubble shakeout", "active": false, "recovery_days": 18, "recovery_date": "1999-10-29"}, {"period": "1999: 2月1日 - 3月2日", "days": 29, "high": 2130.93, "low": 1888.66, "decline": -0.114, "category": "correction", "cause": "泡沫前震荡", "causeEn": "Pre-bubble shakeout", "active": false, "recovery_days": 56, "recovery_date": "1999-03-29"}, {"period": "1999: 4月26日 - 5月25日", "days": 29, "high": 2260.66, "low": 1999.04, "decline": -0.116, "category": "correction", "cause": "泡沫前震荡", "causeEn": "Pre-bubble shakeout", "active": false, "recovery_days": 56, "recovery_date": "1999-06-21"}, {"period": "1999: 4月9日 - 4月19日", "days": 10, "high": 2232.47, "low": 1967.58, "decline": -0.119, "category": "correction", "cause": "泡沫前震荡", "causeEn": "Pre-bubble shakeout", "active": false, "recovery_days": 17, "recovery_date": "1999-04-26"}, {"period": "1999: 7月16日 - 8月10日", "days": 25, "high": 2459.48, "low": 2163.77, "decline": -0.12, "category": "correction", "cause": "泡沫前震荡", "causeEn": "Pre-bubble shakeout", "active": false, "recovery_days": 40, "recovery_date": "1999-08-25"}, {"period": "1999: 9月20日 - 9月29日", "days": 9, "high": 2545.41, "low": 2398.78, "decline": -0.058, "category": "mechanical_scare", "cause": "泡沫前震荡", "causeEn": "Pre-bubble shakeout", "active": false, "recovery_days": 18, "recovery_date": "1999-10-08"}, {"period": "2000: 1月21日 - 1月28日", "days": 7, "high": 3849.96, "low": 3446.13, "decline": -0.105, "category": "correction", "cause": "互联网泡沫", "causeEn": "Dotcom bubble", "active": false, "recovery_days": 13, "recovery_date": "2000-02-03"}, {"period": "2000: 1月3日 - 1月6日", "days": 3, "high": 3790.55, "low": 3340.81, "decline": -0.119, "category": "correction", "cause": "互联网泡沫", "causeEn": "Dotcom bubble", "active": false, "recovery_days": 16, "recovery_date": "2000-01-19"}, {"period": "2000: 3月10日 - 3月15日", "days": 5, "high": 4587.16, "low": 4130.01, "decline": -0.1, "category": "mechanical_scare", "cause": "互联网泡沫", "causeEn": "Dotcom bubble", "active": false, "recovery_days": 12, "recovery_date": "2000-03-22"}, {"period": "2000: 3月27日 - 2002年10月7日", "days": 924, "high": 4704.73, "low": 804.64, "decline": -0.829, "category": "credit_destruction", "cause": "互联网泡沫", "causeEn": "Dotcom bubble", "active": false, "recovery_days": 5699, "recovery_date": "2015-11-03"}, {"period": "2015: 11月3日 - 2016年2月9日", "days": 98, "high": 4719.05, "low": 3947.8, "decline": -0.163, "category": "correction", "cause": "人民币与原油", "causeEn": "Yuan devaluation + oil", "active": false, "recovery_days": 268, "recovery_date": "2016-07-28"}, {"period": "2016: 10月24日 - 11月4日", "days": 11, "high": 4909.97, "low": 4660.46, "decline": -0.051, "category": "mechanical_scare", "cause": "2016 年初恐慌", "causeEn": "Early-2016 selloff", "active": false, "recovery_days": 50, "recovery_date": "2016-12-13"}, {"period": "2018: 1月26日 - 2月8日", "days": 13, "high": 7022.97, "low": 6306.1, "decline": -0.102, "category": "correction", "cause": "波动率恐慌", "causeEn": "Volmageddon", "active": false, "recovery_days": 42, "recovery_date": "2018-03-09"}, {"period": "2018: 3月12日 - 4月2日", "days": 21, "high": 7131.12, "low": 6390.84, "decline": -0.104, "category": "correction", "cause": "波动率恐慌", "causeEn": "Volmageddon", "active": false, "recovery_days": 84, "recovery_date": "2018-06-04"}, {"period": "2018: 8月29日 - 12月24日", "days": 117, "high": 7660.18, "low": 5899.35, "decline": -0.23, "category": "bear_market", "cause": "加息担忧", "causeEn": "Rate-hike fears", "active": false, "recovery_days": 231, "recovery_date": "2019-04-17"}, {"period": "2019: 5月3日 - 6月3日", "days": 31, "high": 7845.73, "low": 6978.02, "decline": -0.111, "category": "correction", "cause": "中美贸易战", "causeEn": "US-China trade war", "active": false, "recovery_days": 61, "recovery_date": "2019-07-03"}, {"period": "2019: 7月26日 - 8月5日", "days": 10, "high": 8016.95, "low": 7415.69, "decline": -0.075, "category": "mechanical_scare", "cause": "中美贸易战", "causeEn": "US-China trade war", "active": false, "recovery_days": 91, "recovery_date": "2019-10-25"}, {"period": "2020: 2月19日 - 3月20日", "days": 30, "high": 9718.73, "low": 6994.29, "decline": -0.28, "category": "bear_market", "cause": "新冠疫情", "causeEn": "COVID pandemic", "active": false, "recovery_days": 107, "recovery_date": "2020-06-05"}, {"period": "2020: 6月10日 - 6月11日", "days": 1, "high": 10094.26, "low": 9588.48, "decline": -0.05, "category": "mechanical_scare", "cause": "新冠疫情", "causeEn": "COVID pandemic", "active": false, "recovery_days": 12, "recovery_date": "2020-06-22"}, {"period": "2020: 9月2日 - 9月23日", "days": 21, "high": 12420.54, "low": 10833.33, "decline": -0.128, "category": "correction", "cause": "新冠疫情", "causeEn": "COVID pandemic", "active": false, "recovery_days": 90, "recovery_date": "2020-12-01"}, {"period": "2021: 11月19日 - 2022年12月28日", "days": 404, "high": 16573.34, "low": 10679.34, "decline": -0.356, "category": "bear_market", "cause": "紧缩预期", "causeEn": "Tightening fears", "active": false, "recovery_days": 756, "recovery_date": "2023-12-15"}, {"period": "2021: 2月12日 - 3月8日", "days": 24, "high": 13807.7, "low": 12299.08, "decline": -0.109, "category": "correction", "cause": "紧缩预期", "causeEn": "Tightening fears", "active": false, "recovery_days": 56, "recovery_date": "2021-04-09"}, {"period": "2021: 4月16日 - 5月12日", "days": 26, "high": 14041.91, "low": 13001.63, "decline": -0.074, "category": "mechanical_scare", "cause": "紧缩预期", "causeEn": "Tightening fears", "active": false, "recovery_days": 59, "recovery_date": "2021-06-14"}, {"period": "2021: 9月7日 - 10月4日", "days": 27, "high": 15675.76, "low": 14472.12, "decline": -0.077, "category": "mechanical_scare", "cause": "紧缩预期", "causeEn": "Tightening fears", "active": false, "recovery_days": 51, "recovery_date": "2021-10-28"}, {"period": "2024: 12月16日 - 2025年1月14日", "days": 29, "high": 22096.66, "low": 20757.41, "decline": -0.061, "category": "mechanical_scare", "cause": "衰退担忧", "causeEn": "Recession fears", "active": false, "recovery_days": 60, "recovery_date": "2025-02-14"}, {"period": "2024: 3月22日 - 4月19日", "days": 28, "high": 18339.44, "low": 17037.65, "decline": -0.071, "category": "mechanical_scare", "cause": "衰退担忧", "causeEn": "Recession fears", "active": false, "recovery_days": 54, "recovery_date": "2024-05-15"}, {"period": "2024: 7月10日 - 8月7日", "days": 28, "high": 20675.38, "low": 17867.37, "decline": -0.136, "category": "correction", "cause": "衰退担忧", "causeEn": "Recession fears", "active": false, "recovery_days": 119, "recovery_date": "2024-11-06"}, {"period": "2025: 10月29日 - 2026年3月30日", "days": 152, "high": 26119.85, "low": 22953.38, "decline": -0.121, "category": "correction", "cause": "估值消化", "causeEn": "Valuation reset", "active": false, "recovery_days": 168, "recovery_date": "2026-04-15"}, {"period": "2025: 2月19日 - 4月8日", "days": 48, "high": 22175.6, "low": 17090.4, "decline": -0.229, "category": "bear_market", "cause": "关税冲击", "causeEn": "Tariff shock", "active": false, "recovery_days": 125, "recovery_date": "2025-06-24"}, {"period": "2026: 6月2日 - 7月29日", "days": 57, "high": 30660.6, "low": 27192.31, "decline": -0.113, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 112, "recovery_date": "2026-09-22"}], "summary": {"totalCount": 60, "medianDays": 26, "medianDecline": -0.109, "maxDecline": -0.829, "maxDuration": 924, "bearMarkets": 8}, "categories": [{"id": "mechanical_scare", "name": "技术性惊吓", "range": "5%-10%", "duration": "1-4周", "color": "#faad14"}, {"id": "narrative_break", "name": "叙事崩塌", "range": "10%-15%", "duration": "1-3个月", "color": "#fa8c16"}, {"id": "policy_shift", "name": "政策逆流", "range": "15%-30%", "duration": "3-12个月", "color": "#f5222d"}, {"id": "exogenous_shock", "name": "外生冲击", "range": "30%-45%", "duration": "不确定", "color": "#722ed1"}, {"id": "credit_destruction", "name": "信用崩塌/科技泡沫", "range": ">45%", "duration": "1-3年", "color": "#820014"}]}