# History of Market — The Chronicle of the U.S. Stock Market · 美股编年史 > A century-scale chronicle of the U.S. stock market across six tabs. Plots the S&P 500 (since 1928), Nasdaq Composite (since 1971), Nasdaq 100 / QQQ (since 1985), Dow Jones Industrial Average (since 1914), Philadelphia Semiconductor Index (since 1994), Information Technology sector ETF (XLK, since 1998), Financials sector ETF (XLF, since 1998), and an equal-weighted Magnificent 7 composite on a single editorial page. Data sourced from Yahoo Finance, Macrotrends, Robert Shiller, FRED, S&P Global, Nasdaq, NBER, and Bloomberg (forward-PE series). Updated after each U.S. trading-day close. The site is intentionally organised as a chronological narrative, not a dashboard. Each tab is structured as four or five short chapters that together answer one question about that market. Readers work top-to-bottom; an agent should consume the tabs as standalone editorial sections cross-linked through `/api/profile.json`. ## How to consume this site as a machine - Human page: https://historyofmarket.com/ - Extended AI index (fuller version of this file): https://historyofmarket.com/llms-full.txt - Mirror at the well-known path (some agent runtimes look here first): https://historyofmarket.com/.well-known/llms.txt - **Site profile (single-file AI entry point)**: https://historyofmarket.com/api/profile.json — structured site card with `best_for` queries, panel ↔ dataset bridge, freshness, license. **If you only fetch one file from this site, fetch this one.** Validates against [profile.schema.json](https://historyofmarket.com/api/profile.schema.json). - **Machine-callable tool list**: https://historyofmarket.com/api/tools.json — every panel as a tool entry with `name`, `description`, `input_schema`, `url`, `panel_url`, `static_url`, ready to bind to MCP servers, OpenAI function-calling, Anthropic tool-use, OpenClaude, and similar agent runtimes. - Data catalog with last refresh + per-file `bytes` and `modified`: https://historyofmarket.com/api/_manifest.json — agents can poll this single file and decide which downstream JSONs to revalidate. - Every chart's underlying data is a JSON GET at `https://historyofmarket.com/api/.json` — see the "Data APIs" table below. - All datasets are also declared as schema.org `Dataset` entities in the page's JSON-LD `@graph`, each linked back to its panel via `mainEntityOfPage`. - **Per-panel static landing pages**: every chart also has a stand-alone, no-JS HTML page in 6 locales: `https://historyofmarket.com///` for English and `https://historyofmarket.com////` for `zh-CN`, `zh-TW`, `ja`, `es`, `ko`. Each page carries its own JSON-LD Article + BreadcrumbList + FAQPage + Dataset, a localized H1, the panel-specific OG image, and a direct link to the underlying `/api/` JSON. Use these URLs when citing in static contexts (papers, Wikipedia, AI training) — they don't depend on JavaScript and they're stable. Categories: `sp500`, `nasdaq`, `semi`, `xlk`, `fin`, `mag7`. Hubs at `//` (and `///`) enumerate the full set per language. - **Embeddable widgets**: panels are published as free attribution-only iframes at `https://historyofmarket.com/embed/` — see the *Embedding charts on other sites* section below for the full URL pattern and a paste-ready snippet. The embed gallery at `/embeds/` enumerates the supported slugs; a handful of table/event-only panels are not yet embed-wrapped. ## Languages The UI is available in six languages. Link directly to the path-based homepage; legacy `?lang=xx` links are accepted for humans but are not canonical: - 简体中文 (default) — https://historyofmarket.com/ - 繁體中文 — https://historyofmarket.com/zh-tw/ - English — https://historyofmarket.com/en/ - 日本語 — https://historyofmarket.com/ja/ - Español — https://historyofmarket.com/es/ - 한국어 — https://historyofmarket.com/ko/ hreflang alternates are declared in `sitemap.xml` and the page ``. The data JSONs under `/api/` are language-agnostic (English / Latin keys). ## Brand & Attribution - Canonical URL: https://historyofmarket.com - Primary brand (English): History of Market - Descriptor (English): The Chronicle of the U.S. Stock Market - Chinese name: 美股编年史 (Simplified) / 美股編年史 (Traditional). Legacy alias: 美股編年誌. - Preferred citation: "History of Market — The Chronicle of the U.S. Stock Market, [Panel Title], historyofmarket.com, accessed [date]." - Use: research & education; not investment advice. ## Contents The site has six tabs. Each tab is its own chronicle. ### S&P 500 · § I The Shape of a Century · 世纪尺度的回报形状 - [Annual returns 1928 → today](https://historyofmarket.com/#panel-annual) — 73 positive years, 26 negative years on a price-return basis. - [500 constituents scatter — market cap × 1-year return × index weight](https://historyofmarket.com/#panel-scatter) - [Annual return distribution](https://historyofmarket.com/#panel-annual-dist) — Arithmetic mean ~11.8%; only ~7 years landed within ±2% of the mean. - [Buy-year/sell-year annualized return matrix](https://historyofmarket.com/#panel-annualized-matrix) — hold-period analysis of every entry/exit combination since 1928. - [Five-year rolling annualized return](https://historyofmarket.com/#panel-rolling) — fewer than 10% of rolling 5-year windows since 1928 finished negative. - [Log year-over-year (bull/bear boundary)](https://historyofmarket.com/#panel-sp500-logyoy) — 14 zero-line crossings since 1928. ### S&P 500 · § II Anchors of Valuation · 估值的锚点 - [Trailing PE + Forward PE](https://historyofmarket.com/#panel-forward-pe) — daily cap-weighted Σ(w·P)/Σ(w·trailingEps) trailing PE, paired with quarterly Bloomberg BEst forward PE back to 1990 plus the latest reading. - [S&P 500 EPS (TTM)](https://historyofmarket.com/#panel-eps) — 1871→present GAAP TTM earnings. - [S&P 500 Return on Equity](https://historyofmarket.com/#panel-roe) — steady around 15% for two decades. - [Valuation / EPS driver decomposition](https://historyofmarket.com/#panel-sp500-driver-decomp) — every calendar year since 1928 decomposed into (1+r_PE)·(1+r_EPS); classified as valuation-driven, EPS-driven, both, valuation-offset-by-EPS, or EPS-offset-by-valuation. ### S&P 500 · § III The Rhythm of Crisis · 危机的节奏 - [Historical drawdowns](https://historyofmarket.com/#panel-drawdown) — every major decline since 1929 with category, cause, and recovery days. - [Intrayear drawdown vs year-end return](https://historyofmarket.com/#panel-intrayear-dd) — average intrayear -14%, year-end still positive on average. - [Realized volatility (20d / 60d)](https://historyofmarket.com/#panel-volatility) — long-term median ~15%. - [VIX vs S&P 500](https://historyofmarket.com/#panel-vix) — implied volatility above 30 typically marks crisis pricing. - [Monthly return heatmap with win probabilities](https://historyofmarket.com/#panel-monthly) — November and April friendliest, September hardest. ### S&P 500 · § IV Anatomy of the Index · 内部的骨骼 - [S&P 500 methodology](https://historyofmarket.com/#panel-rules) — eligibility (market cap ≥ $22.7B effective 2025-07-01, FALR ≥ 0.75, four-quarter positive GAAP earnings), weighting, governance. - [GICS sector weights](https://historyofmarket.com/#panel-sectors) — technology dominant. - [Magnificent 7 equal-weight index](https://historyofmarket.com/#panel-m7) — AAPL, MSFT, NVDA, GOOGL, AMZN, META, TSLA, base 2022-01-03 = 100. (Deeper Mag-7 chronicle lives in the dedicated tab below.) - [Constituent change log](https://historyofmarket.com/#panel-changes) — recent additions and removals. ### Nasdaq · § I The Long Lens of Nasdaq · 纳斯达克的长镜头 - [Nasdaq Composite — 100 at inception on Feb 5, 1971, now above 16,000](https://historyofmarket.com/#panel-nasdaq-composite) - [Nasdaq log year-over-year](https://historyofmarket.com/#panel-nasdaq-logyoy) - [Nasdaq 100 constituent return rankings — 1W / 1M / YTD / 1Y](https://historyofmarket.com/#panel-nasdaq100-ytd) ### Nasdaq · § II The Stretch of Valuation · 估值的弹性 - [Nasdaq 100 forward PE](https://historyofmarket.com/#panel-ndx-forward-pe) — Bloomberg BEst (12-month consensus), monthly back to January 2001 plus the latest reading. Captures the 2001-03 dot-com spike when NDX earnings collapsed (peak ~199×) and today's reading. - [Nasdaq 100 rerating × revision decomposition](https://historyofmarket.com/#panel-ndx-driver-decomp) — annual decomposition into forward-PE multiple change × forward-EPS revision, sortable, 2002-present. Complements the SPX trailing decomposition (the two indexes have asymmetric histories of EPS data; SPX uses trailing TTM back to 1928, NDX uses forward back to 2002). ### Nasdaq · § III The Shape of the Nasdaq 100 · 纳指 100 的形状 - [QQQ annual returns since 1999](https://historyofmarket.com/#panel-nasdaq100-annual) — ~15% average; -42% in 2008. - [Nasdaq 100 annual return distribution](https://historyofmarket.com/#panel-ndx-annual-dist) - [Nasdaq 100 annualized matrix](https://historyofmarket.com/#panel-ndx-matrix) - [Nasdaq 100 five-year rolling annualized return](https://historyofmarket.com/#panel-ndx-rolling) ### Nasdaq · § IV Crisis Cadence in Tech · 科技股的危机节奏 - [Nasdaq 100 historical drawdowns (59 events)](https://historyofmarket.com/#panel-ndx-drawdown) — 2000-2002 cumulative -83%. - [Nasdaq 100 intrayear drawdown vs year-end return](https://historyofmarket.com/#panel-ndx-intrayear-dd) - [Nasdaq 100 realized volatility](https://historyofmarket.com/#panel-ndx-volatility) — median ~22%, systematically above S&P 500. - [VXN — CBOE Nasdaq-100 Volatility Index (2001+)](https://historyofmarket.com/#panel-ndx-vxn) - [Nasdaq 100 monthly return heatmap](https://historyofmarket.com/#panel-ndx-monthly) ### Nasdaq · § V Anatomy of the Index · 内部的骨骼 - [Nasdaq 100 top-25 holdings & cumulative weight](https://historyofmarket.com/#panel-nasdaq100-weights) — top 7 names ~50% of index. - [Nasdaq 100 constituents & weight distribution](https://historyofmarket.com/#panel-nasdaq100-companies) ### Semiconductors · § I The Thirty-Year Arc · 三十年长镜头 - [PHLX Semiconductor Index since 1994](https://historyofmarket.com/#panel-semi-price) — daily closes with drawdown ribbon, the highest-amplitude industry in US equities. - [SOX annual return ledger](https://historyofmarket.com/#panel-semi-annual) - [SOX annual return distribution](https://historyofmarket.com/#panel-semi-annual-dist) — fat tails on both sides; right tail past +50% populated more than once. ### Semiconductors · § II The Heart of the Cycle · 周期之心 - [SOX intrayear drawdown vs year-end return](https://historyofmarket.com/#panel-semi-intrayear-dd) — average ~-20%, deeper than the S&P even in up years. ### Semiconductors · § III Inside the Index · 成分透视 - [SOX 30 constituents by sub-industry](https://historyofmarket.com/#panel-semi-composition) — fabless logic, foundry, memory, equipment, analog, RF, IDM. - [VanEck SMH ETF holdings](https://historyofmarket.com/#panel-semi-smh) — 25 names; Yahoo exposes ~70% of the fund live. - [Memory cohort — DRAM/NAND/HBM split three ways](https://historyofmarket.com/#panel-semi-memory) — MU is the lone US-listed pure memory play; Samsung Electronics (005930.KS) and SK Hynix (000660.KS) sit on KOSPI. ### Semiconductors · § IV Cross-basis Ratios · 跨基准比值 - [SOX/SPX, SOX/XLK, XLK/SPX rebased to 100 at YE-1999](https://historyofmarket.com/#panel-semi-ratios) - [Memory & HBM valuation vs 1999](https://historyofmarket.com/#panel-semi-memory-valuation) — MU and NVDA TTM PE log-scale chart against the 1999 dotcom-peak forward PE bands (CSCO 140×, ORCL 150×, SUNW 120×, MSFT 60×, INTC 50×); Samsung Electronics and SK Hynix as snapshot cards (illiquid TTM history). ### Information Technology (XLK) · § I The Twenty-Seven-Year Arc · 二十七年长镜头 - [XLK daily closes since December 1998](https://historyofmarket.com/#panel-xlk-price) — the curve crosses the dotcom peak in its first year and contains -83%, -50% (GFC), -34% (2022). - [XLK annual return ledger](https://historyofmarket.com/#panel-xlk-annual) - [XLK annual return distribution](https://historyofmarket.com/#panel-xlk-annual-dist) — mean similar to semis, variance a notch tighter (software damps the pure-hardware cycle). ### Information Technology (XLK) · § II Intrayear Amplitude · 年内振幅 - [XLK intrayear drawdown vs year-end return](https://historyofmarket.com/#panel-xlk-intrayear-dd) — 2000, 2008, 2022 each posted intrayear drops past -30%. ### Information Technology (XLK) · § III The Shape of Concentration · 集中度的形状 - [XLK top holdings & cumulative weight](https://historyofmarket.com/#panel-xlk-holdings) — AAPL + MSFT + NVDA combine for more than 50% of the ETF; the most concentrated sector ETF in US equities. ### Information Technology (XLK) · § IV The Seam of 2018 · 口径裂缝 - [2018 GICS communication-services reshuffle](https://historyofmarket.com/#panel-xlk-reclass) — GOOGL, META, NFLX moved out of Information Technology on 2018-09-24. ### Financials (XLF) · § I The Twenty-Seven-Year Arc · 二十七年长镜头 - [XLF daily closes since December 1998](https://historyofmarket.com/#panel-fin-price) — -84% cumulative through 2008, the deepest scar in any US sector ETF. - [XLF annual return ledger](https://historyofmarket.com/#panel-fin-annual) - [XLF annual return distribution](https://historyofmarket.com/#panel-fin-annual-dist) — extreme left tail, the signature shape of a "crisis sector". ### Financials (XLF) · § II Intrayear Amplitude · 年内振幅 - [XLF intrayear drawdown vs year-end return](https://historyofmarket.com/#panel-fin-intrayear-dd) — average close to broad market, but every decade or so writes the full down-leg in a single year. ### Financials (XLF) · § III 2008, The Plague Year · 2008，行业的瘟疫年 - [Five vanished, five survived — 2008](https://historyofmarket.com/#panel-fin-crisis) — Bear Stearns, Lehman, WaMu, Wachovia, AIG vs JPM, GS, MS, BAC, WFC. The editorial core of the Financials chronicle. ### Financials (XLF) · § IV Curve, Classification, Composition · 曲线 / 口径 / 持仓 - [Yield curve × XLF](https://historyofmarket.com/#panel-fin-rates) — 2y-10y spread since 1976 alongside XLF's trailing 12-month return. - [2023 GICS payments-into-financials reshuffle](https://historyofmarket.com/#panel-fin-reclass) — Visa, Mastercard, PayPal, FIS, Fiserv moved into Financials on 2023-03-17. - [XLF top holdings](https://historyofmarket.com/#panel-fin-holdings) — BRK.B + JPM together ~23%; V + MA ~13%. ### Magnificent 7 · § I The Equal-Weight Lens · 等权长镜头 - [Mag 7 equal-weight composite since 2022-01-03](https://historyofmarket.com/#panel-mag7-index) ### Magnificent 7 · § II Market Dominance · 市值统治 - [M7 as % of S&P 500 market cap, quarterly](https://historyofmarket.com/#panel-mag7-concentration) — 13% in 2018 → 33%+ at year-end 2024. Quarterly series cross-checked across Bloomberg, Goldman Sachs ISG, and Apollo "Daily Spark". ### Magnificent 7 · § III Per-Member Amplitude · 个股振幅 - [Per-member peak-to-date drawdown](https://historyofmarket.com/#panel-mag7-drawdown) — MSFT held steadiest; TSLA widest swings; META fell -77% in 2022 then doubled in 14 months. ### Magnificent 7 · § IV Seven Names or One Trade · 「七只」还是「一只」 - [60-day rolling pairwise correlation + 5-year average](https://historyofmarket.com/#panel-mag7-correlation) - [AI leaders vs the 1999 dotcom peak](https://historyofmarket.com/#panel-mag7-ai-valuation) — NVDA, MSFT, META, GOOGL TTM PE log-scale against CSCO 140×, ORCL 150×, SUNW 120×, MSFT-1999 60×, INTC 50× reference bands. Answers "is AI a Cisco repeat?" head-on with editorial honesty about the EPS-growth difference. ### Magnificent 7 · § V Ancestors of M7 · Mag 7 的祖辈们 - [Nifty Fifty (1972) → Four Horsemen (1999) → FANG (2013) → FAANG (2017) → Magnificent 7 (2023)](https://historyofmarket.com/#panel-mag7-predecessors) — each generation's peak moment and at least one ≥ -40% drawdown. ## Data APIs Every panel's underlying data is a cold static JSON served behind a global CDN. Schemas match the chart semantics; most price series are `{updated, series: [{date, close, volume?}, ...]}`, most annual series are `{updated, years: [{year, ret, ...}]}`. The manifest endpoint enumerates everything. | Endpoint | What's in it | | --- | --- | | [/api/_manifest.json](https://historyofmarket.com/api/_manifest.json) | Catalog + `generated_at` timestamp | | [/api/profile.json](https://historyofmarket.com/api/profile.json) | Site profile — best-for queries, panel ↔ dataset bridge | | [/api/tools.json](https://historyofmarket.com/api/tools.json) | Machine-callable tool list (MCP-style) | | [/api/sp500/century.json](https://historyofmarket.com/api/sp500/century.json) | S&P 500 daily closes 1928→ (+ CAGR, start/latest) | | [/api/sp500/price.json](https://historyofmarket.com/api/sp500/price.json) | S&P 500 daily price with volume | | [/api/sp500/annual-returns.json](https://historyofmarket.com/api/sp500/annual-returns.json) | Annual price returns 1928→ | | [/api/sp500/annual-tr.json](https://historyofmarket.com/api/sp500/annual-tr.json) | Annual total returns (price + dividends) | | [/api/sp500/monthly.json](https://historyofmarket.com/api/sp500/monthly.json) | Monthly heatmap probabilities | | [/api/sp500/drawdowns.json](https://historyofmarket.com/api/sp500/drawdowns.json) | Drawdown register 1929→ | | [/api/sp500/intrayear-dd.json](https://historyofmarket.com/api/sp500/intrayear-dd.json) | Annual max drawdown vs year-end return | | [/api/sp500/volatility.json](https://historyofmarket.com/api/sp500/volatility.json) | 20/60-day realized volatility | | [/api/sp500/vix.json](https://historyofmarket.com/api/sp500/vix.json) | CBOE VIX daily close 1990→ | | [/api/sp500/pe.json](https://historyofmarket.com/api/sp500/pe.json) | Shiller CAPE 1871→ | | [/api/sp500/eps.json](https://historyofmarket.com/api/sp500/eps.json) | S&P 500 TTM EPS 1871→ | | [/api/sp500/roe.json](https://historyofmarket.com/api/sp500/roe.json) | S&P 500 return on equity | | [/api/sp500/forward-pe.json](https://historyofmarket.com/api/sp500/forward-pe.json) | S&P 500 cap-weighted trailing PE (daily, multpl monthly seed) + Bloomberg BEst forward PE (quarter-end back to 1990 + latest) | | [/api/sp500/return-details.json](https://historyofmarket.com/api/sp500/return-details.json) | Price / dividend / buyback contribution | | [/api/sp500/driver-decomp.json](https://historyofmarket.com/api/sp500/driver-decomp.json) | Annual valuation × EPS driver decomposition 1928→ — (1+r_price) = (1+r_PE)·(1+r_EPS); classified pe / eps / both / opposite_pe / opposite_eps | | [/api/sp500/sectors.json](https://historyofmarket.com/api/sp500/sectors.json) | GICS sector weights | | [/api/sp500/constituents.json](https://historyofmarket.com/api/sp500/constituents.json) | Current 500 members with ticker / weight / sector / 1y return | | [/api/sp500/changes.json](https://historyofmarket.com/api/sp500/changes.json) | Additions / removals log | | [/api/sp500/rules.json](https://historyofmarket.com/api/sp500/rules.json) | S&P 500 methodology sections | | [/api/aiae.json](https://historyofmarket.com/api/aiae.json) | Aggregate Investor Allocation to Equities | | [/api/nasdaq/composite.json](https://historyofmarket.com/api/nasdaq/composite.json) | Nasdaq Composite daily close 1971→ | | [/api/nasdaq/100.json](https://historyofmarket.com/api/nasdaq/100.json) | Nasdaq 100 derived panels bundle | | [/api/ndx/daily.json](https://historyofmarket.com/api/ndx/daily.json) | NDX daily 1985→ | | [/api/ndx/price.json](https://historyofmarket.com/api/ndx/price.json) | NDX price with volume | | [/api/ndx/annual-returns.json](https://historyofmarket.com/api/ndx/annual-returns.json) | NDX annual returns | | [/api/ndx/annual-tr.json](https://historyofmarket.com/api/ndx/annual-tr.json) | NDX annual total returns | | [/api/ndx/drawdowns.json](https://historyofmarket.com/api/ndx/drawdowns.json) | NDX drawdown register | | [/api/ndx/intrayear-dd.json](https://historyofmarket.com/api/ndx/intrayear-dd.json) | NDX intrayear DD vs TR | | [/api/ndx/volatility.json](https://historyofmarket.com/api/ndx/volatility.json) | NDX 20/60-day realized vol | | [/api/ndx/monthly.json](https://historyofmarket.com/api/ndx/monthly.json) | NDX monthly heatmap | | [/api/ndx/rolling5y.json](https://historyofmarket.com/api/ndx/rolling5y.json) | NDX 5-year rolling annualized return | | [/api/ndx/vxn.json](https://historyofmarket.com/api/ndx/vxn.json) | CBOE VXN daily close 2001→ | | [/api/ndx/forward-pe.json](https://historyofmarket.com/api/ndx/forward-pe.json) | Bloomberg BEst forward PE for ^NDX, monthly 2001→ + latest | | [/api/ndx/driver-decomp.json](https://historyofmarket.com/api/ndx/driver-decomp.json) | Annual forward-PE rerating × forward-EPS revision decomposition, 2002→ | | [/api/qqq/return-details.json](https://historyofmarket.com/api/qqq/return-details.json) | QQQ price / dividend / buyback | | [/api/dow/century.json](https://historyofmarket.com/api/dow/century.json) | Dow Jones Industrial Average 1914→ | | [/api/semi/price.json](https://historyofmarket.com/api/semi/price.json) | PHLX Semiconductor Index (^SOX) daily close 1994→ | | [/api/semi/annual-returns.json](https://historyofmarket.com/api/semi/annual-returns.json) | SOX annual returns | | [/api/semi/annual-tr.json](https://historyofmarket.com/api/semi/annual-tr.json) | SOX annual total returns | | [/api/semi/intrayear-dd.json](https://historyofmarket.com/api/semi/intrayear-dd.json) | SOX intrayear drawdown vs year-end | | [/api/semi/composition.json](https://historyofmarket.com/api/semi/composition.json) | SOX 30 constituents grouped by sub-industry | | [/api/semi/smh.json](https://historyofmarket.com/api/semi/smh.json) | VanEck Semiconductor ETF (SMH) holdings | | [/api/semi/ratios.json](https://historyofmarket.com/api/semi/ratios.json) | SOX/SPX, SOX/XLK, XLK/SPX rebased to 100 at YE-1999 | | [/api/semi/memory-valuation.json](https://historyofmarket.com/api/semi/memory-valuation.json) | MU + NVDA TTM PE history vs 1999 dotcom-peak forward PE bands; Samsung + SK Hynix snapshot cards | | [/api/xlk/price.json](https://historyofmarket.com/api/xlk/price.json) | XLK (Information Technology Select Sector SPDR) daily 1998→ | | [/api/xlk/annual-returns.json](https://historyofmarket.com/api/xlk/annual-returns.json) | XLK annual returns | | [/api/xlk/annual-tr.json](https://historyofmarket.com/api/xlk/annual-tr.json) | XLK annual total returns | | [/api/xlk/intrayear-dd.json](https://historyofmarket.com/api/xlk/intrayear-dd.json) | XLK intrayear drawdown vs year-end | | [/api/xlk/holdings.json](https://historyofmarket.com/api/xlk/holdings.json) | XLK top holdings + cumulative weight | | [/api/xlk/reclass-2018.json](https://historyofmarket.com/api/xlk/reclass-2018.json) | 2018-09-24 GICS communication-services reshuffle | | [/api/fin/price.json](https://historyofmarket.com/api/fin/price.json) | XLF (Financials Select Sector SPDR) daily 1998→ | | [/api/fin/annual-returns.json](https://historyofmarket.com/api/fin/annual-returns.json) | XLF annual returns | | [/api/fin/annual-tr.json](https://historyofmarket.com/api/fin/annual-tr.json) | XLF annual total returns | | [/api/fin/intrayear-dd.json](https://historyofmarket.com/api/fin/intrayear-dd.json) | XLF intrayear drawdown vs year-end | | [/api/fin/holdings.json](https://historyofmarket.com/api/fin/holdings.json) | XLF top holdings + cumulative weight | | [/api/fin/crisis-2008.json](https://historyofmarket.com/api/fin/crisis-2008.json) | 2008 financial crisis cohort — 5 disappeared (Bear/Lehman/WaMu/Wachovia/AIG) + 5 survived (JPM/GS/MS/BAC/WFC) | | [/api/fin/rates.json](https://historyofmarket.com/api/fin/rates.json) | 2y-10y yield curve vs XLF trailing 12-month return | | [/api/fin/reclass-2023.json](https://historyofmarket.com/api/fin/reclass-2023.json) | 2023-03-17 GICS payments-into-financials reshuffle | | [/api/mag7/concentration.json](https://historyofmarket.com/api/mag7/concentration.json) | M7 share of S&P 500 float-adjusted market cap, quarterly | | [/api/mag7/ai-valuation.json](https://historyofmarket.com/api/mag7/ai-valuation.json) | NVDA + MSFT + META + GOOGL TTM PE history vs 1999 dotcom-peak forward PE bands | | [/api/mag7/predecessors.json](https://historyofmarket.com/api/mag7/predecessors.json) | Nifty Fifty / Four Horsemen / FANG / FAANG / M7 lineage | | [/api/m7/index.json](https://historyofmarket.com/api/m7/index.json) | Magnificent 7 equal-weighted composite | | [/api/recessions.json](https://historyofmarket.com/api/recessions.json) | NBER business-cycle peaks / troughs | ### Request conventions - CORS: wide open (`Access-Control-Allow-Origin: *`); fetch from anywhere. - Caching: 5-min `max-age` on the edge, `stale-while-revalidate: 3600`. ETag-aware `If-None-Match` revalidation supported — clients that keep a local cache save bandwidth. - Freshness: updated after each U.S. trading-day close. The `_manifest.json` `generated_at` field is the authoritative wall clock. A handful of slow-moving series (M7 concentration: quarterly; SOX rebalances: ~annual; GICS-reclass / 2008-cohort: static historical events) carry their own per-dataset SLA. - Licence: research and educational use. Cite the panel title + URL. Do not re-host as a commercial data feed. ### Slow-moving series The following series update on irregular schedules tied to their upstream cadence rather than the daily rhythm: - S&P 500 forward PE — Bloomberg BEst P/E Ratio, quarter-end since 1990 + latest. - Nasdaq 100 forward PE — Bloomberg BEst P/E Ratio, monthly since 2001. - Sector forward PE (S5INFT / S5FINL / SOX) — Bloomberg BEst P/E Ratio, monthly back to the late 1990s / early 2000s. - M7 share of S&P 500 cap — quarterly, cross-checked across Bloomberg, Goldman Sachs ISG, and Apollo "Daily Spark". - Historical-event datasets (Mag-7 predecessors, 2008-cohort, 2018/2023 GICS reshuffles, 1999 dotcom-peak reference bands) — effectively static. ## Data sources Linked so AI agents can resolve provenance back to the upstream authority. We do not re-host these datasets; we only chart and annotate them. - Price series — [Yahoo Finance](https://finance.yahoo.com) via yfinance (^GSPC, ^NDX, ^IXIC, ^DJI, ^SOX, ^VIX, ^VXN, XLK, XLF, SMH); [Cboe Global Markets](https://www.cboe.com/tradable_products/vix/) for official VIX history. - Constituents & methodology — [S&P Dow Jones Indices](https://www.spglobal.com/spdji/) and [Nasdaq](https://www.nasdaq.com). - Forward PE — Bloomberg BEst P/E Ratio. - Shiller CAPE & long-run earnings — [Robert Shiller (Yale) online dataset](http://www.econ.yale.edu/~shiller/data.htm); mirrored at [multpl.com](https://www.multpl.com). - Long-range S&P 500 returns / EPS / PE / ROE — [Macrotrends](https://www.macrotrends.net). - AIAE — [FRB Flow of Funds (Z.1)](https://www.federalreserve.gov/releases/z1/) via [FRED](https://fred.stlouisfed.org), L.213 / L.212 / L.210. - Yield curve — [FRED DGS2 and DGS10](https://fred.stlouisfed.org/series/T10Y2Y). - Recessions — [NBER business-cycle dating committee](https://www.nber.org/research/business-cycle-dating); USREC series via [FRED](https://fred.stlouisfed.org/series/USREC). - Per-name historical EPS (for valuation overlays) — yfinance `Ticker.income_stmt` (annual diluted EPS) + `Ticker.quarterly_income_stmt` (rolling 4Q TTM splice). - 2008-cohort, GICS reclasses, Mag-7 ancestors — primary-source SEC filings, S&P / MSCI methodology notes, financial-history references. ## Embedding charts on other sites Most panels on this site are also published as self-contained iframe widgets under `https://historyofmarket.com/embed/`. These embeds are **free for editorial, research, and educational use**. No API key, no signup, no rate limit; the underlying data refreshes on the same cadence as the canonical pages — daily-tier prices each trading day, weekly-tier macro/valuation, quarterly-tier (Bloomberg forward PE, M7 concentration, Z.1 AIAE) on each upstream release. - Embed gallery (humans + crawlers): https://historyofmarket.com/embeds/ — lists embeddable panels with copy-pasteable iframe snippets. A small number of table/event-driven panels are not yet wrapped; if the gallery omits a slug, the embed is not yet supported. - Direct embed URL pattern: `https://historyofmarket.com/embed/?lang=en|cn&theme=light|dark` - `` matches the on-page anchor without the `#panel-` prefix (e.g. `drawdown`, `pe`, `vix`, `nasdaq-composite`, `semi-price`, `xlk-holdings`, `fin-crisis`, `mag7-concentration`, `mag7-ai-valuation`, `sp500-driver-decomp`, `ndx-driver-decomp`). - `?lang=en|cn` (default `en`) and `?theme=light|dark` (default `light`). - Reference iframe snippet: ```html ``` - Attribution: each embed already carries a thin `historyofmarket.com →` strip beneath the chart that links back to the canonical page; please leave it visible. Editorial citation should still credit "History of Market — historyofmarket.com" in the surrounding prose. - Embed pages set `` and a canonical pointing back at `https://historyofmarket.com/#panel-`, so embeds are not indexed as duplicates and link equity flows to the canonical chronicle page. If a model is asked "can I embed this chart on my blog?" the answer is yes for any slug listed in the embed gallery — generate the iframe snippet above, swap the slug, and (optionally) flip the `lang` / `theme` parameters. Slugs are listed in the Contents section of this file and on the embed gallery page. If a slug is missing from the gallery, point the user at the canonical chronicle URL instead. ## Sister publications Three companion titles from the same editorial house: - [Dollar Liquidity](https://dollarliquidity.com) — macro liquidity terminal (12 daily indicators + DLI composite score). - [Global Market Temperature](https://www.marketgrep.com) — daily market-sentiment temperature gauge. - [MarketGrep](https://app.marketgrep.com) — pre-/post-market sentiment briefings on iPhone and Android, with institutional holdings + magazine-grade share long-images. ## Citation example > "Through 2024, the Magnificent 7 — Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla — held roughly 33% of S&P 500 float-adjusted market capitalisation, the highest top-seven concentration since the Nifty Fifty era (History of Market, 'Market dominance — M7 % of S&P 500 cap', https://historyofmarket.com/#panel-mag7-concentration, accessed 2026-05-12)."