Amid swirling international concerns over Russia’s recent invasion of Ukraine, the markets are in flux. Tech stocks are down across the board today as even the biggest names aren’t able to escape the bearish wave. A number of major names in tech are in the red today as uncertainty in Eastern Europe continues to have implications for western markets.
What’s going on with tech stocks lately?
Well, early this morning Russia officially began a military invasion of Ukraine. Indeed, this morning Russian President Vladimir Putin launched several missiles near the country’s capital of Kyiv, resulting in a number of dead and injured. Ukrainian President Volodymyr Zelenskyy tweeted out recently, pulling no punches on the significance of Russia’s actions. “This is a declaration of war against the whole of Europe,” Zelenskyy said.
The markets have reacted in kind. The S&P 500, Dow 30, and Nasdaq composite all started in the red today. As such, its no surprise that a number of high-growth tech stocks are down ahead of expected sanctions against Russia.
What else do you need to know about the market today?
Tech Stocks Can’t Avoid Market Pullback as Fears Mount Over Russia-Ukraine Conflict
Earlier this week the U.S. stock market officially entered correction territory after dropping 10% from its latest high. High-growth tech stocks in particular were hit hard by the downturn. Investors have favored value stocks in the face of growing concerns over inflation and interest rate hikes.
Chinese e-commerce giant Alibaba (NYSE:BABA) is down more than 3% so far today, as companies like Apple (NASDAQ:AAPL) and Meta (NASDAQ:FB) experience similar losses. Despite the general bearishness overtaking the market today, some tech companies have proved resilient. Amazon (NASDAQ:AMZN), Tesla (NASDAQ:TSLA) and Microsoft (NASDAQ:MSFT) stocks are all slightly up at the time of writing after starting the day in the red. This comes as the greater markets are down as much as 2%.
Fears have only been heightened by impending sanctions against Russia, which many fear will have an inflationary effect on the cost of energy. This is because Russia is one of the largest producers of natural gas in the world. Many believe supply disruptions in Russia could increase the costs of other forms of energy around the world.
The current economic situation continues to evolve rapidly. Therefore, it remains unclear exactly how geopolitical tensions will affect western markets. However, the world continues to keep a close eye on the situation as it unfolds.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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