February probably hasn’t felt like the shortest month of the year for investors in technology stocks, with constant volatility building on what was already the sector’s worst start to a year since 2016. And it looks like the month will end on another gloomy note Monday.
Risks piled up, as rampant inflation underlined expectations of higher interest rates and Russia’s invasion of Ukraine sent markets on a bumpy ride.
The Nasdaq 100 Index is down 13.7% this year, including a 0.7% drop on Monday. It is poised for its biggest two-month slump since 2008 and its first back-to-back monthly declines since late 2020.
Among notable superlatives for February, Tesla Inc. is poised for its biggest monthly drop in a year, while Apple Inc. is headed for the biggest since September. Meta Platforms Inc. is looking at its steepest monthly drop on record, down more than 30% in the wake of a catastrophic earnings report.
On Monday, Apple fell 0.6%, Microsoft lost 0.5%, Amazon.com slid 1.2%, Alphabet dropped 1.1%, and Meta declined 1.5%. Tesla rose 1.9%.