The Clap
Tech-heavy NASDAQ is on its longest losing streak (seven weeks) since 2001’s dot-com bubble.
Claps Class
The dot-com bubble refers to the rapid rise in tech company valuations (the NASDAQ grew more than five times between 1995-2000). The bubble then bust in 2001, sending the NASDAQ back to its 1995 levels.
The deets
The NASDAQ is well into a bear market, falling more than 28% from its last peak in November of last year.
Among the index’s heavy losers last week were information technology giant Cisco, as the company projected lower revenues for Q2-2022 as a result of its suspended Russia operations.
As for big tech, Apple dropped 6.5% last week, its eight-straight weekly drop. Alphabet sank 6%, while Amazon fell almost 5%.
