The S&P 500, Dow and Nasdaq Since Their 2000 Highs

Here is a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq composite since their 2000 highs. We've updated this through the May 31, 2023 close.

S&P 500, Dow 30, and Nasdaq Percent Change Since Peak in 2000

Here are two overlays — one with the nominal price, excluding dividends, and the other with the price adjusted for inflation based on the consumer price index for urban consumers (which is usually just referred to as the CPI). As of May 31, the Dow 30 is down 3.5%, the S&P 500 is up 0.2%, and the Nasdaq is up 5.8% from the last day of April.

S&P 500, Dow 30, and Nasdaq Nominal Gains Since Peak in 2000

When adjusted for inflation, the real month-over-month changes for each index become -4.0% for the Dow 30, -0.3% for the S&P 500, and 0.5% for the Nasdaq.

S&P 500, Dow 30, and Nasdaq Real Gains Since Peak in 2000

The charts require little explanation. So far, the 21st century has not been especially kind to equity investors. Yes, markets do bounce back, but often in time frames that defy optimistic expectations.