Technology companies haven’t seen a sell-out like the dot-com bubble burst since 2001.
The Nasdaq This week it fell 3.8%, down for the seventh straight week. This is the longest tech-intensive index in 21 years.
After a historic backlash in recent years, inflation, rising interest rates, the war in Ukraine, and the blockade of pandemics in China have seen a particularly cruel spread for investors in generally disastrous markets and technology and growth stocks. Bringing.
The Federal Reserve has indicated that it will continue to raise interest rates to combat inflation, leading to concerns that rising cost of capital will combine with lower confidence in consumer profit margins.
The Nasdaq has fallen more than 29% since its peak on November 19, closing at 11,354.62 on Friday. The S & P 500 isn’t too bad, but it’s still Touched the territory of the bear market Friday, which is 20% lower than the highest price.
Cisco After the computer networking giant, it was one of the biggest tech losers in a week, down 13%. projection Unexpected decline in earnings this quarter. Once considered a pioneer in the economy given its widespread adoption in the enterprise, Cisco’s guidance was due to the company’s decision to suspend operations in Russia and Belarus and a supply shortage due to the blockade of Covid-19 in China. , And said it reflects uncertainty about when the situation will improve.
“Given this uncertainty, the company is realistic about the current environment and is cautious about the outlook, taking it quarterly,” the company said in a statement.
Dell CEO Michael Dell will give a keynote speech at the 2013 Oracle OpenWorld Conference in San Francisco, Calif., September 25, 2013.
Justin Sullivan | Getty Images
DellReporting results on Thursday, fell more than 11% that week. ShopifySelling software for electronic retailers has declined by almost 10%.Cloud software company Workday It fell about 9% after analysts downgraded stocks for fear of a recession.Security software vendor Octa I slid 14%.
Nasdaq is currently down 20% quarterly and is moving at the worst quarterly performance pace since the fourth quarter of 2008.