Nasdaq records first seven week losing streak since 2002
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Trade updates can be seen on monitors located on the New York Stock Exchange’s trading floor in Manhattan.
Reuters| Reuters
The tech industry hasn’t suffered a major selloff since 2001 after the burst of the dotcom boom.
It NasdaqThe index fell 3.8% for the seventh week in a row, dropping by 3.8%. The tech-heavy index is on its longest losing streak in 21 years.
Rising interest rates, inflation and war in Ukraine are all contributing to a debilitating market. It is especially difficult for technology investors and those who have invested in growth stocks and technology in the past, which has seen historic rallyings.
Federal Reserve signaled that they will increase interest rates in order to reduce inflation. There are concerns that rising capital costs will be combined with declining consumer confidence and will eat into profit margins.
Over 29% has been lost by the Nasdaq since Nov. 19, when it reached its peak. It closed on Friday, November 354.62. The S&P 500 hasn’t fared as badly, but it still touched bear market territoryIt fell 20% from Friday’s high on Friday
CiscoThe biggest tech loser of the week was the 13% drop in the share price after computer networking giant. projectedUnexpected revenue decline in the current quarter. Cisco stated that once viewed as an indicator of the economy’s health due to its presence in enterprise environments, its guidance now reflects Cisco’s decision not to operate in Russia or Belarus. This was in conjunction with the supply shortfalls caused by Covid-19 lockdowns and uncertainties about the future.
On its earnings call, the company explained that, “Given these uncertainties, we are being practical with the current environment but erring on a side of caution regarding our outlook, taking the quarter at a time.”
Michael Dell, Dell’s CEO, gives a keynote speech during the Oracle Open World Conference 2013, which took place in San Francisco (California) on September 25, 2013.
Justin Sullivan | Getty Images
DellThe week’s results for, published on Thursday, dropped by 11% ShopifyA company that sells software to e-retailers called. The drop in sales was almost 10%. Software company that uses cloud software WorkdayThe stock fell by about 9% following analysts’ downgrading it on fears of recession. Software vendor for security software OktaThe decline was 14%
Stocks that are associated with billionaires Elon MuskIt also received a huge hit. TwitterTesla CEO is in process of purchasing, which currently trades at $54.20 per share. This week, he saw a 6% drop to $38.29 TeslaThe drop was 14%
Big Tech: AppleDropped 6.5% and suffered its eighth consecutive weekly decline. AlphabetAmazon dropped by about 5%, and NASDAQ fell by 6%
Now, the Nasdaq has fallen 20% in the last quarter. This is the worst quarterly performance the Nasdaq has seen since 2008.
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