{"id":1486580,"date":"2022-05-21T07:45:33","date_gmt":"2022-05-21T11:45:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1486580"},"modified":"2022-05-21T07:45:35","modified_gmt":"2022-05-21T11:45:35","slug":"tech-stocks-suffer-worst-weekly-losing-streak-since-dot-com-bust","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tech-stocks-suffer-worst-weekly-losing-streak-since-dot-com-bust\/","title":{"rendered":"Tech Stocks Suffer Worst Weekly Losing Streak Since Dot-Com Bust"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftech-stocks-suffer-worst-weekly-losing-streak-since-dot-com-bust%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1486580&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"RegularArticle-KeyPoints-4\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>The Nasdaq dropped 3.8% this week, notching its seventh straight weekly drop.<\/li>\n<li>It&#8217;s the tech-heavy index&#8217;s longest weekly losing streak since 2001 during the dot-com bust.<\/li>\n<li>The Nasdaq is 29% off its record reached in November, while the S&#038;P 500 briefly fell into bear market territory on Friday, down 20% from its high.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div class=\"group\">\n<p>Tech companies haven&#8217;t seen a selloff like since 2001 and the bursting of the dot-com bubble.<\/p>\n<p>The <a href=\"https:\/\/www.cnbc.com\/quotes\/NDAQ\" target=\"_blank\" rel=\"noopener\">Nasdaq<\/a> declined 3.8% this week, falling for a seventh straight week. It&#8217;s the longest losing streak for the tech-heavy index in 21 years.<\/p>\n<p>Inflation, rising interest rates, the war in Ukraine and pandemic lockdowns in China are adding up to a disastrous market in general and a particularly brutal stretch for investors in technology and growth stocks, after historic rallies in recent years.<\/p>\n<p>The Federal Reserve has signaled it will continue to increase rates to fight inflation, leading to concern that higher costs of capital will combine with deteriorating consumer confidence to eat away at profit margins.<\/p>\n<p>The Nasdaq has lost over 29% since its peak on Nov. 19, closing on Friday at 11,354.62. The S&#038;P 500 hasn&#8217;t fared as badly, but it still <a href=\"https:\/\/www.cnbc.com\/2022\/05\/19\/stock-market-futures-open-to-close-news.html\">touched bear market territory<\/a> on Friday, meaning a 20% drop from its high.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/quotes\/CSCO\" target=\"_blank\" rel=\"noopener\">Cisco<\/a> was among the biggest tech losers for the week, falling 13%, after the computer networking giant <a href=\"https:\/\/www.cnbc.com\/2022\/05\/19\/cisco-stock-falls-10percent-after-company-projects-revenue-decline.html\">projected<\/a> an unexpected revenue drop in the current quarter. Once seen as a bellwether for the economy given its prevalence in enterprises, Cisco said its guidance reflects the company&#8217;s decision to cease operations in Russia and Belarus coupled with supply shortages due to Covid-19 lockdowns in China and uncertainty about when things will improve.<\/p>\n<p>&#8220;Given this uncertainty, we are being practical about the current environment and erring on the side of caution in terms of our outlook, taking it one quarter at a time,&#8221; the company said on its earnings call.<\/p>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-105927659\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">Dell CEO Michael Dell delivers a keynote address during the 2013 Oracle Open World conference on September 25, 2013 in San Francisco, California.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Justin Sullivan | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><a href=\"https:\/\/www.cnbc.com\/quotes\/DELL\" target=\"_blank\" rel=\"noopener\">Dell<\/a>, which reports results on Thursday, tumbled over 11% for the week. <a href=\"https:\/\/www.cnbc.com\/quotes\/SHOP-CA\" target=\"_blank\" rel=\"noopener\">Shopify<\/a>, which sells software for e-retailers, dropped almost 10%. Cloud software company <a href=\"https:\/\/www.cnbc.com\/quotes\/WDAY\" target=\"_blank\" rel=\"noopener\">Workday<\/a> fell about 9% after analysts downgraded the stock on recession fears. Security software vendor <a href=\"https:\/\/www.cnbc.com\/quotes\/OKTA\" target=\"_blank\" rel=\"noopener\">Okta<\/a> slid 14%.<\/p>\n<p>Stocks associated with billionaire <a href=\"https:\/\/www.cnbc.com\/elon-musk\/\">Elon Musk<\/a> also took a hit. <a href=\"https:\/\/www.cnbc.com\/quotes\/TWTR\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, which is currently in the process of being purchased by the Tesla CEO for $54.20 per share, fell 6% this week to $38.29. <a href=\"https:\/\/www.cnbc.com\/quotes\/TSLA\" target=\"_blank\" rel=\"noopener\">Tesla<\/a> tumbled 14%.<\/p>\n<p>Within Big Tech, <a href=\"https:\/\/www.cnbc.com\/quotes\/AAPL\" target=\"_blank\" rel=\"noopener\">Apple<\/a> dropped 6.5%, suffering its eight-straight weekly drop. <a href=\"https:\/\/www.cnbc.com\/quotes\/GOOGL\" target=\"_blank\" rel=\"noopener\">Alphabet<\/a> sank 6%, while Amazon fell by about 5%.<\/p>\n<p>The Nasdaq is now down 20% for the quarter and is on pace for its worst quarterly performance since the fourth period of 2008.<\/p>\n<p><strong>WATCH:<\/strong> <a href=\"https:\/\/www.cnbc.com\/video\/2022\/05\/19\/watch-cnbcs-full-interview-with-cisco-ceo-chuck-robbins-on-earnings.html\">CNBC&#8217;s interview with Cisco CEO Chuck Robbins<\/a><\/p>\n<\/div>\n<\/div>\n<div class=\"WatchLiveRightRail-inline WatchLiveRightRail-container\" id=\"RegularArticle-WatchLiveRightRail-7\" data-test=\"watchLiveRightRail-4\" data-analytics=\"RegularArticle-watchLiveRightRail-7-4\">\n<div class=\"WatchLiveRightRail-contents\"><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButton\">WATCH LIVE<img decoding=\"async\" src=\"denied:data:image\/svg+xml;base64,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\" class=\"WatchLiveRightRail-logo\" alt=\"logo\" \/><\/a><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButtonMobile\">WATCH IN THE APP<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Nasdaq dropped 3.8% this week, notching its seventh straight weekly drop. It&#8217;s the tech-heavy index&#8217;s longest weekly losing streak since 2001<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1486580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1486580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1486580"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1486580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1486580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1486580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1486580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}