Rising oil prices, coupled with inflation and supply-chain problems, have proven too much for many of the technology stocks that have buoyed financial markets and supported a lingering sense of optimism in the face of deepening global challenges.

“Tech stocks have officially entered a bear market. The Nasdaq Composite index, rich with technology shares, tumbled 3.6% on Monday, pressured by soaring oil prices and other ongoing fallout from the Russian invasion of Ukraine. Those concerns layer on top of months long worries about rising interest rates, soaring inflation, continued supply-chain issues, and sky-high stock valuations,” writes Eric J. Savitz of Barron’s. “Since closing on Nov. 19 at 16,057.44, the Nasdaq Composite has now fallen 20.1%, crossing the 20% threshold that traditionally defines a bear market. It’s the first time the market has taken a hit that hard since the early months of the pandemic in 2020.”

The Nasdaq is not alone, of course. The Dow Jones Industrial Average also closed in correction territory after losing nearly 800 points yesterday. “That means investors are getting more nervous about the economic outlook, but history says things gets better from here,” writes Jacob Sonenshine, a markets reporter at Barron’s. “The Dow is now in a correction, technically defined as a drop of 10% below a recent high. At Monday’s closing level of 32,817—2.4% below the closing level on Friday—the index is 10.8% below its early January record high of 36,799.”

I would prefer to believe that Sonenshine is correct in his assessment. From a historical perspective, it feels as though we’ve hit a bottom. But given today’s truly unprecedented turbulence, it’s hard to make any kind of predictions. At difficult moments like these, we hope for the best and plan for the worst.

As technology leaders, we’re accustomed to facing intense challenges. We know the drill and we’re ready to respond – calmly and effectively. For years, technology has been the foundation of global growth and prosperity. Yes, we’re facing tough times. But the underlying strengths are still there.

Now is when our leadership skills genuinely matter. I am confident that we have what it takes to survive and thrive, even in a period of stress and uncertainty. We’ll get through this and we will emerge stronger. I have no doubt of that.

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