Tech stocks suffer first two-week losing streak since early May as Microsoft and Intel raise concerns

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Tech stocks suffer first two-week losing streak since early May as Microsoft, Intel forecasts raise concerns

It's only a minor pullback given the Nasdaq's strength, especially in the face of a global pandemic and surging unemployment. The Nasdaq is up 16% for the year and remains only 3.8% off its all-time high. It's more than doubled over the past five years, outperforming the S&P 500's 55% gain.and Intel. Both companies provided better-than-expected results in the latest quarter but gave guidance for the current period that trailed analysts' estimates.

Tesla, whose shares are still up about 240% this year, dropped for the week even after the electric carmaker reported aDriven in part by Tesla's massive rally, the Nasdaq recently reached its highest price-to-earnings ratio since 2005, according to FactSet. Meanwhile,topped 1 million for an 18th straight week, and states are poised to stop paying out the $600 per week enhanced federal unemployment benefit at the end of July. Coronavirus cases in a number of U.S.

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