Following Russia's invasion of Ukraine, stocks across the board are down. However, one industry that's seen declining stock prices since long before the conflict began is tech.
According to TechCrunch, fintech stocks are down 47% from their 52-week high; cloud stocks are down 45%, and innovation stocks are down 56%. Wish has dropped 90% from its 52-week high; Robinhood
Some of the biggest names in tech have tumbled far below their 2021 highs, and tech start-ups have also taken a hit. Analysts say the only investors still holding out on tech stocks are the die-hard bulls and uber-wealthy who can afford to take the theoretically short-term hit.
"The mood of the market is real foul right now for good reasons," CEO of Snowflake
While tech companies like Affirm
Now, tech, along with the rest of the world, is being impacted by the invasion of Ukraine, as well as incredibly high inflation rates. In January, the Nasdaq had the worst month since the beginning of the pandemic in March 2020.
More recently, Russia's withdrawal from global markets has spiked oil prices to their highest point in 13 years. Industries are also struggling to make up for the loss of the country's supply of wheat, palladium, and aluminum.
The only outliers in the stock market are energy companies, which have benefited from the historically tight energy market.
As the conflict in Ukraine continues, inflation is likely to persist, as well, meaning the end of the slide is nowhere in sight for tech companies.
