Tech stocks are mired in their longest weekly losing streak since dot-com bust

Traders on the NYSE, May 20, 2022.

Tech companies haven't seen a selloff like since 2001 and the dot-com bubble.

The index fell for a seventh week in a row. It is the longest losing streak for the tech-heavy index in 21 years.

Inflation, rising interest rates, the war in Ukraine, and the emergence of the Pandemic 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.

The Federal Reserve has signaled that it will continue to increase rates to fight inflation, which could lead to higher costs of capital and a decline in consumer confidence.

Since its peak in November, the index has lost 29%. The S&P 500 dropped 20% from its high on Friday, but it hasn't done as badly.

The computer networking giant fell after it projected a revenue drop in the current quarter. The decision by the company to cease operations in Russia and Belarus is one of the reasons why the guidance reflects the company's decision.

The company said on its earnings call that it was being practical about the current environment and taking it one quarter at a time.

Dell CEO Michael Dell delivers a keynote address during the 2013 Oracle Open World conference on September 25, 2013 in San Francisco, California.

Dell fell over 9% for the week. The company that sells software for e-retailers dropped 10%. Workday's stock fell after analysts lowered their ratings on the stock. Okta's slide was 14.

Musk's stocks took a hit. The company fell this week to $38.29, which is the same as when it was being purchased by the CEO for $54.20 per share. The company fell 14.

Apple suffered its eight-straight weekly drop. Amazon fell by about 5%.

The Nasdaq is down 20% for the quarter and is on pace for its worst quarterly performance since the fourth period of 2008.

CNBC had an interview with Chuck Robbins.